NewGold Exchange Traded Fund

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "NewGold Exchange Traded Fund"

Transcription

1 NewGold Exchange Traded Fund NewGold ETF is one of the simplest and cost-efficient methods for investors to invest directly in physical gold. Exchange traded funds (ETFs) are open-ended passive investment vehicles that track the performance of an index, or a basket of securities. Listed on stock exchanges and traded like shares Enable investors to gain broad exposure to: stock markets, sectors, asset classes, investment themes Usually offered at lower costs than traditionally managed investment funds NewGold ETF Absa s NewGold Exchange Traded Fund (NewGold) was initially launched on the JSE in November NewGold was designed to track the price of gold and create an investment tool enabling institutional and retail investors to invest in a listed security that is fully backed by gold bullion. Each NewGold security is equivalent to approximately 1/100 ounce of gold held in a secured stockpile of gold bullion with the NewGold Custodian, Barclays Bank PLC. NewGold securities are currently listed on JSE (South Africa), BSE (Botswana), NSE (Nigeria), GSE (Ghana) and will be, as from 26 July 2013, listed on the SEM (Mauritius) and will be easily obtained through a SEM member stockbroker (investment dealer). Fund Facts Product Issuer: Manager: Originator: Listing: SEM Symbol: NewGold Exchange Traded Fund NewGold Issuer Limited NewGold Manager (Pty) Ltd Absa Bank Limited acting through its corporate and investment division Stock Exchange of Mauritius NGLD.N0001 Regulators Financial Services Commission and Stock Exchange of Mauritius Absa Bank Limited acting through its corporate and investment banking South African Market Maker division Portfolio Components Asset Class: Commodities Salient Dates SEM Listing Date: 26 July 2013

2 Investment in Gold Treasured as a store of value for thousands of years, gold is an important and secure asset. Some of the strategic factors that should be considered by the potential investors: Gold is an effective portfolio diversifier, a store of value in the long term a lower risk investment compared to gold stocks, has outperformed the broad market in recent years, and provides a potential hedge against currency risks. Fees Management fee : 0.40% p.a. accrued daily and debited in gold, monthly in arrears. Trading Fees : 0.35% of the transaction value. FAQ Investor Protection How safe is my investment in NewGold? NewGold securities are issued out of a ring-fenced, insolvency remote special-purpose entity, which has a vey limited mandate of purchasing gold and issuing securities at the back of the gold. Each security is fully hedged by the physical gold bullion held and stored at an independent custodian, Barclays Bank PLC. A security holder is not exposed to any issuer risk but the investors risk is limited to the market risk due to the fluctuation of the gold and currency prices. Trading What is the minimum/maximum number of NewGold securities I can buy/sell? You can buy as little as ONE security and there is no maximum to the number of securities that can be purchased, as this NewGold is an open-ended investment vehicle. What is the minimum/maximum holding period? There are no holding period restrictions. For e.g. you can buy it today at 10:15 and sell it today at 13:15 or sell it 2 years from today. What intra-day price change limits apply The +/- 20% intra-day price change that is applicable to other securities traded on SEM will not apply to NewGold. Prices of new gold can fluctuate freely and will reflect the interaction of market forces. How does the market maker ensure liquidity on the SEM? Absa, who is the originator and SA market maker, has an obligation as required by the SEM Listing Requirements, to make a market and provide liquidity for the securities in Mauritius, through its local executing broker, Axys Stockbroking Limited. Absa Bank Ltd, as market maker in South Africa provides continuous liquidity to the local market during Continuous Trading and Closing Auction. In Mauritius, Absa Bank Ltd will provide liquidity to the market at pre-determined times as agreed with the Exchange. Absa Bank Ltd will hold limited securities at its account at the CSD, however in the situation that an investor requires to purchase a

3 greater amount than Absa has in its account, Absa will then transfer additional securities from South Africa to Mauritius to facilitate the trade settlement. Execution in this example will only occur once the additional securities have settled in Absa s account at the CSD in Mauritius. Absa will provide continuous indicative GLD bid / offer prices to Mauritius website ( Reuters ( NGAF page), and to Bloomberg ( Absa / NewGold Africa page). How are bid and offer prices determined? Absa, as a Market Maker, calculates bid / offer prices for the NewGold ETF based on the underlying dollar gold price, the local currency rate of exchange against the dollar, the daily allocation factor and all relevant transaction fees. Obviously these prices are not static, and constantly move directed by the many underlying market participants. ABSA, as a Market Maker of the NewGold ETF, continuously calculates bid / offer prices for NewGold in each jurisdiction / secondary listing using the underlying price levels and known fees to create the final bid / offer spread of the ETF. As an example the gold price and exchange rates can be viewed by all market participants by price reporting agencies such as Reuters or Bloomberg. E.g. Gold Price Bid USD/MUR Bid Allocation Factor 26Jul2013: Therefore 1272 * 31 * ( /100) = MUR / per security Fees 0.35% = MUR 1.33 per security Final Bid Gold Price Offer USD/MUR Offer Allocation Factor 26Jul2013: Therefore 1273 * * ( /100) = MUR / per security Fees 0.35% = MUR 1.33 per security Final Offer Is the NewGold debenture fungible? Yes, the NewGold debenture is fungible. The NewGold debenture listed on the Stock Exchange of Mauritius and other stock exchanges where NewGold is secondary listed is governed by the same terms and conditions as the NewGold debenture primarily listed on the Johannesburg Stock Exchange, individual units (debentures secondary listed in any exchange) are capable of mutual substitution. At what currency will the NewGold security be traded? In Mauritian Rupee. How is a NewGold ETF security priced? The value of each NewGold security will be equal to the equivalent price of spot gold price multiplied by the $/MUR Exchange Rate (each NewGold security is equivalent to approximately 1/100 ounces of gold). E.g. Gold Price: $1560 per ounce USD/MUR Exchange Rate: Allocation Factor:

