The short answer

Structured notes return your money in three ways. Kick-outs pay back your capital plus your gain as soon as the market meets the note's condition on an observation date — today's notes check every quarter, and kick-out plans have historically paid out after just over two years on average. Phoenix and income notes pay a coupon every quarter the conditions are met. And at maturity, any note still running pays out in full. If your plans change, issuers usually offer to buy notes back at their market value, less dealing costs. The best approach is to plan your access from the start: keep a cash reserve, choose income notes if you need cash flow, and build a ladder so money comes back regularly. Lawrence designs note portfolios around when you'll want your money.

Notes available now

Examples of the notes Lawrence has arranged for clients over the last six months. New notes launch every month, and these are typical of the terms on offer right now.

Examples of notes arranged through Lawrence in the six months to October 2026. Terms are set when each note launches and change with markets; coupons are conditional on the index levels set out in each note. Capital is at risk if the worst-performing index has fallen 30% or more at maturity, and all payments depend on the issuing bank. Ask Lawrence for the notes available this month.

Three ways your money comes back

1. Kick-outs

Kick-out plans — autocalls — end early as soon as the market is at or above the note's kick-out level on an observation date. You receive your capital plus the coupon for every period the note has run. Because most major markets spend much of their time at or above earlier levels, kick-outs often come early: the decade's FTSE-linked plans averaged 2.3 years. On today's US dollar autocall, a kick-out after one year would return US$113,560 on US$100,000.

2. Regular income

Phoenix and income notes pay a coupon every quarter the market is above the income barrier. That's cash in your hands four times a year — ideal for retirees and anyone living on their investments in Thailand. A memory feature means a coupon missed during a dip is paid later, in full, once the market recovers.

3. Maturity

Any note still running at the end of its term pays out on its final date, according to the note's terms. On today's notes, your capital is returned in full unless the worst-performing of the S&P 500, Euro Stoxx 50 and Nikkei 225 has fallen by 30% or more.

Quarterly notes: more chances to be paid

Classic kick-out plans checked their level once a year. Many of today's notes check every quarter — the notes Lawrence has arranged in recent months all carry quarterly coupons, and in 2026 Morgan Stanley launched a FTSE 100 plan with quarterly kick-out observations in the UK.

Quarterly observations make a real difference to liquidity. Instead of waiting a full year for the next chance to be paid, you have four chances every year. When markets are strong, money can come back within months rather than years — ready to spend, or to reinvest in a new note at the latest terms. And on snowball notes, every quarter adds to the coupon you'll receive when the note kicks out: 3.39% a quarter on today's US dollar autocall, 3.28% on the sterling version.

Phoenix notes: income every quarter

For investors who want cash flow, Phoenix notes are hard to beat. Rather than paying everything on kick-out, they pay a coupon every quarter the market is above the income barrier — so you receive money throughout the life of the note.

• USD 5-year triple-index Phoenix — 2.43% a quarter, or 9.72% a year, as a conditional memory coupon. On US$100,000, that's US$2,430 every quarter the conditions are met.
• GBP 4-year memory Phoenix — 9.85% a year, paid quarterly.

The memory feature adds peace of mind: if the market dips below the income level on one quarterly date, that coupon isn't lost — it's paid in full on a later date once the market has recovered. For a retiree in Thailand, a Phoenix note can work like a high-yielding income stream alongside a pension, converted into baht each quarter.

Building a ladder for regular access

The most powerful way to make structured notes liquid is to build a ladder. Instead of investing everything on one date, you invest in a new note every few months — with different banks, designs and start dates. Over time, you have several notes running at once, each with its own kick-out and coupon dates.

The result is a portfolio where money comes back to you regularly: a kick-out here, quarterly income there, a maturity next year. Each payout can be spent, kept as cash or reinvested into a new note at the latest terms. A ladder turns a set of four- and five-year notes into a rolling source of liquidity — and it spreads your money across banks and market conditions at the same time.

Lawrence designs ladders for clients around when they'll want their money — for living costs, a property purchase, school fees or simply a regular flow of returns.

Where to start

Notes and ladders designed around your access needs — and better rates when money comes back.

When each type of note pays you

How the main note designs return money to you.

A general guide. Each note sets out its own observation and payment dates in its key information document; coupons and kick-outs are conditional and depend on the issuing bank.

If your plans change: selling early

Life doesn't always follow a plan, and structured notes allow for that. If you need money before a note pays out, the issuing bank or plan manager will usually arrange to buy it back. The price is the note's market value on the day, less any selling costs, and depends on where markets are, how long the note has left to run, interest rates and the issuer's own credit. Investec's plan documents, for example, explain that early cash-ins are paid at the prevailing market value, less selling costs.

Because the market value can be above or below what you paid, the best results come from holding notes until they kick out, pay income or mature — which is why planning your access in advance matters more than the buy-back itself. Most investors never need to sell early, because they've kept a cash reserve and built their notes around when they'll want their money.

What affects a note's value along the way

Between start and payout, a note's market value moves with several factors — which is good to understand, even if you plan to hold to the end:

• The underlying markets — when the S&P 500, Euro Stoxx 50 and Nikkei 225 rise, a note's value typically rises too, as a kick-out becomes more likely.
• Time — as kick-out dates approach with markets above their levels, value moves towards the kick-out amount.
• Coupons already earned — on snowball notes, value builds as each quarter's coupon accrues.
• Interest rates and market volatility — these affect the value of the options inside the note.
• The issuer's credit — strong banks' notes tend to hold their value well.

Plan managers send regular statements of value — annually at least — so you can see how your notes are doing. Lawrence reviews client portfolios and explains how each note is tracking.

