FIRSTRAND LIMITED Main features of regulatory capital instruments
FIRSTRAND BANK LIMITED
June 2023 | |||||||||||||||
Ordinary | |||||||||||||||
share | |||||||||||||||
capital and | |||||||||||||||
premium | FRB24 | FRB25* | FRB28 | FRB34 | FRB26 | FRB27 | FRB29 | FRB30 | FRB31 | FRB32 | FRB33 | FRB35 | FRB36 | ||
1 | Issuer | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand | FirstRand |
Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | ||
Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited | Limited | ||
2 Unique identifier (e.g. CUSIP, ISIN or Bloomberg identifier for private placement) | Unlisted | ZAG000155102 | ZAG000157512 | ZAG000172925 | ZAG000192238 | ZAG000159955 | ZAG000159963 | ZAG000175555 | ZAG000175563 | ZAG000181520 | ZAG000189838 | ZAG000189846 | ZAG000193269 | ZAG000196601 | |
3 Governing law(s) of the instrument | South African law | South African law | South African law | South African law | South African law | South African law | South African law | South African law | South African law | South African law | South African law | South African law | South African law | South African law | |
Regulatory treatment | |||||||||||||||
4 Transitional Basel III rules | CET1 | AT1 | AT1 | AT1 | AT1 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | |
5 Post-transitional Basel III rules | CET1 | AT1 | AT1 | AT1 | AT1 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | Tier 2 | |
6 Eligible at solo/group/group and solo | Solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | Group and solo | |
7 Instrument type (types to be specified by each jurisdiction) | CET1 | AT1 | AT1 | AT1 | AT1 | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | Subordinated | |
debt | debt | debt | debt | debt | debt | debt | debt | debt | |||||||
8 Amount recognised in regulatory capital (R million) | 16 808 | 698 | 2 500 | 2 296 | 890 | 2 300 | 2 500 | ||||||||
2 265 | 3 461 | 1 400 | 2 804 | 1 910 | 715 | 2 374 | |||||||||
9 Par value of instrument (R million) | 16 808 | 698 | 2 500 | 2 296 | 890 | 2 300 | 2 500 | ||||||||
2 265 | 3 461 | 1 400 | 2 804 | 1 910 | 715 | 2 374 | |||||||||
10 | Accounting classification | Shareholders' | Equity | Equity | Equity | Equity | Liability - | Liability - | Liability - | Liability - | Liability - | Liability - | Liability - | Liability - | Liability - |
equity | amortised cost | amortised cost | amortised cost | amortised cost | amortised cost | amortised cost | amortised cost | amortised cost | amortised cost | ||||||
11 | Original date of issuance | 1 April | 8 November | 19 March | 2 December | 2 December | 3 June | 3 June | 19 April | 19 April | 24 November | 28 September | 28 September | 6 February | 14 June |
1998 | 2018 | 2019 | 2020 | 2022 | 2019 | 2019 | 2021 | 2021 | 2021 | 2022 | 2022 | 2023 | 2023 | ||
12 | Perpetual or dated | Perpetual | Perpetual | Perpetual | Perpetual | Perpetual | Dated | Dated | Dated | Dated | Dated | Dated | Dated | Dated | Dated |
13 | Original maturity date | No maturity | No maturity | No maturity | No maturity | No maturity | 3 June | 3 June | 19 April | 19 April | 24 November | 28 September | 28 September | 6 February | 14 September |
2029 | 2031 | 2031 | 2031 | 2031 | 2032 | 2034 | 2033 | 2033 | |||||||
14 | Issuer call subject to prior supervisory approval | Not applicable | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
15 | Optional call date, contingent call dates and redemption amount | Not applicable | 8 November | 19 September | 2 December | 2 June | 3 June | 3 June | 19 April | 19 April | 24 November | 28 September | 28 September | 6 February | 14 September |
2023 | 2024 | 2025 | 2028 | 2024 | 2026 | 2026 | 2026 | 2026 | 2027 | 2029 | 2028 | 2028 | |||
Tax and/or regulatory event call | Not applicable | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | |
Redemption amount | Not applicable | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | 100% of principal | |
16 | Subsequent call dates, if applicable | Not applicable | Any interest | Any interest | Any interest | Any interest | Each interest | Each interest | Each interest | Each interest | Each interest | Each interest | Each interest | Each interest | Each interest |
payment date | payment date | payment date | payment date | payment date | payment date | payment date | payment date | payment date | payment date | payment date | payment date | payment date | |||
after | after | after | after | after optional | after optional | after optional | after optional | after optional | after optional | after optional | after optional | after optional | |||
8 November | 19 September | 2 December | 2 June | call date | call date | call date | call date | call date | call date | call date | call date | call date | |||
