London—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 is a wholly-owned subsidiary of FirstRand Limited which is listed on the Johannesburg Stock Exchange and the Namibian Stock Exchange and is the largest financial services group in Africa by market capitalisation. The bank operates mainly in South Africa through its three major divisions which are separately branded – First National Bank, Rand Merchant Bank and WesBank.

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."

In addition to David Cohen, associate Moeen Qayum advised on the transaction.

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com