Published on 8/10/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.86 million trigger autocallable memory yield notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Aug. 10 – UBS AG, London Branch priced $1.86 million of trigger autocallable contingent yield notes with memory interest due Aug. 5, 2025 linked to the performance of the VanEck Gold Miners ETF, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at the rate of 12% per year if each underlier closes at or above its coupon barrier, 63.15% of its initial level, on any related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon payment is made.
The notes will be automatically called at par plus coupon and any unpaid coupons if each underlier closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the final level of each underlier is greater than or equal to the downside threshold level, 63.15% of the initial level, the payout at maturity will be par plus all unpaid coupons.
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 assets: | VanEck Gold Miners ETF, Dow Jones industrial average, Russell 2000 index
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| Amount: | $1,857,000
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| Maturity: | Aug. 5, 2025
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| Coupon: | 12% per year, paid quarterly, if each underlier closes at or above its coupon barrier on any related observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon and any previously unpaid coupons if each underlier finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | Automatically at par plus coupon if each underlier closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | $31.41 for ETF, 35,559.53 for Dow, 2,003.177 for Russell
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| Coupon barrier levels: | $19.84 for ETF, 22,455.84 for Dow, 1,265.006 for Russell; 63.15% of initial levels
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| Downside thresholds: | $19.84 for ETF, 22,455.84 for Dow, 1,265.006 for Russell; 63.15% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 3
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 1.75%
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| Cusip: | 90279GD97
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