These have just been released (Jan 29th 2014) by CITI.
http://www.asx.com.au/PDF/14-006CTW.pdf
Would be very interested in anyone's take on these products.
My reading of the pdf is that a trade on the SRXKOB is closed out if the price falls to $12.65. There is a carry cost of 9.5% (calculated daily which is 10% PA).
Does this mean that for $2.52 plus 10% PA, you could have a 2 year run for about $3, plus the strike price of $11.88. So the SP would need to be above $15.
Looks wrong to me - what am I missing here??
ASX web site:
SRXKOB
Description: CITIWARRANTS 11.8778 SRX MINI LONG
Type: Call
Issuer: CITIWARRANTS (CGMA)
Commenced trading: 29 Jan 2014
Expiry: 31 Dec 2029
Exercise level: 11.878 (expressed in $ or index points)
Warrants/Structured Products per underlying instrument: 1.0000
Exercise style: American
Warrants/Structured Products issued: 140,000
Product Disclosure Statement
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Last
13.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $55.17M |
Open | High | Low | Value | Volume |
13.0¢ | 13.5¢ | 13.0¢ | $122.1K | 909.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 698620 | 13.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
14.0¢ | 797342 | 14 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 685820 | 0.130 |
6 | 414102 | 0.125 |
2 | 288500 | 0.120 |
1 | 335000 | 0.115 |
3 | 23177 | 0.097 |
Price($) | Vol. | No. |
---|---|---|
0.140 | 797342 | 14 |
0.145 | 280000 | 3 |
0.150 | 122131 | 10 |
0.155 | 2700 | 1 |
0.160 | 70000 | 1 |
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