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Reverse Convertible with Conditional Coupon

Категорія — Структурні продукти

Reverse Convertible with Conditional Coupon is a financial instrument that provides investors with the access to the securities, allowing them to protect their investments. This type of structured product uses a combination of options and other instruments to give investors the opportunity to make a profit under certain conditions, without having to have direct access to the asset. This type of structured product refers to yield enhancement structured products, which is designed to increase income through the use of complex algorithms and derivatives. These structured products offer higher returns than traditional fixed income securities, but they also come with higher potential risks.

Until the beginning of 2021, this type of structured products was called Express Certificate Without Barrier, this renaming made it possible to differentiate structural products more accurately for increasing profitability.

The main characteristics of this structural product are as follows:

  • Coupon payout is a subject to conditions;
  • Limited profit opportunity;
  • Usually equipped with an autocall trigger: if the underlying asset is quoted above the autocall trigger on the observation date, the notional amount plus any coupon is redeemed early;
  • Numerous underlying assets provide more attractive product terms, but with higher risk.


When investing, market participants usually expect the following trends:

  • Underlying assets move sideways or rise slightly
  • The volatility of this product decreases over time



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