Phoenix certificates are the commercial name for the broader Express‑certificate family. They combine a conditionally protected capital at maturity with the possibility of earning contingent coupons and an early‑redemption feature if the underlying asset meets preset levels.

Conditional capital protection

A Phoenix certificate includes a barrier level that determines the repayment at maturity. If the underlying asset falls below the barrier, the final payout follows the asset’s performance; if it stays above, the investor receives the full nominal value (typically €100 or €1,000)【2†L286-L298】.

Contingent coupon payments

During the life of the certificate, coupons are paid only when the underlying asset exceeds a predefined trigger level on scheduled dates. This “conditional” coupon structure allows investors to benefit from upside moves while preserving capital protection【2†L298-L301】.

Early redemption option

The product also offers an early‑redemption mechanism: on certain pre‑announced dates, if the underlying asset is above a set threshold, the certificate can be redeemed early at its nominal value, providing added liquidity and flexibility【2†L302-L305】.

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