By Wendy Van Sickle
Columbus, Ohio, May 24 – UBS AG, London Branch priced $9.49 million of trigger autocallable contingent yield notes due May 22, 2026 linked to the lesser performing of the Technology Select Sector SPDR fund and the SPDR S&P MidCap 400 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.8% if each ETF closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
If each ETF finishes at or above its 70% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer 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
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Underlying ETFs: | Technology Select Sector SPDR fund, SPDR S&P MidCap 400 ETF Trust
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Amount: | $9,486,980
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Maturity: | May 22, 2026
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Coupon: | 9.8% annual rate, payable quarterly if each ETF closes at or above coupon barrier on observation date
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Price: | Par of $10
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Payout at maturity: | Par plus the coupon if each ETF finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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Call: | At par plus the coupon if each ETF closes at or above initial level on any quarterly observation date after six months
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Initial levels: | $448.80 for MidCap ETF, $157.48 for Technology fund
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Coupon barriers: | $314.16 for MidCap ETF, $110.24 for Technology fund; 70% of initial levels
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Downside thresholds: | $314.16 for MidCap ETF, $110.24 for Technology fund; 70% of initial levels
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Pricing date: | May 19
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Settlement date: | May 24
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 2%
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Cusip: | 90289X506
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