This knot is formed and adjusted in a very similar way to the Bowline-on-the-Bight. We are calling this a Double-Bowline-on-the-Bight, or DBoB for short.
First form a loop in a bight of rope as if you were about to tie an Overhand Knot
Then form a second turn as if you were going to form a Capuchin Knot
Pass the loop of the bight up the two turns to produce a Capuchin Knot
Now invert the loop down over the knot body. It won’t matter which way you do this.
Push the loop towards the body of the knot to ease out 2 strands from the back of the knot
Continue to pull these 2 strands and slide the loop up to jam against the body of the knot. You have now formed 2 loops with the 2 strands that you pulled through the top of the knot.
Dress the knot and it should be something like this……