1Y Barrier Reverse Convertible on PetroChina, BP & Equinor with 13.80% p.a. coupon in USD

Oil and gas stocks continue to benefit from geopolitical risk premiums and tight supply linked to the Strait of Hormuz crisis. After the recent de-escalation, prices pulled back sharply, but the environment stays volatile — Doha talks and a possible Russian diesel export ban remain key.

A 1-year Barrier Reverse Convertible on PetroChina, BP, and Equinor offers a 13.80% p.a. fixed coupon in USD, suited to investors with a neutral to moderately positive view on oil and gas stocks.

Key arguments:

• Diversified exposure across China, UK, and Norway.
• Recent pullback offers a more comfortable barrier entry point.
• Coupon paid even in sideways or moderately declining markets.

Conclusion: An attractive risk-return profile for USD income seekers wanting diversified energy exposure amid ongoing geopolitical uncertainty.

How it works:
Barrier at 65%, worst-of, checked at maturity. The worst-of performance is the lowest performance among the underlying assets in the worst-of basket. The performance of each underlying is calculated as the ratio of its final level to its initial level. If ≥65%, investor gets 100% + coupon. If below, coupon is still paid, but shares of the worst performer are delivered instead of cash.