An autocall note that is subject to a coupon barrier with an opportunity for early redemption. It offers contingent periodic coupons with an upside potential (yield enhancement) if the underlying ends up below the knock-in barrier level on the final valuation date, in addition to offering contingent downside protection. If held to maturity, the notes (also known for short as CoBa notes) may attain higher returns than the underlying in case the underlying’s performance is moderate. If the underlying exceeds a specified level, on an observation date, the note will be called.

The note’s maturity is typically from 6 months to 2 years.