The 5.5% Non-Cyclical Consumer Goods Protect Reverse Convertible Bond offers a fixed annual interest rate of 5.5% and is redeemed at 100% of the nominal value at the maturity date (February 2021), provided that the price of each of the three underlying shares (Anheuser Busch InBev N.V., Danone S.A., Unilever N.V.) always quoted above the respective barrier of 59% during the observation period (daily observation of the closing price).

In case the barrier is touched or undercut by at least one of the underlying shares and all of the underlying shares quote at or above their respective strike at the final valuation date, the product is also redeemed at 100% of the nominal value.

In case the barrier is touched or undercut by at least one of the underlying shares and at least one of the underlying shares quotes below its strike at the final valuation date, the predefined amount of the worst performing share (percentage performance from the starting value to the closing price at the final valuation date) will be delivered. Even if the barrier is touched or undercut investors do not participate in price increases of the underlying shares beyond the starting value.

The barrier has been touched by Anheuser-Busch Inbev SA on March 12, 2020