4 1 security = (($1560*31.00)* )/100 = MUR How often during a trading session will ABSA provide liquidity to the market? ABSA, as a market maker, will provide liquidity to the market at certain pre-determined daily times through its executing broker, namely 11:25, 12:25 and 13:25. ABSA will provide liquidity to the market outside of these above trading windows within SEM s trading hours, if the transaction is greater than MUR 20 million. It is, however, to be noted that, on any large transactions, trading can only take place within the South Africa JSE trading times, i.e. 09h00 to 17h00 SA time. How often the latest indicative bid and ask price will be published on SEM website? The latest indicative bid and ask prices in MUR for the New Gold product from the market maker, as well as the reference USD/MUR exchange rate and USD gold price that was used to determine the prices, will be displayed on the website of the Stock Exchange of Mauritius Ltd ( This information will be updated every 15 minutes during trading hours. General Why buy gold backed securities and not physical gold instead? Because investors wishing to hold physical gold bullion would have to incur custody and insurance costs themselves. Holding a gold backed security like NewGold, allows an investor to have the same exposure without the worries of safekeeping and it also allows an investor to take advantage of the lower custody and insurance costs charged as a result of the economies of scale benefits due to the size of the fund old. How is the NewGold security listed on the SEM different to the NewGold security listed on the JSE? NewGold security listed on JSE and SEM are exactly the same as they are issued under the same terms and conditions which can be found in pages of the prospectus? What type of exposure would I be getting? The NewGold ETF gives Investors exposure to the price of Gold Bullion. What management fees apply to the NewGold security? The fund charges an all-in fee of 0.40% (40 basis points). How is the management fee charged? It is an amount sufficient inter alia, to meet the monthly fees and expenses of NewGold. It is 0, 40%per annum of the Gold Bullion held by NewGold from time to time in excess of 430 fine troy ounces. What is an allocation factor? An allocation factor can be best explained by way of example; it is daily fee accrual (0.4%/365 days) which is charged in gold into fund. It relates to the rate in which the quantity of gold holding will reduced by per day. E.g. On day 0, the Fund has 100oz and the allocation factor is 1, therefore on day 0 the Fund will have 100oz*1= 100oz of gold. At the end of day 1 the allocation factor will be reduced by (0.40%/365), leaving the allocation factor for the day to

5 The initial 100oz will become 100oz* = oz at the end of day 1. The gold delivery of the Fund is reduced by the equivalent value of the daily fee accrual. The allocation factor is reduced every day by (0.40%/365), representing the expenses charged per day to manage the fund, equating to 0.40% p.a. By how much gold is a NewGold ETF security referenced? One NewGold ETF security is referenced by approximately 1/100 troy ounce (for more detail, please refer to the Supplemental prospectus). How do I get access to the underlying asset? Access to underlying asset is referred to as Gold Option. Gold Option is the right and option of any Qualifying Security Holder redeeming one or more Blocks of Gold Bullion Securities to require NewGold, under Security Condition 8, to sell to such Qualifying Security Holder a quantity of Gold Bullion equal to the Reference Quantity of the Gold Bullion Securities so redeemed; A qualifying Security Holder is defined as a Security Holder holding one or more Blocks of Gold Bullion Securities and who satisfies the Manager that it is in possession of all necessary licences, consents and approvals (including, without limitation, the required approvals in terms of the Mining Rights Act, 20 of 1967, and under Regulations 2 and 5 of the Exchange Control Regulations) to buy, own, be in possession of and/or otherwise deal in Gold Bullion; The Issuer has been advised that, as at the date of this brochure, no license or approval is required under the laws of Mauritius for an investor to convert its securities into Gold. The investment into the NewGold securities is not tantamount to dealing in gold. However, in the event that the gold is shipped to Mauritius, customs clearance shall be required. Please note that this position may change over time. Each investor must obtain its own independent advice in this respect. Please note further that the minimum quantity of gold that may be obtained by an investor is the quantity related to a Block of securities. Therefore, only investors which hold at least 400,000 (four hundred thousand) securities may obtain delivery of gold. A qualifying investor will in effect have to have a minimum investment of 400,000 securities and must have a gold account with Rand Refinery in South Africa, the only gold refinery in the African Continent. On redemption in species, NewGold will have to deliver the gold into an investor s gold account at Rand Refinery and there will be a redemption fee of 15 basis points. What is the process of moving my securities to South Africa to enable me to redeem inspecie? In order for any investor to redeem is specie, such investor has to be a Qualifying Security Holder as defined in the Prospectus, refer to the paragraph above. The investor will then need to advise the Manager on the intention to redeem in species. The Manager will make the arrangement with the Qualifying Security Holder in question. The contact details of the Manager are provided in Supplemental Prospectus.. What do I hold when I buy NewGold? You are holding a security which provides you with exposure to the price movement of gold with an option to exchange the securities for the underlying asset if you meet all the conditions as outlined in the Supplemental Prospectus. Do I get dividends or distributions? No. Because NewGold tracks the price of gold, there are no dividends or distributions. The benefit gained from an investment of this nature is through the capital appreciation of the underlying asset (gold).

