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Investec Bank Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1969/004763/06)
Issuer code: BIINLP
LEI No: 549300RH5FFHO48FXT69
New Financial Instrument Listing Announcement – IVC370
Application has been made to the JSE Limited (“JSE”) for the listing of R100,000,000 (one hundred
million Rand) senior unsecured floating rate credit index linked Notes (stock code IVC370), under
Investec Bank Limited’s Credit Linked Note Programme dated 17 March 2021 (“Programme
Memorandum”).
The IVC370 Notes will be issued to Noteholders on the date of listing being with effect from
27 February 2026 at commencement of trade.
Salient features of the IVC370 Notes are listed below:
Issuer Investec Bank Limited
Principal Amount R1,000,000 per Note on the Issue Date
Instrument Senior unsecured credit index linked
Notes – (iTraxx Xover – Series 44)
Issue Date 27 February 2026
Nominal Amount per Note R1,000,000
Interest Rate The Reference Rate plus a Margin of
2.55% (two point five five percent) for
the period beginning on and including
the Issue Date to but excluding the
Applicable Redemption Date (adjusted
in accordance with the applicable
Business Day Convention)
Scheduled Maturity Date 20 January 2031
Optional Redemption Date (Call) N/A
Issue price per Note 100%
Reference Rate Compounded Daily ZARONIA
(Lookback without Observation Shift),
as defined in, and determined in
accordance with the provisions of
Schedule 1 (Screen Rate Determination
for Floating Rate Notes Referencing
Compounded Daily ZARONIA
(Lookback without Observation Shift)
of the Applicable Pricing Supplement
Interest Rate Determination Date the 5th (fifth) Johannesburg Business
Day (as defined in Schedule 1 (Screen
Rate Determination for Floating Rate
Notes Referencing Compounded Daily
ZARONIA (Lookback without
Observation Shift) prior to (i) the Issue
Date; and (ii) each Interest Payment
Date
Early Redemption Amount per Note The greater of (i) X and (ii) zero
Where
X = (a) - (b)
(a) is the applicable Calculation
Amount determined in accordance with
item 29 of the Applicable Pricing
Supplement plus unpaid interest
accrued (if any) up to but excluding the
Applicable Redemption Date; and
(b) is the Unwind Costs in relation to
the Applicable Redemption Date;
Final Redemption Amount per Note The greater of (i) the applicable
Calculation Amount Percentage as at
the Scheduled Maturity Date multiplied
by the Principal Amount plus unpaid
interest accrued (if any) up to but
excluding the Scheduled Maturity Date
and (ii) zero
Interest Commencement Date Issue Date
Books Close Dates The Register will be closed on:
(i) 19 March, 19 June
19 September 19 December each year
and in respect of the Scheduled Maturity
date, 19 January 2031 but excluding
19 December 2030; or
(ii) 1 day prior to, but excluding,
any Payment Date
Last Day to Register (i) 18 March, 18 June,
18 September and 18 December
in each year, or if such day is
not a Business Day, the
Business Day before each
Books Closed Period, but there
will not be a Last Day to
Register on 18 December 2030;
and
(ii) in respect of the Scheduled
Maturity Date, 18 January 2031
or if any such day is not a
Business Day, the Business
Day before each Books Closed
Period, or
(iii) the last Business Day
immediately preceding the
commencement of the Books
Closed Period
Interest Payment Dates 20 June, 20 September, 20 December
and 20 March of each year until the
Applicable Redemption Date provided
that 20 December 2030 will not be an
Interest Payment Date and the
Scheduled Maturity Date will be the
last Interest Payment Date or, if such
day is not a Business Day, the Business
Day on which interest will be paid, as
determined in accordance with the
applicable Business Day Convention
(as specified in the Applicable Pricing
Supplement), with the first Interest
Payment Date being 20 March 2026
Business Day Convention Modified Following Business Day
JSE Stock Code IVC370
ISIN ZAG000223280
Aggregate Nominal Amount of Notes Outstanding ZAR17,512,137,465 (seventeen billion
under the Programme after this issuance five hundred and twelve million one
hundred and thirty seven thousand four
hundred and sixty five Rand)
The Pricing Supplement contains any additional The following terms in the Applicable
terms and conditions or changes to the terms and Pricing Supplement differ from the
conditions as contained in the Programme terms in the Programme Memorandum:
Memorandum. (1) the calculation of:
(a) the Early Redemption Amount
when a Tax Event, illegality, an
Event of Default or a Hedging
Disruption occurs;
(b) the Calculation Amount for
purposes of calculating the
interest payable on the Notes;
(c) the Cash Settlement Amount
per Note in the event of a Credit
Event occurring in respect of
one or more Reference Entities;
(d) the accrual of interest in the
event that a Credit Event occurs
in respect of one or more
Reference Entities;
(e) the provisions related to the
settlement method applicable in
the event of a Credit Event
occurring in respect of one or
more Reference Entities;
(f) the insertion of a new definition
for Attachment Point,
Detachment Point, Unwind
Costs and Relevant CDS.
(g) Paragraph 6 (Interest Rate
Determination, Screen Rate
Determination., ISDA
Determination including
fallback definitions) of
Condition 6.2 (Interest on
Floating Rate Notes) shall not
apply to the Notes
notwithstanding that Screen
Rate Determination is specified.
The manner in which the
Interest Rate shall be
determined will be in
accordance with Annex C
(Screen Rate Determination for
Floating Rate Notes referencing
Compounded Daily Zaronia
(Lookback Without
Observation Shift)) of the
Applicable Pricing Supplement
Investors should study the Applicable Pricing Supplement for full details of the terms and
conditions applicable to these Notes.
Date: 26 February 2026
Debt Sponsor:
Investec Bank Limited
Bongani.Ntuli@investec.co.za
