Published on 7/31/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $823,000 step down trigger autocallable notes on Valero, Exxon Mobil, Chevron
By William Gullotti
Buffalo, N.Y., July 31 – UBS AG, London Branch priced $823,000 of step down trigger autocallable notes due July 29, 2026 linked to the least performing of the stocks of Chevron Corp., Valero Energy Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an 18% annualized call premium if each stock closes at or above its call level on any annual valuation date. Call level starts at 90% of initial level, stepping down to 80% on the next valuation date and to the 60% downside threshold for the final.
The notes will be called at par plus the 54% final premium of all three stocks close at or above their 60% downside threshold levels on the final call date.
If any stock finishes below its downside threshold, investors will lose 1% for every 1% decline of the worst performing stock from its 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: | Chevron Corp., Valero Energy Corp., Exxon Mobil Corp.
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| Amount: | $823,000
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| Maturity: | July 29, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 54% unless any stock finishes below downside threshold level, in which case investors will be fully exposed to the decline of the worst performer from its initial level
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| Call: | At par plus an 18% annualized call premium if each stock closes at or above its call level on any annual valuation date; call level starts at 90% of initial level, stepping down to 80% of initial level on the next valuation date and to the downside threshold at maturity
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| Initial levels: | $161.82 for Chevron, $105.52 for Exxon Mobil, $125.71 for Valero
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| Downside thresholds: | $97.09 for Chevron, $63.31 for Exxon Mobil, $75.43 for Valero; 60% of initial levels
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| Pricing date: | July 24
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| Settlement date: | July 27
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.90887%
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| Cusip: | 90279GC56
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