Nedbank Lists NNF199 Note on Jse, R75m Due 2036

In Short

• Nedbank has JSE approval to list a new debt instrument, NNF199.
• The note is a senior, unsecured combined floating and fixed rate instrument.
• It has a nominal issue size of R75 million, an issue date of 17 August 2026, and a maturity date of 20 June 2036.

What Happened

Nedbank said the JSE has approved the listing of NNF199 under its Structured Note Programme. The new listing adds a further R75 million to the programme, taking the total amount in issue after this issuance to R65,149,785,090.

NNF199 is a combined floating and fixed rate note. This means the interest investors earn changes over time. From 17 August 2026 to 20 June 2031, the note pays a floating rate based on compounded daily ZARONIA, plus a margin of 2.00%.

ZARONIA is the South African Rand Overnight Index Average. It is a benchmark rate, similar to an average overnight funding cost for banks. The instrument also uses a five business day lookback, which is a delay that helps calculate the reference rate using earlier daily values.

From 20 June 2031 to 20 June 2036, the note switches to a fixed interest rate of 9.13%. Interest payments are scheduled quarterly on 20 September, 20 December, 20 March, and 20 June.

The notes will be dematerialised in South Africa’s central securities depository. That means there are no paper certificates, and settlement happens electronically under JSE rules.

Why It Matters

For capital markets watchers, new bank note listings like NNF199 show how large lenders keep raising wholesale funding, often with structures that mix floating and fixed rates.

For institutional investors, the switch from ZARONIA-linked returns to a fixed 9.13% later in the term can help match portfolios to future rate expectations and long-dated liabilities.

For the broader South Africa banking and debt market, these listings add liquidity and price signals for rand-denominated credit, especially for senior unsecured bank risk.

On Liners, you can find Nedbank here: Nedbank.