Dentons is pleased to have advised longstanding client FirstRand Bank on an issue of US$500,000,000 6.25 per cent Tier 2 Notes due 2028. This is the first international issue of Basel III-compliant Tier 2 bonds from South Africa.
FirstRand Bank, the second largest bank in South Africa by assets, operates through three major operating franchises – First National Bank, Rand Merchant Bank and Wesbank. It is part of the FirstRand financial services group and a wholly owned subsidiary of FirstRand Limited, which is listed on both the Johannesburg Stock Exchange and the Namibian Stock Exchange and has a market capitalisation of approximately US$30 billion. FirstRand Limited recently expanded its UK operations through the acquisition of Aldermore Group PLC.
The Joint Lead Managers for the bond issue were Rand Merchant Bank, BNP Paribas, HSBC Bank plc and J.P. Morgan Securities plc. The bonds are listed on the London Stock Exchange.
Dentons’ London-based Capital Markets partner, David Cohen, who led on the transaction, said, “We are proud to have worked closely with FirstRand – one of South Africa’s pre-eminent financial institutions – on this landmark transaction. It demonstrates the strength of our debt capital markets offering, our emerging market credentials and our ability to advise our clients on complex issues and structures.”
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In addition to David Cohen, associate MoeenQayum advised on the transaction.