Product wrap: Cirdan in Italian autocall push

EUROPE Cirdan Capital Management is selling Maxicoupon Phoenix Autocall to retail investors in Italy. The five-year certificate is issued on the paper of SmartETN, a special purpose vehicle registered in Ireland. It is linked to worst-of a basket comprising the shares of Macy’s, Nio, Sunrun and United States Steel. If on 20 June 2022, all shares close at or above 50% of their initial level, the investor receives a coupon of 21%. The following months, a memory coupon of 0.50% is payable pr