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Correction, 28 October 2026. The fourth story said the drop in single-stock coupons was not only a change in which notes came to market, because coupons also fell when each stock was compared with itself and within issuers active in both periods. Those two comparisons do not settle it: notes on the same stock, or from the same issuer, can differ in term and barrier from one quarter to the next. What the figures show is that coupons were lower on the same stocks and from the same issuers; how much of the drop comes from the mix of notes is not established.

Verio Note Registry The fortnight to October 22, 2026

A high coupon note linked to Rivian and softer single-stock coupons

An autocallable linked to Rivian shares, priced this fortnight, offers a higher coupon than any other single-stock note on those shares with the same payoff and type of protection over the past year.

23%
Share of this fortnight's 1,741 notes that were linked to a single stock.

Insight 1 of 4

No single-stock note on Rivian shares with the same payoff and protection priced in the past year offered more than this autocallable

Priced on October 16, 2026, the note offers a coupon of 28.85% a year, paid quarterly if Rivian shares close at or above 70% of their starting level on an observation date, with no catch-up for missed coupons. It is called automatically if the shares are at or above their starting level on a quarterly check from April 16, 2027; otherwise it runs up to a year, and repayment is at risk if the shares end below 70% of their starting level at maturity. Among 497 single-stock contingent-coupon autocallables of one to two years with an automatic call and a barrier near 70%, priced over the past year (this one included), the typical coupon is 12.7% a year, and the note's coupon is higher than 98 in 100 of them. Against 25 single-stock notes on Rivian shares with the same payoff and protection, of any term or barrier, priced over the past year (the note included), the typical coupon is 22.7% a year and none offers more. A coupon this far above comparable notes usually comes with more risk to income and principal. UBS issued it.

Where this coupon sits among comparable notes

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Insight 2 of 4

Boeing and Novo Nordisk shares appear together in a worst-of note, a first in the registry's records

No note in the registry's records since July 1, 2024 had held these two names together until this autocallable, priced on October 21, 2026 and raising $2.2 million. It offers 18.3% a year, paid monthly if both shares close at or above 70% of their starting levels on an observation date, and it is called automatically if both are at or above their starting levels on a monthly check from January 21, 2027. Left uncalled, it runs up to two and a half years, and repayment is at risk if either of the shares ends below 60% of its starting level at maturity.

Notes linked to Boeing and Novo Nordisk shares

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Insight 3 of 4

A single-stock autocallable brings Honeywell Aerospace shares into the registry's records

No earlier note in the registry's records is linked to Honeywell Aerospace shares. This one, priced on October 16, 2026, raised $10.5 million. Its coupon of 11.8% a year is paid quarterly if the shares close at or above 60% of their starting level on an observation date. Quarterly checks from January 19, 2027 can call it automatically if the shares are at or above their starting level; otherwise it runs up to three years, with repayment at risk if the shares end below 60% of their starting level at maturity.

Notes linked to Honeywell Aerospace shares

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Insight 4 of 4

Coupons on single-stock autocallables eased, even on the same stocks

The typical coupon on single-stock autocallables was lower this fortnight than in the quarter before it. Coupons also fell when each stock is compared with itself, and within issuers active in both periods, so the drop was not only a change in which notes came to market.

Single-stock autocallables: typical coupon by month

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Also from Verio

Notable notes

Five deals that broke from the pack this week

Every Friday: five single deals from the week that stand out against comparable notes.

Every note, every term, traced to its SEC filing. Claude and other AI tools can read the registry too, through Connect your AI.

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Covers October 9, 2026 to October 22, 2026 against the 13 weeks before, using final pricing supplements filed with the SEC; recent filings reach the archive with a lag, so we compare shares rather than counts when windows differ. Underlined figures are computed from the registry. Terms as issued; market information, not investment advice.

Source: Verio Note Registry, noteregistry.com. As of 25 October 2026.