Published on 1/31/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.3 million trigger callable contingent yield notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, Jan. 31 – UBS AG, London Branch priced $1.3 million of trigger callable contingent yield notes due May 1, 2025 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 7.1% if each index’s closing level is at least 70% of its initial level on the corresponding monthly observation date.
The notes are callable at par plus any coupon otherwise due on any quarterly observation date after six months.
If the notes have not been called and each index finishes at or above its 60% coupon barrier, the payout at maturity will be par plus any final coupon otherwise due.
Otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level.
UBS Financial Services Inc. 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 indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $1,296,000
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| Maturity: | May 1, 2025
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| Coupon: | 7.1% per year paid monthly if each index’s closing level is at or above its coupon barrier on the corresponding monthly observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par plus any final coupon otherwise due; otherwise, lose 1% for every 1% that the worst performer finishes below its initial level.
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| Call option: | At par plus any coupon otherwise due on any quarterly observation date after six months
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| Initial levels: | 38,109.43 for Dow, 1,978.331 for Russell, 4,890.97 for S&P
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| Coupon barrier levels: | 26,676.6 for Dow, 1,384.832 for Russell, 3,423.68 for S&P; 70% of initial levels
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| Trigger levels: | 22,865.66 for Dow, 1,186.999 for Russell, 2,934.58 for S&P; 60% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279WE34
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