---
title: "Investec IBL385 Notes List ZAR1B On JSE Oct 9, 2026"
description: "Investec has applied to list ZAR1 billion IBL385 senior unsecured callable notes on the JSE, with issuance set for October 9, 2026."
canonical_url: "https://liners.com/news/investec-ibl385-zar1b-notes-jse-listing-2026"
markdown_url: "https://liners.com/news/investec-ibl385-zar1b-notes-jse-listing-2026.md"
type: "article"
language: "en"
published_at: "2026-10-08T09:08:44.104Z"
updated_at: "2026-10-08T09:10:48.789Z"
---

# Investec IBL385 Notes List ZAR1B On JSE Oct 9, 2026

Investec has applied to list ZAR1 billion IBL385 senior unsecured callable notes on the JSE, with issuance set for October 9, 2026.

## Breadcrumbs

- [News](/news)
- [Investec IBL385 Notes List ZAR1B On JSE Oct 9, 2026](/news/investec-ibl385-zar1b-notes-jse-listing-2026)

## Content

## In Short
Investec Bank Limited announced the listing of ZAR1 billion in IBL385 notes on the JSE.

## What Happened
[Investec](/investec) Bank Limited said it applied to the JSE to list ZAR1,000,000,000 in senior unsecured callable mixed rate notes, using the stock code IBL385.

Senior unsecured means the debt is not backed by specific collateral, and it ranks ahead of subordinated debt if the issuer is wound up. Callable means the issuer can choose to repay early on set dates, rather than waiting until maturity.

According to the instrument terms published on 7 October 2026, the notes were scheduled to be issued to noteholders on 9 October 2026, which is also the listing date and the first day of trading.

The notes have a mixed interest structure. They pay a fixed rate of 8.31% naca (a nominal annual compounded rate, which is one way of quoting an annual rate) from the issue date to 9 October 2027. After that, they switch to a floating rate, set at the reference rate plus 0.69%.

The reference rate is compounded daily ZARONIA, which is South Africa’s overnight interbank rate, similar to a day to day benchmark for rand borrowing costs. The optional redemption date, when Investec can redeem the notes, is 9 October 2027. The final maturity date is 9 October 2028.

## Why It Matters
Bank note listings like IBL385 are one route for raising wholesale funding in the domestic capital markets. For the wider financial sector, these instruments also show how pricing is shifting from fixed rates to floating benchmarks such as ZARONIA, which can change as interest rates move.

For institutional investors, the callable feature and the switch to a floating rate affect expected returns and reinvestment risk. If the notes are called in 2027, investors may need to find a new home for their capital sooner than planned. If they are not called, the floating leg links future coupons to short term rand rates.

## Sources and products

- [SHARENET - Your Key To Investing on The JSE Securities Exchange - South Africa](https://www.sharenet.co.za/v3/sens_display.php?tdate=20261007160000&seq=52)
- [Investec](/investec)

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