Issuer Estimated Value definition
Issuer Estimated Value means the Issuer Estimated Value (the "IEV") as may be specified in the Final Termsheet. The IEV is calculated by the Issuer and/or the Lead Manager or any third party appointed by the Issuer, as applicable, on the Initial Fixing Date, or at the beginning of the subscription period and will not be updated during the lifetime of the Product.
Issuer Estimated Value means the Issuer Estimated Value (the "IEV") as may be specified in the Final Termsheet. The IEV is calculated by the Issuer and/or the Lead Manager or any third party appointed by the Issuer, as applicable, on the Initial Fixing Date, or at the beginning of the subscription period and will not be updated during the lifetime of the Product. The difference between the Issue Price of the Product and the IEV is comprised of the expected issuer margin and the Distribution Fee, if such is applicable as stated in the Final Termsheet. While the IEV corresponds to the model price of the Product components minus the finance income and including expected hedging cost, the expected issuer margin covers amongst others the costs for the structuring, market making and settlement of the Product and also includes the expected issuer revenues. The Issue Price (including the IEV) as well as the bid and offer prices of the Product are calculated based on internal pricing models of the Issuer and/or the Lead Manager or any third party appointed by the Issuer, as applicable.