A feature of a structured product (such as an absolute return barrier note) whereby the issuer can, at any observation date, opt for early redemption if the underlying is above the autocall threshold. In this case, the investor will receive the nominal amount plus a coupon (autocall coupon). At maturity, if the note has not been called, there will be two cases: (1) if the returns are positive, payment will be subject to a upside cap and (2) if the underlying return is more or equal to the absolute return threshold, the investor will get the absolute value of the underlying returns.
This feature is also known as twin win.
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