KO Step Down

Key KO Step Down in ELN Fixed Coupon refers to an optional step-down amount by which the initial barrier defined in KO Barrier is successively decreased at each knock-out observation date.
If missing, the default is 0.

Example
Assume that:
Initial barrier = 100%
Step-down = 2%
Monthly observation dates = 12 June 2026 , 13 July 2026 , 12 Aug 2026 , ...
Then:
Barrier on 12 June 2026 = 100%
Barrier on 13 July 2026 = 98%
Barrier on 12 Aug 2026 = 96%
etc