Structured Products on Offer

Underlying: FTSE/JSE Top 40 Index
Capital protection: 100% at maturity
Participation rate: 120% of index upside
Term: 5 years (maturity May 2031)
Closing date: 30 April 2026

This note offers full capital protection with enhanced participation in the Top 40 Index. Investors receive 120% of any positive index return over the term, calculated on a point-to-point basis with Asian tail averaging over the final 6 months. Ideal for investors seeking SA equity exposure without downside risk.

Underlying: MSCI World Index (USD)
Capital protection: 90% at maturity
Participation rate: 100% of index upside, uncapped
Term: 3 years (maturity April 2029)
Closing date: 15 May 2026

Gain diversified global equity exposure through the MSCI World Index, denominated in US dollars to provide a natural rand hedge. The 90% capital protection means investors bear only the first 10% of any decline, while participating fully in uncapped upside. Returns are settled in rands at maturity, providing additional benefit from any rand depreciation over the term.

Underlying: USD/ZAR exchange rate
Capital protection: Conditional — 85% barrier
Fixed coupon: 14.5% p.a. paid semi-annually
Term: 2 years (maturity April 2028)
Closing date: 30 April 2026

This income-focused note pays a fixed coupon of 14.5% per annum, well above prevailing money market rates. Capital is protected provided the rand does not strengthen beyond 15% from its initial fixing level at any point during the term. Suited to investors with a view that the rand will remain stable or weaken, seeking enhanced income without direct equity exposure.