DEBT INVESTORS

DEBT INVESTORS OVERVIEW


  • The principal subsidiaries are responsible for managing their own liquidity in terms of group approved limits, to cater for stress scenarios
  • Nedbank liquidity is managed separately with no Old Mutual Limited commitment to provide liquidity
  • Liquidity also held centrally to meet demands as a listed company and manage OML shareholder liquidity
  • The liquidity position is monitored over a forecast period of 24 months
  • Central liquidity risk appetite is to ensure that a liquidity coverage ratio (available liquidity to required liquidity) of 100% is not breached even under a downside scenario. The Group manages liquidity in terms of 150% early warning threshold
  • Liquid resources available from assets backing capital, assets backing policyholder liabilities as well as external RCF facilities with local banks

DEBT MATURITY PROFILE(Rmillion)


Debt Maturity Profile

NOTES

Based on Tier 2 capital debt only. All callable subordinated debt securities have a first call date five years before the maturity date.

DEBT SUMMARY (excl. Residual plc)


Total IFRS book value of subordinated debtR6,494m
Total gearing - IFRS basis211.5%
Average weighted coupon 10.1%
Interest cover29.3x

NOTES

Debt ratios are calculated based on the IFRS book value of OMEM debt that supports the capital structure. This excludes non-qualifying debt, Nedbank and Old Mutual plc debt. As such, the IFRS net asset value is on the same basis, and therefore also excludes Nedbank and Old Mutual plc net asset value. This is subject to future engagement with the rating agencies and may change in future.

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED

Old Mutual Life Assurance Company (South Africa), the Group's South African Life Subsidiary, issued subordinated securities.

 

DescriptionSnr/Sub 3Issue DateFirst Call DateMaturity DateDomestic SA Rating (S&P)
R460m 15 non-call 10 year Fixed rate notesSubNov-15Mar-25Mar-30AA (zaf)
R623m 15 non-call 10 year Fixed rate notesSubSep-15Sep-25Sep-30AA (zaf)
R568m 12 non-call 7 year Fixed rate notesSubSep-15Sep-22Sep-27AA (zaf)
R1.288bn 10 non-call 5 year Floating rate notesSubSep-15Sep-20Sep-25AA (zaf)
R690m 15 non-call 10-year Fixed rate notesSubMar-15Mar-25Mar-30AA (zaf)
R409m 12 non-call 7-year Fixed rate notesSubMar-15Mar-22Mar-27AA (zaf)
R425m 10 non-call 5-year Fixed rate notesSubMar-15Mar-20Mar-25AA (zaf)
R537m 10 non-call 5-year Floating rate notesSubMar-15Mar-20Mar-25AA (zaf)
R300m 10 non-call 5-year Fixed rate notesSubNov-14Nov-19Nov-24AA (zaf)
R700m 10 non-call 5-year Floating rate notesSubNov-14Nov-19Nov-24AA (zaf)
R3bn 15 non-call 10-year notesSubOct-05Oct-15Oct-20AA (zaf)

NOTES

3 Creditor Ranking Key:

Snr - Senior

Sub - Subordinated