By Kiku Steinfeld
Chicago, May 22 – UBS AG, London Branch priced $123,000 of trigger callable contingent yield notes due June 26, 2024 linked to the performance of the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8% if the ETF’s closing level is at least 70% of its initial level on the corresponding observation date.
The notes will be callable at par on any quarterly observation date after six months.
If the notes are not called and the ETF finishes at or above the 70% downside threshold, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the ETF’s final level is below its initial level, payable in 2.5140 shares.
UBS Securities LLC and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger callable contingent yield notes
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Underlying ETF: | SPDR S&P 500 ETF Trust
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Amount: | $123,000
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Maturity: | June 26, 2024
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Coupon: | 8% per year, payable quarterly if the ETF closes at or above its coupon barrier on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus the final coupon if ETF finishes at or above downside threshold; otherwise, full exposure to losses, payable as 2.5140 shares
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Call option: | At par on any quarterly observation date after six months
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Initial level: | $397.77
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Coupon barrier level: | $278.44; 70% of initial level
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Downside threshold level: | $278.44; 70% of initial level
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Pricing date: | Jan. 17, 2023
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Settlement date: | Jan. 20, 2023
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 1%
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Cusip: | 90279F2E0
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