1.5Y Barrier Reverse Convertible on Gold and Silver with 11.00% p.a. coupon in USD

Gold and silver have corrected significantly from their record highs earlier this year, yet the structural drivers remain intact: central bank purchases, the persistent supply deficit in the silver market, and robust industrial demand. The environment remains volatile – the Fed's policy path and real yields remain key.

An 18-month Barrier Reverse Convertible on gold and silver offers a conditional coupon of 11.00% p.a. in USD with memory feature and quarterly observation – suitable for investors with a neutral to moderately positive view on precious metals.

Key arguments:

• Complementary exposure: gold as a safe haven, silver with additional leverage through industrial demand.
• The recent correction offers a more comfortable entry point for both the barrier and the coupon trigger.
• Coupon is paid even in sideways markets – missed coupons are recovered thanks to the memory feature.

How it works: Barrier and coupon trigger both at 65%, worst-of, barrier observation at maturity. The coupon (2.75% per quarter) is paid if the worst-of performance is at or above 65% on the observation date; missed coupons are paid retroactively once the condition is met at a later observation date. At maturity, if the worst-of performance is ≥65%: redemption at 100%. Below that: redemption in line with the worst-of performance (cash settlement).