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Warrants and Share Instalments

Welcome to The Standard Bank of South Africa Limited's ("Standard Bank") Warrants website, which provides information on the warrants and share instalments issued by Standard Bank, together with general information relating to warrants and market information. Access to and use of the information provided on this website is subject to the Terms and Conditions, Privacy and Security Statement and Disclaimer.

Financial and other information relating to Standard Bank as the issuer of the warrants and share instalments as well as the terms and conditions governing the warrants and share instalments are set out in the Common Terms Document and related annexures and/or supplements. The warrants and share installments set out on this website are subject to certain selling restrictions which are documented in the Common Terms Document and related annexures and supplements. In particular warrants and share instalments may not be offered or sold within the United States of America or for the account or benefit of U.S. persons. Further restrictions may also be applicable in respect of non-residents and potential investors should ensure that they are they are familiar with all such restrictions.

New Warrant and Instalment Articles
Welcome to the Standard Bank of South Africa Limited
Market Report
Date Updated: 1/19/2018 8:23:48 AM

WHAT HAPPENED OVERNIGHT IN THE US:

·         S&P -0.2%, dipped into the close as 10yr yield eyed breakout at 2.63%.

·         Catalyst came from volume spike in Treasuries (big block trade TYH8) – even if threat had been looming – at least since Bill Gross put his name on it a week ago.

·         TIPS auction later attracted big demand (record low dealer award), lifting 10yr breakeven to another 3yr high (+7bps this week to 2.09%) – even with softer backdrop in commodities.  

·         But profit-taking in equities orderly with no wild momentum in bond market – and despite Govt shutdown looming (Republicans requiring 8-9 votes from Democrats later today amid immigration acrimony).

WHAT’S UP THIS MORNING IN THE EAST:

·         Asia steady, with no sign of panic. Aussie 10yr at 2.863%, following US to a year-high, though so far JGBs and Chinese yields yet to react.

·         Hong Kong +0.2%, holding modest gains after early wobble; Tencent +0.5%, looking comfortable at HKD450 (Monday high HKD453).

·         Australia -0.2%, weighed again by resources, with commodities set to finish the week on back foot. Oil down through $69 this morning; coal around a 1-month low; Nickel & zinc still hovering off multi-year highs, on track to book weekly loss. Steel so far the exception (1-month high), helping underpin iron ore around $73. But BHP -0.3% & Rio -1%, not offering a lot of direction since yday, both indicating flat London open.

SOUTH AFRICAN NEWS:

·         Expect AllShare +0.25%. From SA close yday, gold unch ($1331), plat -$4 ($1002), copper +0.2% ($3.20/lb), oil -0.5% ($68.62), Dalian iron unch (=spot c$73), USDZAR -0.6% (12.10), S&P -0.1%.

·         SARB kept rates on hold yday, as we expected, and our base case remains intact for two 25bps cuts later in the year (as long as we see a further lowering of the SARB’s inflation forecasts). We also expect bond and currency markets to remain constructive in the short term, although there is significant event risk around the conclusion of the Moody’s rating review after the budget in Feb. We think that a rating downgrade might be staved off premised on decisive interventions to improve the fiscal prognosis, growth and the fiscal risks from the SOEs, but it is a very close call. Beyond that, we expect a slight softening of commodity prices later in the year, and that may result in modest ZAR depreciation towards year-end on a trade-weighted basis.

TODAYS KEY DATA POINTS:

·         11.30am: UK Dec Retail Sales

·         5pm: US Jan Uni of Mich Consumer Confidence

 


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Standard Bank Warrants and Share Instalment News
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