NEDBANK LIMITED - BINBK - Notice to Noteholders: Amendment and Restatement of Applicable Pricing Supplements
What this filing means
Nedbank is asking holders of its three Equity Linked Notes (NELN10, NELN11, NELN12) to consent to amended and restated pricing supplements, swapping the reference index from the FTSE/JSE Capped Shareholder Weighted Top 40 Total Return Index J430TR to the FTSE/JSE Capped Top 40 Index Total Return Value JCAP40TR Index, with the Initial Index Level reset from 30,947.83 to 69,469.49 and the Cap from 56,479.79 to 126,781.83. The switch follows the JSE's decommissioning of the old index on 30 December 2025.
These notes pay out based on how an index of JSE shares performs. The index they were written on was retired at the end of 2025, so Nedbank wants holders to formally agree to switch to its replacement and reset the starting level and cap to match.
Bear case
- The filing does not quantify the effect of the amended Cap and Initial Index Level on the notes' future payoff beyond the already-observed move from R136.25 to R140.09.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
This is housekeeping for a change that has already been applied in practice: the reference index was decommissioned on 30 December 2025, Nedbank has used the replacement since then, and the pricing supplements are being brought into line with it. The filing is a consent request, not new economics. So what: the market still needs the outcome of the Written Extraordinary Resolution due by 10 December 2026 to know the restatement is formally in place.
Noteholders must deliver signed Written Extraordinary Resolutions by 17h00 on 10 December 2026; the filing does not state the consent outcome or when the restatement becomes effective.
Evidence from the filing
The reference index change is a formalisation of a switch already applied.
“Nedbank has, with effect from 30 December 2025, being the decommission date of the FTSE/JSE Capped Shareholder Weighted Top 40 Total Return Index, used the FTSE/JSE Capped Top 40 Index Total Return Value JCAP40TR Index as the underlying reference index.”
The amendments are subject to noteholder consent by written extraordinary resolution.
“The Issuer seeks the consent of the Noteholders to the respective Applicable Pricing Supplements as set out in the Amended and Restated Applicable Pricing Supplements attached to this Notice as Annexure A.”
The deadline for delivering the resolution is stated.
“The Noteholders are required to sign the Written Extraordinary Resolution and deliver a signed copy thereof by not later than 17h00 on 10 December 2026 as set out in paragraph 5.2 below.”
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