Semiconductor Autocall Phoenix

June 15, 2021

A three and a half year (42 month) decreasing semiconductor autocall note on 4 chip stocks: ASML Holding, Lam Research Corporation, Micron Technology, and Qualcomm.

The ‘worst-of’ note pays 3% quarterly (12% per annum) if all the stocks stay above 80% of their initial value on each observation date. The autocall trigger decreases quarterly by 2 basis points, also, while the European Barrier is at 65%.

This is a US Dollar denominated note.


Brazil, Mexico, Korea, UK Note

May 13, 2021
With a 6 year term on major emerging markets and the UK indexes (FTSE 100 Index, KOSPI 200 Index , iShares MSCI Brazil ETF , iShares MSC Mexico ETF ), this autocall pays  USD 18.00% p.a.  or  GBP 15.00% p.a. if autocalled at 100%.
Autocall Observations start quarterly from end of quarter 2.
Protection Barrier is 60% European Barrier
Closing Date is 14 May 2021


May 13, 2021

This 5 year note from an A-rated Swiss bank is a play on three biotech companies, Novavax Inc, BioNTech SE, Moderna Inc that work on the COVID vaccine. The note pays a 20% per annum coupon (paid quarterly with memory) in either GBP or USD if all stocks are above the coupon barrier of 60%. The note can be autocalled after 6 months, if all stocks are above their initial prices. The note has a 60% European protection barrier.

Closing Date is June 4th, 2021.

36% Coupon Index Note

April 3, 2020

This growth based note has the opportunity for an early maturity after 3 months.  If the note autocalls, clients will receive their invested capital back plus a snowballing coupon for each quarterly period that has elapsed.

GBP:  9.00% Quarterly (36.00% p.a.) gross
USD:  9.50% Quarterly (38.00% p.a.) gross

Underlyings – UK: FTSE 100 / Spain: IBEX 35 / Australia: S&P ASX 200 / Hong Kong: Hang Seng

100% of initial level Autocall Trigger (First call after 3 months)
60% Final Level (European style) Barrier
Maximum Term: 6 years

Short Term USD Guaranteed Coupon Note

August 2, 2019

This 1.5 year note pays an annual coupon amount of 14.3% quarterly in USD regardless of the underlying’s performance (Guaranteed Coupon). For protection, the note has a 60% Europrean Protection Barrier and a quarterly Autocall feature with no delay.

The note is based on 4 high liquid underlyings: Amazon, Netflix, Alphabet, and Tesla.

95% Protected FTSE Issuer Callable Growth Note GBP

August 2, 2019

This product offers 95% Capital Protection in GBP from an A-rated bank. The growth aspect of the note is either a 1.25% quarterly (5.00% p.a.) snowballing coupon (in addition to 100% of capital) if the issuer calls the note early or 175% participation in the growth of the FTSE 100 after 7 years added to the 95% capital return.

Callable Observations: Quarterly (First observation at 12 months)
Trades by  4 September 2019

100% Protected FTSE Issuer Callable Growth Note USD

August 2, 2019

This product offers 100% Capital Protection in USD from an A-rated bank. The growth aspect of the note is either a 1.625% quarterly (6.50% p.a.) snowballing coupon if the issuer calls the note early or 200% participation in the growth of the FTSE 100 after 7 years.

Callable Observations: Quarterly (First observation at 12 months)
Trades by 4 September 2019


USD Index-Based Credit Linked Note

August 2, 2019

This 3 year term USD Credit Linked Note pays an annual 4% coupon. The note is 100% capital protected at maturity, as long as no more than 3 credit events take place on the iTraxx Europe Main S31 Index.

However, if more than 1 credit events take place, for each credit event after 1, 16.67% of future coupons are eroded and 16.67% of initial capital is eroded at maturity.

Historically,  the 3Y index has only witnessed three credit events since the index was launched in 2004. When looking at the different series, there has only ever been a maximum of one on any of the three year series.



Bonus Note on 4 US Blue Chips

July 31, 2019

This is a 2 year note with 93% capital protection on Microsoft (MSFT), Apple (AAPL), Fedex  (FDX), and Coca-Cola (KO) offering 100% participation in the worst performing stock. There is no limit to the upside.

As a bonus, the note provides a minium return of 12% if all stocks show a positive performance at maturity.


Low Strike on Tesla, Netflix and Micron

July 30, 2019

This 5 year note pays an 11.64% p.a. coupon with monthly observations. The coupon trigger is 60% and it comes with a memory feature. It has an autocall trigger at 95% with no delay.

Highlight of this structure is the 60% Strike Level. The Low Strike helps to “cushion” losses when there is a Barrier breach. With the usual 100% Strike Level, if Note matured at 50% for example, investor would only receive half of his initial capital. In the same scenario but with a 60% Strike Level, the investor would receive 50%/60% = 83.33% back of his Capital. Assuming all Coupons received 11.64% p.a. * 5Y = 58.2%, the investor still gained a decent amount from the investment despite a Barrier breach (83.33% + 58.2% = 141.53%; when annualized gives roughly 8.3% p.a. despite a Barrier breach of 10%).