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One of the defining features of Barrier Reverse Convertibles are their barrier level; if it is touched during the term of the product, a BRC becomes a Reverse Convertible. In this case, all underlying prices must be above their previously defined strike at the end of the product's term as to avoid delivery of an underlying.
Usualy, this strike is 100% of the initial fixing, i.e. corresponds to the price of the underlying when the structured product is issued.
This is not the case with Low Strike BRC, where the strike that must be reached in the event of a barrier being touched is below the initial fixing. If such a barrier event occurs, the probability that all underlying prices will be above the strike at the end of the term is higher.
If the final fixing of an underlying is below the strike after the barrier has been touched, the underlying with the worst performance is delivered, as with regular BRCs. But here, too, the lower strike is attractive: in this case, investors receive the underlying at a discount compared to the initial fixing.
This low strike reduces the risk of loss, which is already lower compared to a direct investment.
Low Strike BRC on Straumann, Logitech and Partners Group
| ZKB Callable Barrier Reverse Convertible on worst of SunPower Corp/Sunrun Inc 127344767 / CH1273447677 |
| ZKB Autocallable Barrier Reverse Convertible auf ON Holding AG 127345566 / CH1273455662 |
| ZKB Barrier Reverse Convertible auf NEL ASA 125291360 / CH1252913608 |
| ZKB Callable Barrier Reverse Convertible on worst of Swisscom AG/Kuehne + Nagel International AG/Sik... 130397238 / CH1303972389 |
| ZKB Callable Barrier Reverse Convertible on worst of Adobe Inc/Intel Corp/Amazon.com Inc 127347363 / CH1273473632 |
