Investec Structured Products is pleased to present the listed Investec Structured Return Note “Note”. The Note will be listed on the JSE under Investec’s Warrant and Note program. The issuer is IBL and the Note is subject to the listing requirements of the JSE, the full terms and conditions of the Note will be set out in the Term Sheet and Application Form read with the Applicable Pricing Supplement to be made available on the listing date.
For an overview of Investec's Structured Return Note, click here
Video by Jappie Lubbe @ Investec Structured Products
Investec makes an active daily market in the Note on the JSE, enabling investors to exit early if they have unexpected cash flow requirements or if their investment view changes. Investors should be aware that the capital protection and 15% minimum Return is only available if the Note is held to maturity. IBL makes a daily market in the Note on the JSE with a bid to offer spread of 0.5%.
For example assuming that the initial cost of hedging will be 0.5%, and the Note is bought for 100% then all else remaining constant, its day one NAV or mid-price will be 99.50% after hedging costs and the price at which it can be sold back to Investec is of 99.25%.
Early Redemptions are made by selling the Note on the JSE and will be subject to the rules of the JSE settlement system. IBL will be a market maker for the Note at the prevailing mark to market rate of the instrument. The price of the Note is subject to various factors including volatility, prevailing interest rates, exchange rates and market levels Please note that the JSE price may not reflect the price at which IBL is prepared to trade.
Closing Date: 26 March 2019
Listing Date: on the JSE 05 April 2019
Allocation of the units to investors accounts: 10 April 2019