GBP Developed Markets Phoenix Note

This GBP note has a maximum maturity of 6 years and pays a potential income of 8% per annum. The note is based on the familiar major indexes: FTSE 100, Russell 2000, Nikkei 225 and Eurostoxx 50.

The note pays a a quarterly a coupon of 2% if all basket members have not fallen by 30% or more from their initial strike price. In addition, from the end of the first year, if the worst performing member closes any 3 month period above its strike level the coupon is paid and the product is redeemed early at 100%.

Capital is only at risk if after 6 years the product has not redeemed early (autocalled) and the worst performing basket member has fallen by 40% or more.

The note is issued by an A rated bank.