A power reverse dual currency note (PRDC note) which grants the issuer the right to choose which of the note’s exotic structured coupons to pay (that is, the minimum amount coupon). This structure includes three add-ons: a knock-out feature, a Bermudan feature, and an American-style feature. From an investor’s perspective, it is possible to use this instrument to take a view on the JPY/USD exchange rate. It also allows investors to take a more complicated view on the directional movement of two exchange rates such as JPY/USD and JPY/AUD (yen against Australian dollar).

In terms of composition, this note is a combination of a standard PRDC note with a chooser option.