South Africa: Gensec Resuscitates Basket Warrants

25 June 2002

By Byron Kennedy

Johannesburg — Gensec Bank will more than double its warrant offering when it lists 28 new instruments on the JSE tomorrow. In the past the warrant issuer had focussed on index-related warrants and remains the only institution to offer compound call warrants. Gensec's latest tranche includes twelve basket warrants covering six JSE sectors - gold, platinum, banks, life assurance, retail and telecoms.

While the concept of basket warrants is not new to South Africa ? Deutsche Bank experimented with the idea more than three years ago ? Gensec is effectively betting that the warrant market has since matured after poor demand led to the demise of baskets in the late 1990s.

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