Standard Bank Launches PM ETNs

Source:

"There was a call for further products, over and above existing gold ETF."

South Africa's Standard Bank said it has launched a new series of commodity linked exchange-traded notes (ETNs) on the Johannesburg Stock Exchange, which will reflect price moves in platinum, palladium, silver and gold.

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."

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