An autocallable note (a yield enhancement note) that is similar to an equity-linked note (ELN), except in terms of a longer tenor. Characteristically, this note is equipped with step-down autocall and knock-in feature. For every observation period, the autocall barrier will step down by a fixed percentage. A note holder receives a fixed coupon payment only if (i) it is early called or (ii) upon maturity if no knock-in event has taken place. If a knock-in event occurred and the underlying stock/ index was trading below the final autocall barrier, the holder will have to take physical delivery of the underlying shares.

This product suits investors who holds a neutral to fairly bullish view on the underlying stock/ index and expect it will not drop below the knock-in level on any trading day over its lifespan.

It is known for short as SAN.