1Y Step Down Autocallable on Glencore, Freeport & Rio Tinto with barrier 60% and conditional coupon of 20.50% in USD

Global copper demand is set to rise structurally over the coming years, driven by electrification, the buildout of AI-related data centers and the energy transition, while new mines can only add limited supply due to declining ore grades and lead times of 10 to 15 years. Copper is thus considered one of the key metals of the coming decade, with additional demand coming from power grids, electric vehicles, and solar and wind installations.

Glencore, Freeport-McMoRan and Rio Tinto are among the world's most significant diversified mining companies positioned to benefit from this structural trend.

With a one-year Step-Down Autocallable on these three stocks, investors can benefit from a conditional coupon of 20.50% p.a. in USD, paid on a quarterly observation basis provided no underlying falls below the coupon barrier of 60% (memory coupon). The step-down mechanism (M3: 100%, M6: 95%, M9: 90%, M12: 85%) allows for early redemption in the event of stable to positive price performance, while the European barrier of 60% only determines capital repayment at final maturity.

Conclusion: An attractive way to combine the long-term supply and demand trend in copper and other industrial metals with a high conditional yield.