THE STANDARD BANK OF SOUTH AFRICA LIMITED - Credit Event Announcement in respect of CLN577

Credit Event Announcement in respect of CLN577

THE STANDARD BANK OF SOUTH AFRICA LIMITED (REGISTRATION NUMBER
1962/000738/06) – Credit Event Announcement in respect of CLN577


NOTICE IS GIVEN TO ALL HOLDERS OF CLN577 ZAR47,940,060.24
iTRAXX® EUROPE CROSSOVER SERIES 31 LISTED NOTE DUE 20 June 2024
(Stock Code: CLN577 and ISIN Code: ZAG000158437) (the “Note”)
issued in terms of The Standard Bank of South Africa Limited’s
Structured Note Programme (the “Programme”)) on 5 April 2019.
Capitalised terms used and not otherwise defined in this
announcement have the meaning given to them in the Pricing
Supplement of the Note, as read with the Programme Memorandum.

Notice is hereby given that a Credit Event Determination Date
has occurred under the terms of the Note in respect of the
Portion relating to Selecta Group B.V. (“Selecta”) due to the
fact that following the Credit Event Resolution Request Date of
09 October 2020, ISDA has on 12 October 2020 publicly announced
that the relevant Credit Derivatives Determinations Committee
has Resolved that a Bankruptcy Credit Event had occurred in
respect of Selecta, which is one of the Reference Entities
included in the Index, as listed in the Relevant Annex.

As a result of the occurrence of the Credit Event Determination
Date, the following will occur in accordance with the provisions
of the Pricing Supplement:

  A. interest will cease to accrue in respect of the Portion
     relating to Selecta (such Portion the “Affected Portion”)
     with effect from 20 September 2020, being the Interest
     Payment Date occurring immediately prior to the Event
     Determination Date, until the day which is 5 Business Days
     following the determination of the Final Price or the
     publication of the Auction Final Price, as the case may be,
     such day the “Calculation Date”;

  B. the Calculation Agent will determine the Cash Settlement
     Amount in respect of the Affected Portion;

  C. with effect from the Calculation Date:
    (i)     the Credit Linked Conditions will no longer apply in
            respect of the Affected Portion;
    (ii)    the Nominal Amount of the Affected Portion will be
            amended to be equal to the Cash Settlement Amount
            determined in respect of such Affected Portion (which
            amount may be positive or negative);
    (iii)   the Margin applicable to such portion will be amended
            to be equal to the Issuer’s ZAR term funding rate on
           the Calculation Date as determined by the Calculation
           Agent in a commercially reasonable manner; and

  D. the Issuer will, as soon as reasonably practicable
     following the determination of the Cash Settlement Amount
     and the applicable Margin, notify the Noteholders of all of
     the amendments made to such Affected Portion of the Note as
     set out in (A) to (C) above.

Notice is given to Noteholders for information purposes only.
No action is required by Noteholders.

Dated 28 October 2020

Sponsor – The Standard Bank of South Africa Limited
Further information on the Note issued please contact:
Johann Erasmus           SBSA (Sponsor)
Email: johann.erasmus@standardbank.co.za

Date: 28-10-2020 05:50:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.