HomeMMBIZ NewsEFG Raises 1 Million Francs from Myanmar-tied Certificates

EFG Raises 1 Million Francs from Myanmar-tied Certificates

Zurich-based structured products distributor EFG Financial Products AG has raised more than 1 million Swiss francs ($1.1 million) selling certificates linked to a gauge of companies with business tied to Myanmar, according to a Bloomberg report.

Most sales have taken place this month, Manuel Duerr, who oversees distribution of structured products to individual investors, informed Bloomberg by e-mail.

The company began offering the investments tracking its Solactive Myanmar-Focused Asia Index on Switzerland’s Scoach exchange in November.

The equity gauge includes 11 companies that currently focus their business on the Southeast Asian nation or bordering countries, or plan to do so.

Myanmar remains one of the world’s few underdeveloped markets with high growth potential, as President U Thein Sein seeks to liberalise the economy, Duerr said. Natural resources in the nation span gas, gems and possibly oil, according to the World Bank.

The certificates were issued in the Swiss franc, euro and US dollar. The largest weightings in the index are on PTT and PTT Exploration and Production (PTTEP), both Thai oil and gas companies, in addition to Siam Cement and UOL Group Ltd, a Singaporean property developer, according to EFG.

Returns on the 10-year products directly follow the index and don’t protect principal. The gauge has gained 12 percent as of January 17 since its November 19 listing, according to Bloomberg data.   

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