Phoenix Memory Bonus Memory
Memory coupon distributed even if underlying drops + a bonus memory coupon
The investor receives a memory coupon on each observation if the underlying is above the coupon level. Every coupon not detached is added in memory and can be perceived on a future observation date. If the underlying is above the early redemption level, the investor receives a bonus memory coupon and the automatic early redemption mechanism is then activated and the product stops. Capital is protected up to the protection level (activation depends on the type of protection).