2023 | 2024 | 2025 | 2028 | ||||||||||||
Coupons / dividends | |||||||||||||||
17 | Fixed or floating dividend/coupon | Floating | Floating | Floating | Floating | Floating | Floating | Fixed to floating** | Floating | Fixed to floating# | Floating | Floating | Floating | Floating | Floating |
18 | Coupon rate and any related index | Not applicable | 445 bps over | 440 bps over | 440 bps over | 340 bps over | 224 bps over | 10.19% | 234 bps over | 8.155% | 190 bps over | 205 bps over | 220 bps over | 190 bps over | 188 bps over |
3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | 3 month JIBAR | |||||
19 | Existence of a dividend stopper | No | Yes | Yes | Yes | Yes | No | No | No | No | No | No | No | No | No |
20 | Fully discretionary, partially discretionary or mandatory | Fully discretionary | Fully discretionary | Fully discretionary | Fully discretionary | Fully discretionary | Mandatory | Mandatory | Mandatory | Mandatory | Mandatory | Mandatory | Mandatory | Mandatory | Mandatory |
- Includes tap issuances of R223 million on 18 April 2019 and R761 million on 5 July 2019 respectively.
- Floating rate is effective 3 June 2026 at 254 bps over 3 month JIBAR.
- Floating rate is effective 19 April 2026 at 234 bps over 3 month JIBAR. Note: CET1: Common Equity Tier 1; AT1: Additional Tier 1.
Main features of regulatory capital instruments continued
FIRSTRAND BANK LIMITED
June 2023 | |||||||||||||||
Ordinary | |||||||||||||||
share | |||||||||||||||
capital and | |||||||||||||||
premium | FRB24 | FRB25 | FRB28 | FRB34 | FRB26 | FRB27 | FRB29 | FRB30 | FRB31 | FRB32 | FRB33 | FRB35 | FRB36 | ||
21 | Existence of step up or other incentive to redeem | Not applicable | No | No | No | No | No | No | No | No | No | No | No | No | No |
22 | Non-cumulative or cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative | Non-cumulative |
23 | Convertible or non-convertible | Not applicable | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible | Non-convertible |
24 | If convertible, conversion trigger(s) | ||||||||||||||
25 | If convertible, fully or partially | ||||||||||||||
26 | If convertible, conversion rate | ||||||||||||||
27 | If convertible, mandatory or optional conversion | ||||||||||||||
28 | If convertible, specify instrument type convertible into | ||||||||||||||
29 | If convertible, specify issuer of instrument it converts into | ||||||||||||||
30 | Write-down feature | Not applicable | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
31 | If write-down,write-down trigger(s) | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | Contractual. | |
Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | Replaced with | |||
statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | statutory once | |||
implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | implemented, | |||
however, | however, | however, | however, | however, | however, | however, | however, | however, | however, | however, | however, | however, | |||
Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | Prudential | |||
Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | Authority can | |||
still elect | still elect | still elect | still elect | still elect | still elect | still elect | still elect | still elect | still elect | still elect | still elect | still elect | |||
contractual | contractual | contractual | contractual | contractual | contractual | contractual | contractual | contractual | contractual | contractual | contractual | contractual | |||
32 | If write-down, full or partial | Partial | Partial | Partial | Partial | Partial | Partial | Partial | Partial | Partial | Partial | Partial | Partial | Partial | |
33 | If write-down, permanent or temporary | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | Permanent | |
34 | If temporary write-down, description of write-up mechanism | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
35 | Position in subordination hierarchy in liquidation (specify instrument type immediately | AT1 | Subordinated | Subordinated | Subordinated | Subordinated | Senior | Senior | Senior | Senior | Senior | Senior | Senior | Senior | Senior |
senior to instrument) | debt* | debt* | debt* | debt* | unsecured | unsecured | unsecured | unsecured | unsecured | unsecured | unsecured | unsecured | unsecured | ||
36 | Non-compliant transitioned features | Not applicable | No | No | No | No | No | No | No | No | No | No | No | No | No |
37 | If yes, specify non-compliant features | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | Not applicable | |
* Ranking as Tier 2 capital instruments.
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FirstRand Ltd. published this content on 03 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 July 2023 13:27:07 UTC.
