A power reverse dual currency note (PRDC note) that has a knock-out feature, i.e., a discrete trigger whereby the structure can terminate before its maturity date. If a PRDC note terminates early, the issuer would have to repay the principal at the triggering out date and the whole structure ceases to exist. Typically, the first coupon payment of a PRDC note is set at a high rate (around 4% to 5%), but is often offset by exchange rate knock-out trigger levels.
Forex
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