Staff Writer
Absa Bank Limited has secured approval for the secondary listing of its NewWave Silver Exchange Traded Notes (ETNs) on the Namibia Securities Exchange (NSX), providing Namibian investors with access to a listed instrument linked to the price of silver.
The NSX Listing Committee approved the listing, which took effect from the commencement of trading on Friday, 7 August.
The NewWave Silver ETN is already listed on the Specialist Securities sector of the Main Board of the Johannesburg Stock Exchange (JSE) under Absa’s NewWave Exchange Traded Note Programme.
The secondary listing does not create a new class of securities but extends the existing NewWave Silver ETNs to the Namibian market.
The NSX listing price is set to be equal to the prevailing price of the ETN quoted on the JSE.
Absa said the dual listing is intended to improve access to the investment product for investors in Namibia and forms part of its broader initiative to expand its NewWave ETN offering across selected African markets where it has a presence.
The NewWave Silver ETN is designed to provide investors with exposure to the spot price of silver through a listed instrument traded in South African rand.
According to Absa, each NewWave Silver ETN represents approximately 1/100th of an ounce of silver, before investor fees of 0.40% per annum.
The underlying benchmark is the Silver Spot Price in South African rand, while silver itself is traded internationally in US dollars per fine ounce.
The ETNs constitute unconditional, unsecured and unsubordinated obligations of Absa Bank Limited.
The security trades under JSE share code NEWSLV, NSX share code NWNSLV, and ISIN ZAE000162566, with the abbreviated name NEWSILVER.
Absa Corporate and Investment Bank, a division of Absa Bank Limited, is the JSE sponsor, while Cirrus Securities (Pty) Ltd is the NSX sponsor.
