Absa seeks noteholder consent to shift ASC203 benchmark from 3-month JIBAR to ZARONIA

Absa Group unit is seeking noteholder consent to amend ASC203 instrument terms, shifting the benchmark reference rate from 3-Month JIBAR to Compounded ZARONIA as part of South Africa’s benchmark reform. The margin would reset to 154.19 basis points from 138 basis points, reflecting a fixed 16.19 basis-point credit adjustment spread.