6 How can I invest in this product? Through an investment dealer (broker) who is a member of the Stock Exchange of Mauritius, in the same manner as when investing in shares. Where can I find more information on the product? Supplemental Prospectus / / send an to Convenient» exposure to an index or commodity through a single share Fast and efficient» real time access to markets Cost effective» lower management fees

7 FAIS Act Notice and Disclaimer This brochure/document/material/report/communication/commentary ( this commentary ) has been prepared by the corporate and investment banking division of Absa Bank Limited a registered bank in the Republic of South Africa with company registration number: 1986/004794/06 and with its registered office at: Absa Towers East, 3rd Floor, 170 Main Street, Absa Towers West, 15 Troye Street, Johannesburg 2001, Republic of South Africa ( Absa ). Absa is regulated by the South African Reserve Bank. Absa has issued this commentary for information purposes only and you must not regard this as a prospectus for any security or financial product or transaction. Absa does not expressly, tacitly or by implication represent, recommend or propose that the securities and/or financial or investment products or services ( the products ) referred to in this commentary are appropriate and/or suitable for your particular investment objectives or financial situation or needs. This commentary is not, nor is it intended to be, advice as defined and/or contemplated in Financial Advisory and Intermediary Services Act, 37 of 2002, ( FAIS Act ) or any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever ( advice ). You have to obtain your own advice prior to making any decision or taking any action whatsoever based hereon and Absa disclaims any liability for any direct, indirect or consequential damage or losses that you may suffer from using or relying on the information contained herein even if notified of the possibility of such damage or loss and irrespective of whether or not you have obtained independent advice. This commentary is neither an offer to sell nor a solicitation of an offer to buy any of the products, which shall always be subject to Absa s internal approvals and a formal agreement between you and Absa. Any pricing included in this commentary is only indicative and is not binding as such on Absa. All the risks and significant issues related to or associated with the products are not disclosed and therefore, prior to investing or transacting, you should fully understand the products and any risks and significant issues related to or associated with them. The products may involve a high degree of risk including, but not limited to, the risk of (a) low or no investment returns, (b) capital loss, (c) counterparty or issuer default, (d) adverse or unanticipated financial market fluctuations, (e) inflation and (f) currency exchange. The value of any product may fluctuate daily as a result of these risks. Absa does not predict actual results, performances and/or financial returns and no assurances, warranties or guarantees are given in this regard. The indicative summaries of the products provided herein may be amended, superseded or replaced by subsequent summaries without notice. The information, views and opinions expressed herein are compiled from or based on trade and statistical services or other third party sources believed by Absa to be reliable and are therefore provided and expressed in good faith. Absa gives no recommendation, guide, warranty, representation, undertaking or guarantee concerning the accuracy, adequacy and/or completeness of the information or any view or opinion provided or expressed herein. Any information on past financial returns, modelling or back-testing is no indication of future returns. Absa makes no representation on the reasonableness of the assumptions made within or the accuracy or completeness of any modelling or back-testing. All opinions, views and estimates are given as of the date hereof and are subject to change without notice. Absa expressly disclaims any liability for any damage or loss as a result of errors or omissions in the information, data or views contained or expressed herein even if notified of the possibility of such damage or loss. Absa does not warrant or guarantee merchantability, non-infringement of third party rights or fitness for a particular use and/or purpose. Absa, its affiliates and individuals associated with them may (in various capacities) have positions or deal in securities (or related derivative securities), financial products or investments identical or similar to the products. Absa intends to make this commentary available in South Africa to persons who are financial services providers as defined in the FAIS Act, as well as to other investment and financial professionals who have professional experience in financial and investment matters. You should contract and execute transactions through an Absa Bank Limited branch or affiliate in your home jurisdiction unless local regulations permit otherwise. Absa Bank Limited is a licensed Financial Services Provider. Absa has taken no action that would permit a public offering of the products in any jurisdiction in which action for that purpose is required. The products shall only be offered and the offering material shall only be distributed in or from any jurisdiction in circumstances which will result in compliance with any applicable laws and regulations and which will not impose any obligation on Absa or any of its affiliates. In this commentary reference is made to various indices. The publishers and sponsors of those indices ( the publishers and sponsors ) do not endorse, sponsor or promote the products and make no warranty, guarantee, representation or other assurance (express, tacit or implied) relating to the indices. The publishers and sponsors make no warranties (including merchantability and fitness for purpose). The publishers and sponsors shall not incur any liability in respect of any damage or loss that you may suffer as a result of investing in a product even if notified of the possibility of such damage or loss. The publishers and sponsors may amend the composition or calculation of indices and have no obligation to have regard to your or Absa s need in this regard. The information and views contained in this commentary are proprietary to Absa and are protected by copyright under the Berne Convention. In terms of the Copyright Act, 98 of 1978, as amended, no part of this commentary may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, electronic scanning, recording, or by any information storage or retrieval system, without the prior permission in writing from Absa. The illegal or attempted illegal copying or use of this information or views may result in criminal or civil legal liability. Absa Bank Limited Reg No 1986/004794/06 Authorised Financial Services Provider Registered Credit Provider Reg No NCRCP7

NewGold and NewPlat Exchange Traded Funds. Corporate and Investment Banking

NewGold and NewPlat Exchange Traded Funds. Corporate and Investment Banking NewGold and NewPlat Exchange Traded Funds Corporate and Investment Banking ETFs an introduction What are ETFs? An exchange-traded fund (or ETF) is an investment vehicle traded on a stock exchange, much

More information

NewWave GBP Currency ETN

NewWave GBP Currency ETN Price Corporate and Investment Banking NewWave GBP Currency ETN Valuation Date 31 December 2015 NewWave Exchange Traded Notes (ETNs) constitute unconditional, unsecured and unsubordinated obligations of

More information

Component Exchange Traded Funds. Corporate and Investment Banking

Component Exchange Traded Funds. Corporate and Investment Banking Component Exchange Traded Funds Corporate and Investment Banking Table of Content s Exchange Traded Funds 3 Component Exchange Traded Funds: An overview 3 NewFunds ILBI ETF 4 Fund Overview 4 Index Methodology

More information

An easy way of investing offshore

An easy way of investing offshore A JSE / Deutsche Bank initiative An easy way of investing offshore Exchange Traded Funds ETFs Itrix DJ EURO STOXX 50 Itrix FTSE 100 Itrix ETFs allow you to Diversify your investment portfolio offshore

More information

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius

Contents. ETF Reference Guide Page 2 The Stock Exchange of Mauritius ETF Reference Guide Contents 1. Background 04 2. Introduction to Exchange Traded Funds 05 What are Exchange Traded Funds Why invest in Exchange Traded Funds as an alternative to other similar investments?

