A structured fixed-income security (bond) that allows the holder an early redemption if a predefined event (early redemption event, or for short ERE) takes place, in which case it pays coupons (a series of interest payment) to the holder. Otherwise, if the predefined event didn’t occur, the bond pays nothing. The underlying may be a basket of stocks, so that their collective performance is gauged against a certain threshold typically known as high trigger level (HTL). The bond may also be associated with a low trigger level (LTL), which constitutes a minimum threshold below it the coupon bears a fixed rate.