24 Months USD Phoenix Memory Decreasing on 3 US Techs

This two year note offers a 1.75% quarterly dividend so long as the worst perfoming of three technology stocks remian above 70% of its initial value. The coupon payment has a memory effect, so if a coupon is missed but the stocks rise above 70% during the term, then all previous coupons will be paid.

The three stocks are stalwarts of US technology – Microsoft (MSFT), Oracle (ORCL) and Salesforce (CRM).

The note will redeem early if the worst preforming stock is above the Autocall level. The Autocall starts at 100% and decreases by 3 basis points every quarter. If the note does not autocall early, the note will return 100% of capital at maturity, so long as the worst perfoming stock does is not more than 30% down from its intitial price. If the worst performing stock is below that level the note will lose money on 1 for 1 basis.