A structured product (structured certificate) that allows the holder a positive participation to the downside of the underlying stock or asset. It is twin-win in the sense that when the underlying increases in value, the holder wins, and when it decreases in value, the holder also wins. The certificate comes with a barrier to the downside (downside barrier). The twin-win scenario ceases to exist when the barrier is breached, in which case the certificate turns to a tracker certificate.
The certificate consists of: a long zero-strike call and two down-and-out puts.
Twin-win certificates are a special case of the bonus certificate. However, twin-win certificates have an add-on: an additional down-and-out put.
