Noted: January 2025 Coupon Payments

In September, we launched the #Noted series, dedicated to one of Raison's flagship products – structured notes. Through regular updates, we share news about structured notes, including paid coupons, payment amounts, and other key information.

Here’s what happened with coupon payments in January.

Semiconductor Sector (SMCI, QCOM, AMD, ENPH)

• Coupon Rate: 16% annually
• Investment Amount: $100,000*
• ISIN: XS2697202559

Since one of the underlying assets (SMCI) was below the coupon barrier on the January observation date, no coupon payment was made. However, thanks to the Memory Effect, the coupon is retained and will be paid at the next observation date, provided that none of the assets fall below the coupon barrier.

Cybersecurity Sector (FFIV, PLTR, CSCO, CRWD)

• Coupon Rate: 14% annually
• Investment Amount: $100,000*
• ISIN: XS2697202633

The structured note matured early. Over three observation dates, the investor earned $10,500 in total and, following the autocall, received the principal investment back. After this, the client’s portfolio amounted to $110,500.

Natural Resources Sector (MP, KGC, ALB, RIO)

• Coupon Rate: 13.6% annually
• Investment Amount: $100,000*
• ISIN: XS2697202989

In January, the 3.4% coupon payment amounted to $3,400. Over three observation dates (July and October 2024, and January 2025), the investor earned $10,200 in total. The client’s portfolio value is now $110,200.

Electric Vehicles Sector (Li Auto, XPeng, TSLA)

• Coupon Rate: 23% annually
• Investment Amount: $100,000*
• ISIN: XS2697198930

A great example of the Memory Effect in action. No coupon payments were made on the April and July 2024 observation dates because XPeng was below the coupon barrier. However, in October, a triple coupon payment of 5.75% resulted in $17,250 earned. In January, a 5.75% coupon payment added $5,750. In total, the investor earned $23,000. The client’s portfolio value now stands at $123,000.

*Minimum deal amount

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