Split Note Phoenix
A partial repayment guaranteed then a coupon distributed even if underlying drops
On the first observation, the investor receives a guaranteed coupon and a partial repayment of the principal invested. On subsequent observations, the investor receives a coupon if the underlying is above the coupon level. If the underlying is above the early redemption level, the automatic early redemption mechanism is then activated and the product stops. The capital is protected up to the protection level (activation depends on the type of protection).