Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $253,000 trigger autocallable contingent yield notes with memory on stocks
Chicago, Feb. 11 – UBS AG, London Branch priced $253,000 of trigger autocallable contingent yield notes with memory interest due May 29, 2026 linked to the least performing of the common stocks of JPMorgan Chase & Co., Netflix, Inc. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 16.3% per year if each stock closes at or above its coupon barrier, 60% of its initial level, on any related observation date. Contingent coupon payments will include any previously unpaid coupons.
The notes will be automatically called at par plus the coupon if the shares of each stock close at or above its 95% call level on any monthly call observation date after three months.
If the notes are not called and the final share price of each stock is greater than or equal to the downside threshold level, 60% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price of the least performing stock is less than its initial share price.
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 stocks: | JPMorgan Chase & Co., Netflix, Inc. and PayPal Holdings, Inc.
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| Amount: | $253,000
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| Maturity: | May 29, 2026
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| Coupon: | 16.3% per year, paid monthly, if each stock closes at or above its coupon barrier on any related observation date; coupon payment events will include previously unpaid coupons, if any
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard stock from initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above call level on any monthly call observation date after three months
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| Initial levels: | $135.34 for JPMorgan, $364.85 for Netflix, $61.80 for PayPal
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| Call levels: | $128.57 for JPMorgan, $346.61 for Netflix, $58.71 for PayPal; 95% of initial levels
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| Coupon barrier levels: | $81.20 for JPMorgan, $218.91 for Netflix, $37.08 for PayPal; 60% of initial levels
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| Downside thresholds: | $81.20 for JPMorgan, $218.91 for Netflix, $37.08 for PayPal; 60% of initial levels
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| Pricing date: | May 24, 2022
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| Settlement date: | May 30, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 3.5%
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| Cusip: | 90279GJR1
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