---
title: "Investec FNIB23 Note Flags Possible 14% Exercise In Nov"
description: "Investec FNIB23 flexible investment note holders face a possible exercise on Nov 3, 2026, with a projected 14% return and new profile election."
canonical_url: "https://liners.com/news/investec-fnib23-flexible-investment-note-profile-substitution-2026"
markdown_url: "https://liners.com/news/investec-fnib23-flexible-investment-note-profile-substitution-2026.md"
type: "article"
language: "en"
published_at: "2026-10-06T10:22:20.251Z"
updated_at: "2026-10-06T10:22:24.960Z"
---

# Investec FNIB23 Note Flags Possible 14% Exercise In Nov

Investec FNIB23 flexible investment note holders face a possible exercise on Nov 3, 2026, with a projected 14% return and new profile election.

## Breadcrumbs

- [News](/news)
- [Investec FNIB23 Note Flags Possible 14% Exercise In Nov](/news/investec-fnib23-flexible-investment-note-profile-substitution-2026)

## Content

## In Short
Investec FNIB23 is a JSE-listed flexible investment note tied to the Stoxx Global Select Dividend 100 index.

Investec said the note may be “exercised” on 3 November 2026 if the index level is at or above its starting level.

If that happens, Investec expects an investment return of 14%, and holders must choose whether to roll into a new investment profile or be redeemed for cash.

## What Happened
[Investec](/investec) published a structured investment profile substitution and partial redemption notice for its FNIB23 flexible investment note.

A flexible investment note is a structured product, meaning its return is set by rules linked to an underlying asset, in this case an equity index. The underlying asset for FNIB23 is the Stoxx Global Select Dividend 100.

Investec said a potential “exercise” may occur on 3 November 2026 if the reference level of the index is greater than or equal to the initial index level. If the exercise happens, Investec anticipates a 14% investment return, with an investment return amount of R1,140.00 per note.

The notice also sets out the timetable. Key dates include last day to trade on 26 October 2026, ex-date on 27 October 2026, and an election closing date on 29 October 2026. Investec plans an update announcement with the cash settlement rate on 4 November 2026, and a reset date on 5 November 2026.

Investec said it will substitute Investment Profile No. 1 with a subsequent structured investment profile, called Investment Profile No. 2, on the reset date if the exercise occurs. Holders who accept the new profile by the election closing date can remain invested for the next calculation period.

Holders who do not accept, called non-accepting holders, will be treated as electing redemption for those notes. They would receive the cash settlement amount per note, expected to match the investment return amount, on 10 November 2026. Investec noted this payment would be processed via the secondary market rather than through a corporate action.

## Why It Matters
For noteholders, this is a decision point with real cash flow impact. Accepting the new profile keeps exposure to a rules-based return formula, while not accepting triggers an early redemption payout.

For the wider market, the notice is a reminder that structured notes can change mid-life through resets and profile substitutions. Investors need to track election windows, ex-dates, and how settlement is processed, especially when the issuer routes payment via secondary market mechanisms.

## Sources and products

- [SHARENET - Your Key To Investing on The JSE Securities Exchange - South Africa](https://www.sharenet.co.za/v3/sens_display.php?tdate=20261005115000&seq=23)
- [Investec](/investec)

## Related pages

- [Market Trends](/news)

## Access and citation

- [Canonical HTML page](https://liners.com/news/investec-fnib23-flexible-investment-note-profile-substitution-2026)
- [Markdown route index](/sitemap.md)
- [Agent access guide](/llms.txt)