Published on 4/21/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $10 million trigger autocallable contingent yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, April 21 – UBS AG, London Branch priced $10 million of trigger autocallable contingent yield notes with daily close monitoring knock-in due July 18, 2024 linked to the least performing of the VanEck Gold Miners ETF, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 19.65% per year if each asset closes at or above its coupon barrier, 65% 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 105% of its initial level on any monthly call observation date after six months.
If the notes are not called and the final level of each asset is greater than or equal to the initial level or no asset has ever closed below its downside threshold level, 65% of the initial level, any day during the life of the notes, 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 daily close monitoring knock-in
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| Underlying assets: | Nasdaq-100 index, Russell 2000 index, VanEck Gold Miners ETF
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| Amount: | $10 million
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| Maturity: | July 18, 2024
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| Coupon: | 19.65% per year, paid monthly, if each asset closes at or above its coupon barrier on any related observation date
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| Price: | Par
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| Payout at maturity: | If each asset finishes at or above initial level or has never closed below downside threshold during life of notes, par; otherwise, 1% loss for each 1% decline of laggard asset from initial level
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| Call: | Automatically at par plus coupon if each asset closes at or above 105% of its initial level on any monthly call observation date after six months
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| Initial levels: | 13,079.52 for Nasdaq, 1,781.154 for Russell, $35.09 for Gold Miners
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| Call levels: | 13,733.5 for Nasdaq, 1,870.212, for Russell, $36.84 for Gold Miners; 105% of initial levels
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| Coupon barrier levels: | 8,501.69 for Nasdaq, 1,157.75 for Russell, $22.81 for Gold Miners; 65% of initial levels
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| Downside thresholds: | 8,501.69 for Nasdaq, 1,157.75 for Russell, $22.81 for Gold Miners; 65% of initial levels
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| Pricing date: | April 14
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| Settlement date: | April 19
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 1%
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| Cusip: | 90279GDF3
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