AB Finco 2 (RF) Limited

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AB Finco 2 (RF) Limited -Transaction 1 - Series 1
  • AB Finco 2 (RF) Limited
  • Year : Oct 2020
1 Tokens
USD 75.00
Summary

On 1 October 2020, GCR Ratings assigned a short-term issue credit rating to the R1.5bn Class A Notes issued by AB Finco 2 (RF) Limited  on 9 September 2020, under the R15bn AB Finco Multi-Issuer Note Programme established in December 2019 and administered by Absa Corporate and Investment Banking , a division of Absa Bank Limited .The Notes were issued as Series 1 (hereafter referred to as “the Transaction”) of Transaction 1 of the Issuer.

Additional Information

GCR views the Transaction’s provision for mandatory Interest Rate Adjustment to be of essence. This provision secures the adequacy of the TRS Floating Rate to cover Transaction expenses as determined by the Issuer and pay interest on the Notes even in the event that a replacement Derivative Counterparty takes over from Absa CIB, without reliance on the specific terms of such replacement TRS.

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