Published on 6/27/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $2.56 million trigger autocallable contingent yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, June 27 – UBS AG, London Branch priced $2.56 million of trigger autocallable contingent yield notes due June 11, 2026 linked to the performance of the S&P 500 index and the SPDR S&P Homebuilders ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at the rate of 13% per year if each asset closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each asset closes at or above its initial level on any semiannual call observation date after 12 months.
If the notes are not called, the payout at maturity will be par unless any underlier finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performer.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying assets: | S&P 500 index, SPDR S&P Homebuilders ETF
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| Amount: | $2,555,000
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| Maturity: | June 11, 2026
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| Coupon: | 13% per year, paid semiannually, if each asset closes at or above its coupon barrier on any related observation date
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of laggard asset from initial level
|
| Call: | Automatically at par plus coupon if each asset closes at or above initial level on any semiannual call observation date after 12 months
|
| Initial levels: | $75.27 for ETF, 4,267.52 for Index
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| Coupon barrier levels: | $52.69 for ETF, 2987.26 for Index; 70% of initial levels
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| Downside thresholds: | $52.69 for ETF, 2987.26 for Index; 70% of initial levels
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| Pricing date: | June 7
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| Settlement date: | June 12
|
| Agent: | UBS Financial Services Inc. and UBS Investment Bank
|
| Fees: | None
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| Cusip: | 90279GLV9
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