On Friday, BNP Paribas redeemed the five exchange-traded notes (ETNs) it listed on the JSE in 2014. Holders of BNP Paribas’s four Guru-branded, developed market-focused portfolios, and its Arbitrage65 product, were paid out their net asset values. BNP Paribas said in a Sens statement on May 16 that holders of its eurozone portfolio received R128.64 per ETN; its US portfolio was redeemed for R147.82 each; its Asia portfolio for R135.66; its world portfolio for R130.35; and its arbitrage portfolio holders received R173.67. This should not be interpreted as the French bank exiting the JSE’s exchange-traded product market, a bank employee who requested anonymity as he is not an authorised spokesman said. BNP Paribas may issue different products in future, but decided to terminate its existing range because of their limited uptake. BNP Paribas’s decision to discontinue its Guru range limits the menu of offshore portfolios available to retail stockbroking account holders to Deutsche Bank’...
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