SANLAM LIFE INSURANCE LIMITED - SLI18 SLI19 - New financial instruments listing
What this filing means
The JSE has granted listings for two Sanlam Life note tranches scheduled to issue on 29 October 2026 under its existing R12.5bn unsecured subordinated note programme dated 4 August 2021: R409m of floating-rate SLI18 notes at ZARONIA compounded daily plus 102bps, and R1.591bn of fixed-rate SLI19 notes at 8.88% a year, both at an issue price of 100%. Once issued, notes in issue would stand at R12.444bn against the programme's R12.5bn authorised size — roughly R56m of headroom.
Sanlam Life is scheduled to issue R2bn of notes on 29 October 2026 through two tranches the JSE has agreed to list — one pays a floating rate, the other a fixed 8.88% a year. The detail worth noticing is how little room is left: the programme is authorised for R12.5bn and would carry R12.444bn of notes once these settle, leaving about R56m of headroom. Anything beyond that would need the authorised size raised first.
Bear case
- Missing evidence: the filing does not specify the use of proceeds or provide the resulting capital or solvency position.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
A planned funding execution, not a signal about the business. Sanlam Life has had listings granted for R2bn of subordinated debt — R409m floating at ZARONIA plus 102bps, R1.591bn fixed at 8.88% to April 2032 — scheduled to issue on 29 October 2026 under a programme it established in 2021. The economics of the notes are fully stated; what the filing does not give is the use of proceeds or any read on the group's capital position. So what: the programme is effectively fully drawn once these settle, so the next disclosure that matters is whether it is upsized or refinanced.
The next issuance or programme update will show whether Sanlam Life raises the R12.5bn authorised size or refinances as tranches mature.
Evidence from the filing
New issuance under the existing programme.
““SLI18” and “SLI19” notes under its Unsecured Subordinated Note Programme dated 4 August 2021”
Programme capacity and notes already in issue.
“Total notes in issue R 10,444,000,000.00 (exclusive of the SLI18”
Size of the fixed-rate tranche.
“Nominal Issued ZAR1,591,000,000.00”
Size of the floating-rate tranche.
“Nominal Issued ZAR409,000,000.00”
Fixed-rate coupon and tenor.
“8.88 percent per annum, payable semi-”
Floating-rate coupon formula.
“ZARONIA compounded daily plus 102bps”
Authorised programme size.
“Authorised programme size R 12,500,000,000.00”
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