More information

Absa Discretionary Portfolios. Wealth and Investment Management

Absa Discretionary Portfolios. Wealth and Investment Management Absa Discretionary Portfolios Wealth and Investment Management 2 Absa Discretionary Portfolios Contents 1. Seamless integration between Absa and Barclays 04 Introduction Advice is our core value proposition

More information

ETFs for private investors

ETFs for private investors ETFs for private investors Simple products. Sophisticated strategies. ETFs Exchange Traded Funds (ETFs) are instruments which track an index. Indices can be country or region specific and based on emerging

More information

Corporate and Investment Banking AfricaPalladium, AfricaPlatinum and AfricaGold Exchange Traded Funds Fact Sheet

Corporate and Investment Banking AfricaPalladium, AfricaPlatinum and AfricaGold Exchange Traded Funds Fact Sheet Corporate and Investment Banking AfricaPalladium, AfricaPlatinum and AfricaGold Exchange Traded Funds Fact Sheet AfricaPalladium, AfricaPlatinum and AfricaGold Exchange Traded Funds AfricaPalladium ETF

More information

9 Questions Every ETF Investor Should Ask Before Investing

9 Questions Every ETF Investor Should Ask Before Investing 9 Questions Every ETF Investor Should Ask Before Investing 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment products like mutual funds, closed-end funds,

More information

Corporate and Investment Banking. Absa Retirement Annuity Fund: Core Portfolio. Keeping you financially fit for retirement prosperity

Corporate and Investment Banking. Absa Retirement Annuity Fund: Core Portfolio. Keeping you financially fit for retirement prosperity Corporate and Investment Banking Absa Retirement Annuity Fund: Core Portfolio Keeping you financially fit for retirement prosperity Contents Absa Retirement Annuity Fund: Core Portfolio 3 About the Core

More information

Summary of investment

Summary of investment S&P500 Growth ESP Contents Summary of investment 2 What is the S&P500 Growth ESP? 2 How are the index levels calculated? 4 Why the S&P500 Index? 4 Examples of potential returns 6 What are the risks of

More information

Corporate and Investment Banking. Absa Retirement Annuity Fund: Core Portfolio. Keeping you financially fit for retirement prosperity

Corporate and Investment Banking. Absa Retirement Annuity Fund: Core Portfolio. Keeping you financially fit for retirement prosperity Corporate and Investment Banking Absa Retirement Annuity Fund: Core Portfolio Keeping you financially fit for retirement prosperity Contents Absa Retirement Annuity Fund: Core Portfolio 2 About the Core

More information

The desire for gold is the most universal and deeply rooted commercial instinct of the human race." - Gerald M. Loeb "Gold is forever. It is beautiful

The desire for gold is the most universal and deeply rooted commercial instinct of the human race. - Gerald M. Loeb Gold is forever. It is beautiful NewGold Gold Bullion Debentures and Investment Plan The desire for gold is the most universal and deeply rooted commercial instinct of the human race." - Gerald M. Loeb "Gold is forever. It is beautiful,

More information

db x-trackers MSCI World Telecom Services Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World Telecom Services Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World Telecom Services Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to the db x-trackers MSCI World Telecom Services Index UCITS

More information

SPDR S&P 500 Low Volatility UCITS ETF

SPDR S&P 500 Low Volatility UCITS ETF SSGA SPDR ETFs Europe I Plc 2 November 2015 SPDR S&P 500 Low Volatility UCITS ETF Supplement No. 32 (A sub-fund of SSGA SPDR ETFs Europe I plc (the Company ) an open-ended investment company constituted

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

EXCHANGE Traded Funds

EXCHANGE Traded Funds EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

A new landmark in trading

A new landmark in trading A new landmark in trading DERIVATIVES MARKET Equity Derivatives Dividend Futures www.jse.co.za Johannesburg Stock Exchange The JSE in collaboration with Deutsche Bank and Investec Capital Markets is launching

More information

Factsheet Phoenix Autocallable Notes April 2012

Factsheet Phoenix Autocallable Notes April 2012 This information is intended for investment professionals only and should not be provided to or relied upon by retail investors in any circumstances. Investment Guide for Income Builder December 2011 www.gilliat.co.uk

More information

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus

db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus db x-trackers S&P 500 UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers S&P 500 UCITS ETF (DR) (the Fund ), a sub-fund of Concept Fund Solutions

More information

db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus

db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus db x-trackers MSCI World Telecom Services Index UCITS ETF (Prospective DR) 1 Supplement to the Prospectus This Supplement contains information in relation to the db x-trackers MSCI World Telecom Services

More information

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE

ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE HEADLINE GOES ANZ HERE ETFS PHYSICAL ONE LINE GOLD OR TWO ETF ADDITIONAL (ASX DESCRIPTION CODE: ZGOL) AND THE DATE THE EXCHANGE TRADED FUND THAT S AS GOOD AS GOLD 1 WHAT IS ANZ ETFS PHYSICAL GOLD ETF?

