A variant of barrier reverse convertible (BRC)- a structured product– that pays a guaranteed coupon over the specified term or until the call date. The convertible is callable- i.e., the issuer can call it or redeem it before its maturity date. Once called, the holder will no more receive coupon payment, and the product ceases to exist. The product can be settled in cash or in physical delivery of the underlying.

It belongs to the category of yield enhacement products.