February High Yield Structured Products

February 9, 2026

Balanced Products

Rand Euro Stoxx 50 Geared Growth

Closes: 16 February 2025 Term: 3.5 years

This ZAR-denominated structured note provides exposure to the Euro Stoxx 50 with geared upside and conditional capital protection. It offers 150% participation in index growth, appealing to investors seeking offshore equity exposure with defined downside protection.

Payoff

Single observation at maturity.
200% participation in Euro Stoxx 50 growth, capped at 40% index growth (maximum 80% return in ZAR = 18.3% pa compounded).
100% capital protection in ZAR if the index does not fall by more than 30% at maturity.
If the index falls by more than 30% at maturity, capital loss may occur.

Suitability

The structure suits investors expecting flat to moderately positive European equity markets over the medium term. The 30% protection buffer reduces downside risk, while the high participation rate enhances upside potential.

GBP Euro Stoxx 50 Geared Growth

Closes: 16 February 2025 Term: 3.5 years

IBLIX30 Payoff

This GBP-denominated structured note provides exposure to the Euro Stoxx 50 with geared upside and conditional capital protection. It offers 150% participation in index growth, appealing to investors seeking offshore equity exposure with defined downside protection.

Payoff

Single observation at maturity.
150% participation in Euro Stoxx 50 growth, capped at 40% index growth (maximum 60% return in GBP = 14.4% compounded).
100% capital protection in GBP if the index does not fall by more than 30% at maturity.
Capital loss possible if the index declines by more than 30% at maturity.

Suitability

This product is suited to investors with a constructive but cautious view on European equities. The 30% downside buffer limits risk, while the geared participation enhances returns in positive markets.

Global Markets 3:5 Year Structured Note (ZAR) – Issue 6

Closes: 6 March 2025 Term: 5 years

RMB35Y Performance

This is a 100% capital protected structured investment offering a combination of a predefined fixed return and growth exposure to global equities and gold through a volatility-controlled index. Investors receive a meaningful fixed payout midway through the term, with the remaining capital participating in uncapped upside potential at maturity. The structure is designed for investors prioritising capital certainty with measured growth potential.

Payoff

At year 3, investors receive 50% of initial capital plus a fixed return of 29.6% on that portion, regardless of market performance.
At maturity (year 5), the remaining 50% is returned with 100% uncapped participation in any positive performance of the SGI Dynamic US Equity & Gold VT 5.5% Index.
Minimum Return: 14,8%.
114,8% capital protection at maturity, subject to issuer credit risk.

Suitability

Suitable for investors seeking capital protection with a known mid-term payout, moderate global growth exposure, and comfort with EUR/ZAR currency effects on returns, who can commit capital for five years.

Global Markets 1:3:5 Year Structured Note (ZAR)

Closes: 6 March 2026 Term: 5 years

RMB35Y Performance

This is a 100% capital protected structured investment offering staged fixed returns and growth exposure to global equities and gold through a volatility-controlled index. Investors receive predefined cash flows in years one and three, with the remaining capital linked to uncapped upside participation in a diversified equity-and-gold strategy. The structure is designed for investors seeking capital certainty, early liquidity events, and measured growth potential.

Payoff

At year 1, investors receive 25% of capital plus a fixed 14% return on that portion.
At year 3, a further 25% of capital plus a fixed 44% return is paid.
At maturity (year 5), the remaining 50% is returned with 100% uncapped participation in any positive performance of the SGI Dynamic US Equity & Gold VT 5.5% Index.
Minimum Return: 14,5%
114,5% capital protection at maturity, subject to issuer credit risk.

Suitability

Suitable for investors seeking capital protection with predefined cash flows, moderate growth exposure, and comfort with EUR/ZAR currency effects on the equity portion, who can commit funds for the full five-year term.

High Risk High Reward Products

Société Générale EU Defence Early Low Hurdle Autocall

Closes: 20 February 2026 Max Term: 4 years

IDAD EU Defence

This is a defensive autocall linked to a basket of four global defence companies, offering a potential return of 30.00% per annum paid quarterly. The product is designed to generate high fixed returns even if markets are flat or mildly negative, with downside risk only crystallising if a significant fall occurs by maturity. A built-in Glider feature improves the chance of early maturity under certain conditions.

Payoff

Quarterly observations start after 6 months.
If all four stocks are at or above 95% of their initial level, the product autocalls and returns capital plus accrued coupons.
Coupons of 7.50% per quarter (30.00% p.a.).
If no stock falls more than 40% in the first 12 months, the autocall level drops to 60% at month 12 via the Glider feature.
Capital is protected at maturity, if all stocks are above 50% of its initial level, otherwise capital is reduced 1-for-1 with the worst performer.

Suitability

Suitable for investors seeking high fixed USD returns with some tolerance for equity downside risk, who expect defence stocks to remain broadly stable and can hold the investment to maturity if required.

Société Générale US Tech Early Low Hurdle Autocall

Closes: 12 February 2026 Max Term: 4 years IDAD USTech

This defensive autocall provides exposure to four major US technology stocks while offering a fixed return of 30.00% per annum, paid quarterly. The structure aims to monetise sideways or moderately volatile markets, with a lower autocall hurdle than traditional autocalls and an enhanced chance of early exit through a Glider feature.

Payoff

Quarterly observations begin after 6 months.
If all stocks are at or above 90% of initial levels, the product autocalls and pays back capital plus accrued coupons.
Coupons of 7.50% per quarter (30.00% p.a.).
If no stock falls more than 40% in the first year, the autocall level drops to 60% at month 12 via the Glider feature.
Capital is protected at maturity, if all stocks are above 50% of its initial level, otherwise capital is reduced 1-for-1 with the worst performer

Suitability

Best suited to investors with a moderately constructive view on large-cap US technology, who prioritise high predefined returns over full capital protection and are comfortable with structured equity risk.

Global Equity Accelerator – February 2026 (ZAR)

Closes: 13 February 2026 Max Term: 5 years

Global Equity Accelerator

This is a term-based, defensively structured global equity investment offering enhanced upside participation with conditional capital protection. It is linked to an equally weighted basket of major global equity indices and provides 190% participation in positive equity growth.

Payoff

At maturity, if the underlying basket is positive, returns are calculated as the basket’s growth multiplied by a 190% participation rate, subject to a maximum of 50% index growth.
Maximum Return: 95%
If the basket is negative but finishes above the 60% capital protection barrier, investors receive full capital back with no growth.
Capital is protected if the basket is above 60% at maturity, otherwise capital is reduced 1-for-1 in line with the basket’s decline.

Suitability

Suitable for investors seeking growth-oriented global equity exposure with downside cushioning, who are comfortable locking in capital for five years and prefer enhanced participation over full upside uncapped equity returns.