More information

CAD 3,000,000 Phoenix Autocallable Notes due April 9, 2015 Final Terms & Conditions

CAD 3,000,000 Phoenix Autocallable Notes due April 9, 2015 Final Terms & Conditions Royal Bank of Canada Europe Limited 71 Queen Victoria Street London EC4V 4DE Switchboard: +44 (0)20 7489 1188 Facsimile: +44 (0)20 7329 6144 CAD 3,000,000 Phoenix Autocallable Notes due April 9, 2015 Final

More information

EXCHANGE TRADED PRODUCTS (ETFs & ETNs)

EXCHANGE TRADED PRODUCTS (ETFs & ETNs) EXCHANGE TRADED PRODUCTS (ETFs & ETNs) Now, for the first time ever, all South Africa s ETFs & ETNs on a single website www.etfsa.co.za Everything you need to know about ETFs and ETNs Transact online all

More information

Gold BUGS Tracker. This product is available for UK residents only. Product information Classification. Index-linked Certificate Issuer

Gold BUGS Tracker. This product is available for UK residents only. Product information Classification. Index-linked Certificate Issuer This product is available for UK residents only Gold BUGS Tracker The Gold BUGS Tracker (the Certificate ) tracks the performance of the NYSE Arca Gold BUGS Index (the Index ), less an annual management

More information

Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors

Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors Magellan Global Equities Fund An Innovative Vehicle for Global Equity Investors March 2015 Important Information This presentation ( Presentation ) has been produced by Magellan Asset Management Limited

More information

Market Making for Exchange Traded Funds. Corporates & Markets

Market Making for Exchange Traded Funds. Corporates & Markets Market Making for Exchange Traded Funds Corporates & Markets Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal

More information

5 Year UK Growth Certificate

5 Year UK Growth Certificate 5 Year UK Growth Certificate The 5 Year UK Growth Certificate (the Certificate ) provides the opportunity to make a fixed return equal to 35.75% of the Issue Price (gross) on the Maturity Date. Whether

More information

HANG SENG FTSE / XINHUA CHINA 25 INDEX ETF

HANG SENG FTSE / XINHUA CHINA 25 INDEX ETF HANG SENG FTSE / XINHUA CHINA 25 INDEX ETF (SEHK STOCK CODE:2838) www.hangseng.com/etf IMPORTANT RISK WARNINGS / FUND INFORMATION FOR HONG KONG INVESTORS Hang Seng FTSE/Xinhua China 25 Index ETF (the HS

More information

} } Global Markets. Currency options. Currency options. Introduction. Options contracts. Types of options contracts

} } Global Markets. Currency options. Currency options. Introduction. Options contracts. Types of options contracts Global Markets Currency options Currency options Introduction Currency options have gained acceptance as invaluable tools in managing foreign exchange risk. They are extensively used and bring a much wider

More information

The upside return potential of the stock market with principal guarantee

The upside return potential of the stock market with principal guarantee This series is available The upside return potential of the stock market with principal guarantee If you re tempted by the higher potential gains of Canadian stocks, but a little worried about the downside

More information

Online Share Trading Currency Futures

Online Share Trading Currency Futures Online Share Trading Currency Futures pic Currency Futures Introduction Currency futures contracts can be hard-working additions to any investor s or trader s portfolio. They provide a way to hedge the

More information

Online Share Trading Currency Futures

Online Share Trading Currency Futures Online Share Trading Currency Futures Wealth warning: Trading Currency Futures can offer significant returns BUT also subject you to significant losses if the market moves against your position. You may,

More information

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers MSCI World High Dividend Yield Index UCITS

More information

Launch Announcement for Warrants to be issued by

Launch Announcement for Warrants to be issued by This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the Warrants described below. Hong Kong Exchanges and Clearing

More information

NewFunds erafi Overall SA Index Exchange Traded Funds:

NewFunds erafi Overall SA Index Exchange Traded Funds: Corporate and Investment Banking NewFunds erafi Overall SA Index Exchange Traded Funds: Bringing the South African market to Mauritius through one single product. Table of Contents Page Exchange Traded

More information

Use this brochure to gain expertise about ETFs that you can communicate to your clients.

Use this brochure to gain expertise about ETFs that you can communicate to your clients. How ETFs work Your clients may have questions about exchange-traded funds (ETFs), such as how they differ from mutual funds, how they re traded and even how they re created. Use this brochure to gain expertise

More information

FNB SHARE INVESTING TAX FREE SHARES ACCOUNT MANDATE

FNB SHARE INVESTING TAX FREE SHARES ACCOUNT MANDATE First National Bank a division of FirstRand Bank Limited Reg. No. 1929/001225/06 An Authorised Financial Services and Credit Provider (NCRCP20) 6 th Floor, 2 First Place, Simmonds Street, Johannesburg,

More information

JPMORGAN CHASE & CO FORM 424B2. (Prospectus filed pursuant to Rule 424(b)(2)) Filed 06/14/16

JPMORGAN CHASE & CO FORM 424B2. (Prospectus filed pursuant to Rule 424(b)(2)) Filed 06/14/16 JPMORGAN CHASE & CO FORM 424B2 (Prospectus filed pursuant to Rule 424(b)(2)) Filed 06/14/16 Address 270 PARK AVE 38TH FL NEW YORK, NY 10017 Telephone 2122706000 CIK 0000019617 Symbol JPM Fiscal Year 12/31

More information

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment

McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment March 25, 2014 McKinley Capital U.S. Equity Income Prospects for Performance in a Changing Interest Rate Environment This paper analyzes the historic performance of the McKinley Capital Management, LLC

More information

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF)

9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) SPDR ETFs 9 Questions Every Australian Investor Should Ask Before Investing in an Exchange Traded Fund (ETF) 1. What is an ETF? 2. What kinds of ETFs are available? 3. How do ETFs differ from other investment

More information

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class?

