Staff Writer
FirstRand Limited has amended its R150 billion Domestic Medium-Term Note (DMTN) Programme following approval from the Johannesburg Stock Exchange (JSE).
The amended and restated programme is dated 5 October 2026 and incorporates changes to the group’s debt issuance framework, including provisions for sustainable and transition finance instruments.
FirstRand said the programme now incorporates its Sustainable Finance Framework and Transition Finance Framework.
The amendments also update the terms and conditions for green, social, sustainability and sustainability-linked bonds to align with the JSE Debt and Specialist Securities Listings Requirements.
The programme has also been amended to introduce terms and conditions for transition bonds.
Another key change relates to interest rate provisions, which have been revised to accommodate the transition to the South African Rand Overnight Index Average Rate (ZARONIA).
The revised provisions remove terms and conditions relating to the Johannesburg Interbank Average Rate (JIBAR).
FirstRand said the pro forma applicable pricing supplements have also been amended to cater for ZARONIA-linked notes and simplify disclosure requirements for green, social and sustainability use-of-proceeds bonds.
The pricing supplements now also include provisions for transition use-of-proceeds bonds, alongside other technical amendments.
The pro forma applicable pricing supplement for FirstRand’s FLAC notes has been enhanced to allow the issuance of thematic instruments covering green, social, sustainability and transition use-of-proceeds categories.
The amendments also include updates to definitions and other related changes required to implement the revised programme.
FirstRand is one of South Africa’s largest financial services groups and is listed on the JSE.
South Africa-based FirstRand Limited is the ultimate holding company of FirstRand Namibia Limited (FirstRand Namibia). FirstRand Namibia is listed on the Namibian Stock Exchange (NSX) and is the largest listed company by market capitalization in Namibia, with a broad-based local Namibia shareholding.
FirstRand Namibia’s portfolio of financial services businesses include FNB Namibia, RMB Namibia, WesBank Namibia, Ashburton Investments Namibia and Pointbreak Wealth Management.
