Published on 4/17/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.73 million trigger autocallable contingent yield notes with memory on indexes
By Kiku Steinfeld
Chicago, April 17 – UBS AG, London Branch priced $1.73 million of trigger autocallable contingent yield notes with memory interest due July 22, 2026 linked to the least performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at the rate of 9.35% per year if each index closes at or above its coupon barrier, 80% of its initial level, on any related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly call observation date starting July 22, 2024.
If the notes are not called and each index finishes at or above its 60% downside threshold, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger autocallable contingent yield notes with memory interest
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Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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Amount: | $1,733,000
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Maturity: | July 22, 2026
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Coupon: | 9.35% per year, paid monthly, if each index closes at or above its coupon barrier on any related observation date; coupon payments will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of laggard index from initial level
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Call: | Automatically at par if each index closes at or above initial level on any monthly call observation date starting July 22, 2024
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Initial levels: | 15,713.28 for Nasdaq, 1,951.269 for Russell, 4,522.79 for S&P
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Coupon barrier levels: | 12,570.62 for Nasdaq, 1,561.015 for Russell, 3,618.23 for S&P; 80% of initial levels
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Downside thresholds: | 9,427.97 for Nasdaq, 1,170.761 for Russell, 2,713.67 for S&P; 60% of initial levels
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Pricing date: | July 17, 2023
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Settlement date: | July 20, 2023
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 0.25%
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Cusip: | 90279GVV8
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