Planning your access from day one

The smartest structured investors plan their liquidity before they invest. Here's the simple framework Lawrence uses with clients:

1. Keep a cash reserve — enough for six to twelve months of living costs and any known expenses.
2. List known future costs — a property purchase, school fees, a car — and when they'll fall due.
3. Use income notes if you need regular cash flow.
4. Use autocalls for money you'd like to grow, accepting it may come back early or run longer.
5. Stagger start dates so payouts arrive through the year.
6. Match currency to where you'll spend the money.
7. Review as notes pay out — spend, hold or reinvest.

How notes compare with other investments for access

Every investment trades access for return in its own way. A bank deposit gives instant access but a modest rate. A fixed-term deposit pays more but locks your money up until the end. Shares and funds can be sold any day, but at whatever price the market offers. Property can take months to sell.

Structured notes sit in a sweet spot. They're designed to be held, but they don't make you wait for a fixed date: kick-outs can return your money with its gain within months or a couple of years, Phoenix notes pay income every quarter, and a buy-back is usually available if you need it. Combined with a cash reserve, that gives you strong, defined returns with far more flexibility than a typical fixed-term product — which is why so many investors use them for the core of their medium-term money.

Matching notes to life's big moments

Many clients use structured notes with a specific future cost in mind. A little planning makes them work beautifully alongside those dates:

• A property purchase in Thailand — keep the deposit in cash, and invest the rest in notes whose payouts are likely to arrive before completion.
• School and university fees — a ladder of notes and Phoenix income can be matched to term dates.
• Retirement — income notes paying quarterly can bridge the years before pensions start.
• A planned move — notes in US dollars or pounds travel with you, held in an international account, bond or platform.

Lawrence builds these dates into every client's plan from the start.

When a note pays out: spend, hold or reinvest

A kick-out is a happy moment — and a decision point. Most investors do one of three things:

• Reinvest into a new note at the latest terms, keeping the ladder going. With today's notes paying up to 13.56% a year, many clients roll straight into a new note.
• Take the gain as spending money and reinvest the original capital.
• Bring it to Thailand for a property, a car, school fees or living costs.

Whatever you choose, converting at a good rate keeps more of your gain. A specialist FX provider can beat a bank's rate on a large transfer and fix a rate in advance if you know a payout is coming.

Liquidity for expats in Thailand

For expats, liquidity often means baht. Your notes pay in US dollars or pounds; your rent, food and school fees are in Thailand. A good set-up keeps a baht cash reserve in Thailand, holds notes in an international account, offshore bond or platform, and moves money across as coupons and kick-outs arrive — smaller quarterly coupons through a low-cost service, larger payouts through a specialist.

Holding notes inside an offshore bond or platform can also make access simpler, with all your notes, statements and payouts in one place. Our guide to offshore investment structures explains the options, and our guide to structured notes covers the basics.

Liquidity for retirees

Retirees in Thailand often want three things from their investments: regular income, access to capital when needed, and returns well above deposit rates. A combination of a cash reserve, Phoenix notes paying quarterly income and a ladder of autocalls can deliver all three. The income notes pay the bills; the autocalls grow and return capital regularly; the cash reserve covers the unexpected — so notes never need to be sold early.

Our guide to building retirement income from investments shows how the pieces fit with pensions and other savings.

What the documents tell you about access

• Observation dates — when kick-outs and coupons are tested: quarterly on today's notes.
• Payment dates — usually a few business days after each observation.
• The maximum term and final maturity date.
• Early encashment — how buy-backs work and any selling costs.
• Valuations — how often you'll receive a statement of value.
• Performance scenarios — what you'd receive at different points and in different markets.

Lawrence will walk you through the access terms of every note before you invest.

Top tips for easy access

• Keep a cash reserve so you never need to sell early.
• Choose quarterly notes for more chances to be paid.
• Use Phoenix notes if you want regular income.
• Build a ladder with staggered start dates.
• Spread across banks and designs.
• Match notes to known future costs.
• Plan your currency for each payout.
• Review whenever a note pays out.

Three real-world examples

These are illustrations, not real clients.

Robert, 62 — income every quarter

Robert invested US$200,000 in two Phoenix notes from different banks. While conditions are met, he receives around US$4,860 every quarter, converted into baht for his life in Pattaya, with a baht cash reserve alongside.

Helen, 55 — a property in two years

Helen plans to buy a condo in two years. She kept the deposit in cash and put the rest into quarterly autocalls. One kicked out after a year with its coupon; she kept the proceeds in cash for the purchase.

Paul and Sue — a rolling ladder

Paul and Sue start a new note every three months. With several notes running, kick-outs and coupons arrive through the year, and they decide each time whether to spend, hold or reinvest.

Your access checklist

1. Set aside a cash reserve.
2. List known future costs and dates.
3. Choose income or growth notes to suit.
4. Prefer quarterly observations.
5. Stagger start dates into a ladder.
6. Check the access terms in each note's documents.
7. Plan currency for payouts.
8. Talk to Lawrence about this month's notes.

Investing safely online

Only invest through people you know and trust, confirm any bank details directly before sending or receiving money, and use a private, protected connection when you log in to investment platforms on hotel, café or condo Wi-Fi.

How we researched this guide

This guide draws on Investec structured plan documents (FTSE 100 Defensive Step Down Kick-Out Plan 19, Step Down Kick-Out Plan 42 and Defensive Income Plan 23); StructuredRetailProducts.com (6 May 2026) on quarterly kick-out plans; the 2026 Autocall Structured Product Review by IDAD and Ian Lowes (Professional Paraplanner, 13 January 2026); and examples of notes arranged through Lawrence in the six months to October 2026. Checked 14 October 2026. Coupons and kick-outs are conditional; early encashment is at market value less costs and may be below the amount invested; all payments depend on the issuing bank. This guide is general information, not personal financial advice.