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class? Commodities Precious metals as an asset class April 2011 What qualifies as an asset class? Broadly speaking, an asset class is simply a grouping of assets that possess similar characteristics. Defining

More information

INVESTMENT ADVISORY AGREEMENT

INVESTMENT ADVISORY AGREEMENT INVESTMENT ADVISORY AGREEMENT 1150 Bob Courtway Dr. Suite 50 Conway, AR 72032 This Investment Advisory Agreement made and entered into this Day of,20 by (Client). Client hereby agrees to engage Veritas

More information

FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS

FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS FEATURES LIST OF THE SYSTEMS FOR SMART ORDER ROUTING AND THE APPLICABLE TERMS AND CONDITIONS FEATURES LIST OF OUR SMART ORDER ROUTING SYSTEM When an order is placed by the client who requires the order

More information

Introduction to Convertible Debentures

Introduction to Convertible Debentures Introduction to Convertible Debentures Intro to Convertible Debentures March, 2009 Convertible debentures are hybrid securities which offer advantages of both bonds and equities. Like ordinary bonds they

More information

NEWGOLD ISSUER LIMITED (RF) OFFERING CIRCULAR AND PRE-LISTING STATEMENT

NEWGOLD ISSUER LIMITED (RF) OFFERING CIRCULAR AND PRE-LISTING STATEMENT THIS DOCUMENT ( OFFERING CIRCULAR AND PRE-LISTING STATEMENT ) CONTAINS IMPORTANT INFORMATION ABOUT THE COMPANY AND ITS PLATINUM DEBENTURES AND SHOULD BE READ CAREFULLY BEFORE INVESTING. IF YOU HAVE ANY

More information

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED

AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS IMAGE TO BE REPLACED What are ishares ETFs? ishares IS THE WORLD LEADER IN EXCHANGE TRADED FUNDS ishares exchange traded funds (ETFs) blend the benefits

More information

Maturity The date where the issuer must return the principal or the face value to the investor.

Maturity The date where the issuer must return the principal or the face value to the investor. PRODUCT INFORMATION SHEET - BONDS 1. WHAT ARE BONDS? A bond is a debt instrument issued by a borrowing entity (issuer) to investors (lenders) in return for lending their money to the issuer. The issuer

More information

PRODUCT HIGHLIGHTS SHEET

PRODUCT HIGHLIGHTS SHEET This Product Highlights Sheet is an important document. Prepared on: 18 March 2016 It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important to

More information

FINAL DISCLOSURE SUPPLEMENT Dated November 23, 2010 To the Disclosure Statement dated October 15, 2010

FINAL DISCLOSURE SUPPLEMENT Dated November 23, 2010 To the Disclosure Statement dated October 15, 2010 FINAL DISCLOSURE SUPPLEMENT Dated November 23, 2010 To the Disclosure Statement dated October 15, 2010 Union Bank, N.A. Market-Linked Certificates of Deposit, due November 29, 2016 (MLCD No. 89) Average

More information

Multi Express Certificate with Fix Coupon Linked to WTI Crude Oil & Gold Issued by UBS AG, London Branch

Multi Express Certificate with Fix Coupon Linked to WTI Crude Oil & Gold Issued by UBS AG, London Branch Multi Express Certificate with Fix Coupon Linked to WTI Crude Oil & Gold Issued by UBS AG, London Branch Cash settled EUSIPA Product Type: Express Certificate (1260) / ISIN: DE000UBS6DT2 Information on

More information

as Issuer The Hongkong and Shanghai Banking Corporation Limited

as Issuer The Hongkong and Shanghai Banking Corporation Limited Product Booklet dated 22 July 2011 C-45 THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED (a company incorporated in Hong Kong with limited liability, a licensed bank regulated by the Hong Kong Monetary

More information

Powerful tools for investing, speculating or hedging

Powerful tools for investing, speculating or hedging Powerful tools for investing, speculating or hedging DERIVATIVE MARKET Equity Derivatives Single Stock Futures www.jse.co.za Johannesburg Stock Exchange Single Stock Futures are powerful tools for investing,

More information

Investment Advisory Agreement. Advantage Portfolio Management Program

Investment Advisory Agreement. Advantage Portfolio Management Program Investment Advisory Agreement Advantage Portfolio Management Program Dear Sirs/Madams: This Investment Advisory Agreement confirms our agreement as to the following: CLIENT NAME(s): ( Client ) ACCOUNT

More information

Launch Announcement for Callable Bull/Bear Contracts ("CBBCs") to be issued by

Launch Announcement for Callable Bull/Bear Contracts (CBBCs) to be issued by This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the CBBCs described below. Hong Kong Exchanges and Clearing

More information

SGA SOCIETE GENERALE ACCEPTANCE N.V. FINAL TERMS

SGA SOCIETE GENERALE ACCEPTANCE N.V. FINAL TERMS SGA SOCIETE GENERALE ACCEPTANCE N.V. FINAL TERMS IN RESPECT OF CALL AND PUT WARRANTS ON DOW JONES INDUSTRIAL AVERAGE SM INDEX (the SDs) ISSUED UNDER THE SECURITISED DERIVATIVES PROGRAMME THE SECURITISED

More information

Jupiter Merlin International Equities Portfolio

Jupiter Merlin International Equities Portfolio Jupiter Merlin Funds Jupiter Merlin International Equities Portfolio Jupiter Asset Management Limited Product Key Facts April 2016 Product Key Facts This statement provides you with key information about

More information

Market Linked Certificates of Deposit

Market Linked Certificates of Deposit Market Linked Certificates of Deposit This material was prepared by Wells Fargo Securities, LLC, a registered brokerdealer and separate non-bank affiliate of Wells Fargo & Company. This material is not

More information

Noble DraKoln. metals products Gold Futures vs. Gold ETFs: Understanding the Differences and Opportunities.

