A structured product in which the autocall mechanism is subject to two barriers: one relating to the autocall, itself, and the other to one of the coupons in the structure. The holder may receive a coupon, without an autocall event occurring, at each observation date.

For a phoenix autocall, coupons can accumulate for payment at first coupon barrier trigger if the structure is associated with a memory effect. The coupon will accumulate as a classic autocall (Athena, or Athena autocall) for payment once an autocall event takes place.