Standard Bank Launches PM ETNs
Source: Reuters (8/11/10)
"There was a call for further products, over and above existing gold ETF."
The notes, denominated in rand, will track the performance of underlying New York futures contracts. Unlike some other exchange-traded products tracking precious metals prices, the notes will not be backed by physical metal.
"We have seen a lot of interest from South African investors, both retail and institutional, for commodity products," said Stuart Leslie, director of structured solutions at Standard Bank.
"There was a call for further products, over and above the [existing] gold ETF."