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UBS plans trigger phoenix callable notes on Euro Stoxx, EM indexes
By Toni Weeks
San Luis Obispo, Calif., May 7 - UBS AG, London Branch plans to price trigger phoenix callable optimization securities due May 16, 2024 linked to the Euro Stoxx 50 index and the MSCI Emerging Markets index, according to an FWP filing with the Securities and Exchange Commission.
If each index finishes at or above its coupon barrier, 70% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon at the rate of 7.25% to 7.7% per year, with the exact coupon to be determined at pricing.
A trigger event will occur if either index closes below its 50% trigger level on the May 9, 2024 trigger observation date.
If a trigger event does not occur and the final level of each index is greater than or equal to its respective coupon barrier, the payout at maturity will be par plus the coupon.
If a trigger event does not occur and the final level of either index is less than its coupon barrier, the payout will be par.
If a trigger event occurs, investors will be fully exposed to the decline of the least-performing index.
The notes are callable at par plus the coupon on any quarterly observation date after one year.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
The notes (Cusip: 90272X273) are expected to price May 9 and settle May 16.
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