Noble DraKoln. metals products Gold Futures vs. Gold ETFs: Understanding the Differences and Opportunities. metals products Gold Futures vs. Gold ETFs: Understanding the Differences and Opportunities. Noble DraKoln Founder of Speculator Academy and author of Winning the Trading Game and Trade Like a Pro cmegroup.com/metals

More information

Ten PowerShares Exchange-Traded Fund Trust Funds to Begin Trading on NASDAQ on September 20, 2006 (Financial Products Update #2006-xxx)

Ten PowerShares Exchange-Traded Fund Trust Funds to Begin Trading on NASDAQ on September 20, 2006 (Financial Products Update #2006-xxx) To: Head of NASDAQ Trading Head of ETF Trading Structured Products Traders Compliance Officers From: William Slattery Director PHLX Listing Qualifications Department Re: Ten PowerShares Exchange-Traded

More information

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED APPLICABLE PRICING SUPPLEMENT OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1999/004643/06) Issue

More information

Federated Quality Bond Fund II

Federated Quality Bond Fund II Summary Prospectus April 30, 2015 Share Class Primary Federated Quality Bond Fund II A Portfolio of Federated Insurance Series Before you invest, you may want to review the Fund s Prospectus, which contains

More information

NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

NOT FOR DISTRIBUTION TO ANY PERSON LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT. AngloGold Ashanti Limited (Incorporated in the Republic of South Africa) Reg. No. 1944/017354/06 ISIN: ZAE000043485 JSE share code: ANG CUSIP: 035128206 NYSE share code: AU September 10, 2015 NEWS RELEASE

More information

Investec Gold ETN. What is the Investec Gold ETN? Why invest in Investec Gold ETN?

Investec Gold ETN. What is the Investec Gold ETN? Why invest in Investec Gold ETN? Gold ETN Investec Gold ETN Product Name Investec Gold ETN Exchange Traded Note Underlying Physical Spot Gold Price (London) Issuer Investec Bank Limited Maturity Date October 2017 Exchange Johannesburg

More information

CLSA GLOBAL PORTFOLIO TRADING SERVICES ANNEX. In this Annex, the following capitalised terms have the following meanings:

CLSA GLOBAL PORTFOLIO TRADING SERVICES ANNEX. In this Annex, the following capitalised terms have the following meanings: CLSA GLOBAL PORTFOLIO TRADING SERVICES ANNEX 1. Definitions and Interpretation In this Annex, the following capitalised terms have the following meanings: "Affiliates" shall mean members of the CLSA Group;

More information

Exchange Traded Funds. Reasons to Consider. For professional clients only

Exchange Traded Funds. Reasons to Consider. For professional clients only Exchange Traded Funds Reasons to Consider For professional clients only Exchange Traded Funds (ETFs) have been designed to provide low-cost and transparent access to the world s markets, combining the

More information

Review Notes Linked to the Lesser Performing of the S&P 500 Index and the Russell 2000 Index due September 23, 2019

Review Notes Linked to the Lesser Performing of the S&P 500 Index and the Russell 2000 Index due September 23, 2019 Registration Statement No. 333-199966; Rule 433 August 27, 2015 JPMorgan Chase & Co. Structured Investments Review Notes Linked to the Lesser Performing of the S&P 500 Index and due September 23, 2019

More information

Equity Investing Evolved Manage risk, stay invested

Equity Investing Evolved Manage risk, stay invested Equity Investing Evolved Manage risk, stay invested HSBC Buffered Strategies Are you on track to meet your retirement and investment goals? Have extreme market swings prevented you from investing? Would

More information

Tracker Certificate on Solactive Cloud Computing Performance-Index

Tracker Certificate on Solactive Cloud Computing Performance-Index BRANDSCHENKESTRASSE 90, CH-8002 ZÜRICH +41 58 800 1111 TERMSHEET@EFGFP.COM WWW.EFGFP.COM Final Termsheet Participation-Products SSPA Product Type: 1300 Tracker Certificate on Solactive Cloud Computing

More information

Investment Education Series

Investment Education Series Investment Education Series Types of Investment Funds Introduction Investment fund basically refers to a pool of funds, but our focus in this edition of GTBAM education series is to highlight the features,

More information

CONSTRUCTING SUCCESSFUL ETFS BUILDING AFRICAN FINANCIAL MARKETS. Nerina Visser September 2014

CONSTRUCTING SUCCESSFUL ETFS BUILDING AFRICAN FINANCIAL MARKETS. Nerina Visser September 2014 CONSTRUCTING SUCCESSFUL ETFS BUILDING AFRICAN FINANCIAL MARKETS Nerina Visser September 2014 AGENDA What are ETFs and why are they attractive? Different kinds of ETFs What is needed to set them up? A step

More information

FONDUL PROPRIETATEA S.A.

FONDUL PROPRIETATEA S.A. To: Bucharest Stock Exchange Financial Supervisory Authority Current report according to Article 99 of the Code of the Bucharest Stock Exchange, Title II, Issuers and Financial Instruments. Events to be

More information

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day *

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day * APRIL 2016 This statement provides you with key information about Income Partners RMB Bond Fund (the Sub-Fund ). This statement is a part of the offering document and must be read in conjunction with the

More information

SSgA SPDR ETFs EUROPE II PLC SPDR RUSSELL 2000 U.S. SMALL CAP UCITS ETF

SSgA SPDR ETFs EUROPE II PLC SPDR RUSSELL 2000 U.S. SMALL CAP UCITS ETF SSgA SPDR ETFs EUROPE II PLC SPDR RUSSELL 2000 U.S. SMALL CAP UCITS ETF Supplement No. 18 12 February 2015 (A sub-fund of SSgA SPDR ETFs Europe II plc, an open-ended investment company constituted as an

More information

Nine Questions Every ETF Investor Should Ask Before Investing

Nine Questions Every ETF Investor Should Ask Before Investing Nine Questions Every ETF Investor Should Ask Before Investing UnderstandETFs.org Copyright 2012 by the Investment Company Institute. All rights reserved. ICI permits use of this publication in any way,

