A partial repayment guaranteed then a memory 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 memory coupon if the underlying is above the coupon barrier. 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 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).