Abstract

Instalment warrants are very popular in Australia and these instruments have been listed by Nedbank and Standard Bank in South Africa. Instalments are financial products, that allow investors to gain direct exposure to shares by making a part payment upfront and delaying an optional final payment (or second instalment) until a later date (expiry date). This allows an investor to buy shares, and other securities, for a fraction of the current share price whilst receiving the benefits of capital growth and ordinary dividends.

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