By Wendy Van Sickle
Columbus, Ohio, June 29 – UBS AG, London Branch priced $1 million of phoenix autocallable notes due July 3, 2018 linked to the Light Sweet Crude Oil (WTI) Futures Contract, according to a 424B2 filing with the Securities and Exchange Commission.
If the asset closes at or above the barrier level – 80% of the initial level – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 8.9%, plus any previously unpaid contingent interest payments with respect to any previous review days on which the asset closed below the interest barrier.
If the asset closes at or above the initial level on a quarterly observation date, the notes will be called at par plus the contingent coupon and any previously unpaid contingent interest payments with respect to any previous review days on which the asset closed below the interest barrier.
If the notes are not called and the asset finishes at or above the 80% trigger level, the payout at maturity will be par plus the contingent coupon and any previously unpaid coupons. Otherwise, investors will be exposed to the asset decline from the initial level.
The final asset level will be the average of the closing levels on the five trading days ending June 26, 2018.
UBS Investment Bank is the underwriter. J.P. Morgan Securities LLC is the agent.
| Issuer: | UBS AG, London Branch
|
| Issue: | Phoenix autocallable notes
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| Underlying asset: | Light Sweet Crude Oil (WTI) Futures Contract
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| Amount: | $1 million
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| Maturity: | July 3, 2018
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| Coupon: | 8.9%, plus any previously unpaid coupons, if index closes at or above barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon and previously unpaid coupons if index finishes at or above trigger level; otherwise, par plus index return, with full exposure to losses
|
| Call: | Automatically at par plus contingent coupon and previously unpaid coupons if index closes at or above initial level on a quarterly observation date
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| Initial price: | $42.80
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| Barrier/trigger price: | $34.24, 80% of initial price
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| Pricing date: | June 26
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| Settlement date: | July 3
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| Underwriter: | UBS Investment Bank
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| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 90270KKX6
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