Published on 7/19/2022 in the Prospect News Structured Products Daily.
New Issue: UBS sells $500,000 step down trigger autocallable notes on Merck, Microsoft, Apple
By William Gullotti
Buffalo, N.Y., July 19 – UBS AG, London Branch priced $500,000 of step down trigger autocallable notes due Jan. 9, 2025 linked to the least performing of the stocks of Apple Inc., Merck & Co., Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 13.5% annualized call premium if each stock closes at or above its call level on any quarterly valuation date after six months. Call level starts at 100% of initial level and decreases by 3% with each subsequent valuation date.
The notes will be called at par plus the 40.5% final premium of all three stocks close above their 70% downside threshold levels on the final call date.
If any stock finishes below its downside threshold, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Step down trigger autocallable notes
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| Underlying stocks: | Apple Inc., Merck & Co., Inc., Microsoft Corp.
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| Amount: | $500,000
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| Maturity: | Jan. 9, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 40.5% unless any stock finishes below downside threshold level, in which case investors will receive a number of shares of the worst performer equal to its equity ratio
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| Call: | At par plus a 13.5% annualized call premium if each stock closes at or above its call level on any quarterly valuation date after six months; call level starts at 100% of initial level and decreases by 3% with each subsequent valuation date
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| Initial levels: | $179.70 for Apple, $329.01 for Microsoft, $77.01 for Merck
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| Downside thresholds: | $125.79 for Apple, $230.31 for Microsoft, $53.91 for Merck; 74% of initial levels
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| Equity ratios: | 5.5648 for Apple, 3.0394 for Microsoft, 12.9853 for Merck; share delivery per note
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| Pricing date: | Jan. 4
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| Settlement date: | Jan. 7
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279DTS5
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