USD Safe Haven Express Certificate

This USD note has a maximum maturity of 6 years and pays a potential income of 11% per annum. The note is based on the broad market indexes of Canada, Switzerland, Sweden, and Australia.

The note has annual observations and pays an 11% coupon (memory) if all basket members have not fallen by 5% or more from their initial strike price. In addition, if on the annual observation the worst performing member closes 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 35% or more.

The note is issued by an A rated bank.