A note (structured note) that only pays a coupon if the underlying asset trades above a specific level (known as the coupon barrier), and it (the note) automatically redeems early if the underlying breaches a certain level known as an autocall barrier, which can be identical to, or different from, the coupon barrier level, at an observation date. The coupon barrier level is always lower than, or equal to, the autocall barrier level.

An autocallable is a yield enhancing strategy, where the holder/ investor receives an above market yield while bearing the risk not to receive any coupon if the underlying trades below the coupon barrier level on the observation date.

The autocallability can be daily, monthly, yearly, or based on any schedule determined according to contractual terms.

When the coupon barrier is equal to the autocall barrier, the structure is known as an autocallable. While if the coupon barrier is smaller than the autocall barrier, the structure is called a phoenix.

It is also known as a classic autocall.