More information

Understanding ETF Liquidity

Understanding ETF Liquidity Understanding ETF Liquidity SM 2 Understanding the exchange-traded fund (ETF) life cycle Despite the tremendous growth of the ETF market over the last decade, many investors struggle to understand the

More information

Vanguard MSCI Index International Shares ETF ASX code: VGS

Vanguard MSCI Index International Shares ETF ASX code: VGS Product Disclosure Statement 8 October 2014 Vanguard MSCI Index International Shares ETF ASX code: VGS Contents 1. Key features of the ETF offer 2. Role of certain entities in regard to the Vanguard ETF

More information

Single Stock Futures

Single Stock Futures Single Stock Futures Single Stock Futures (or Individual Equity Futures) are exchange traded derivative instruments offering investors amplified exposure to price movements in a wide array of listed shares.

More information

Chapter 374 PIMCO CommodityRealReturn SM DJ-AIGCI SM TRAKRS SM Futures

Chapter 374 PIMCO CommodityRealReturn SM DJ-AIGCI SM TRAKRS SM Futures Chapter 374 PIMCO CommodityRealReturn SM DJ-AIGCI SM TRAKRS SM Futures 37400. SCOPE OF CHAPTER This chapter is limited in application to trading in PIMCO CommodityRealReturn SM DJ-AIGCI SM TRAKRS SM (

More information

ishares Product Overview Q2 2015

ishares Product Overview Q2 2015 ishares Product Overview Q2 2015 About BlackRock BlackRock is a global leader in investment management, risk management and advisory services for institutional and retail clients. At September 30, 2015,

More information

db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF

db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF db x-trackers US Dollar Money Market ETF Asia s First Money Market ETF This material is for investment professionals and has been prepared solely for information purposes and does not constitute an offer,

More information

Relationship Disclosure

Relationship Disclosure Relationship Disclosure This Relationship Disclosure document contains information designed to help you better understand the nature of the account services provided to you by Harbourfront Wealth Management

More information

Best Online Trading Platform Saudi Arabia

Best Online Trading Platform Saudi Arabia Best Online Trading Platform Saudi Arabia 2009 2009 A NEW CHAPTER BEGINS The kingdom of Saudi Arabia is about to witness a major development in the capital market with the launch of a new asset class (Exchange

More information

The Options Clearing Corporation

The Options Clearing Corporation PROSPECTUS M The Options Clearing Corporation PUT AND CALL OPTIONS This prospectus pertains to put and call security options ( Options ) issued by The Options Clearing Corporation ( OCC ). Certain types

More information

The Hongkong and Shanghai Banking Corporation Limited (incorporated in Hong Kong with limited liability under the Companies Ordinance of Hong Kong)

The Hongkong and Shanghai Banking Corporation Limited (incorporated in Hong Kong with limited liability under the Companies Ordinance of Hong Kong) This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the CBBCs described below. Hong Kong Exchanges and Clearing

More information

db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus

db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers FTSE 100 Equal Weight UCITS ETF (DR) (the Fund ), a sub-fund

More information

The potential additional return is based on the performance of the S&P/TSX 60 Index (up to a specified maximum return).

The potential additional return is based on the performance of the S&P/TSX 60 Index (up to a specified maximum return). Get exposure to the stock market with principal protection and a guaranteed minimum return. Introducing the Market Powered GIC GICs will always be considered safe-haven investments for your portfolio.

More information

The Scottish Investment Trust PLC

The Scottish Investment Trust PLC The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC

More information

Getting Started in Shares. Brought to you by: JSE Limited & Online Share Trading

Getting Started in Shares. Brought to you by: JSE Limited & Online Share Trading Getting Started in Shares Brought to you by: JSE Limited & Online Share Trading Topics of discussion What is investing Asset classes Understanding the share market Why the share market Risk Develop an

More information

Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF

Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF Press Release November 11, 2015 Nikko Asset Management Launches Japan High-Dividend Low-Volatility Smart Beta ETF Listed Index Fund MSCI Japan Equity High Dividend Low Volatility to debut on TSE on Dec

More information

NATIXIS US MEDIUM-TERM NOTE PROGRAM LLC

NATIXIS US MEDIUM-TERM NOTE PROGRAM LLC The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities and it is not soliciting an offer

More information

Final Terms dated 6 June 2013

Final Terms dated 6 June 2013 Final Terms dated 6 June 2013 ROYAL BANK OF CANADA (a Canadian chartered bank) Issue of EUR 1,000,000 Phoenix Autocallable Index Linked Interest and Index Linked Redemption Notes Linked to a Basket of

More information

Aquila (Eclipse 2005-1) PLC - DEAL SUMMARY REPORT

Aquila (Eclipse 2005-1) PLC - DEAL SUMMARY REPORT Aquila (Eclipse 20051) PLC Aquila (Eclipse 20051) PLC DEAL SUMMARY REPORT Report Date 13 September 2012 Prior Report Date 14 June 2012 25 July 2012 14 December 2012 Pages Deal Overview 1 8 Individual Loan

More information

Website terms and conditions

Website terms and conditions Website terms and conditions Thank you for visiting our website. Before you go any further, it is important that you read and understand the conditions under which you will be using this site. Acceptance

More information

MUTUAL FUNDS SECURING YOUR FUTURE

MUTUAL FUNDS SECURING YOUR FUTURE Sem Capital Management Ltd. The first choice of every investor MUTUAL FUNDS SECURING YOUR FUTURE with SEM MUTUAL FUNDS Life is a journey, it s not where you end up but it s how you got there 1 It makes

More information

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED

OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED APPLICABLE PRICING SUPPLEMENT OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1999/004643/06) Issue

More information