Published on 12/22/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.54 million trigger callable contingent yield notes linked to three ETFs
By Angela McDaniels
Tacoma, Wash., Dec. 22 – UBS AG, London Branch priced $1.54 million of trigger callable contingent yield notes due April 3, 2025 linked to the least performing of the iShares Russell 2000 ETF, the Invesco QQQ trust, series 1 and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 14.5% per year if each ETF closes at or above its downside threshold level, 75% of its initial share price, on the observation date for that month.
After three months, the notes will be callable at par on any monthly observation date.
If the notes are not called and each ETF finishes at or above its downside threshold level, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the least performing ETF equal to $1,000 divided by that ETF’s initial share price.
UBS Securities LLC 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 ETFs: | iShares Russell 2000 ETF, Invesco QQQ trust, series 1 and SPDR S&P 500 ETF trust
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| Amount: | $1,536,000
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| Maturity: | April 3, 2025
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| Coupon: | 14.5% per year, payable monthly if each ETF closes at or above downside threshold level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below downside threshold level, in which case number of shares of least performing ETF equal to $1,000 divided by that ETF’s initial share price
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| Call option: | After three months, callable at par on any monthly observation date
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| Initial share prices: | $178.40 for Russell, $320.93 for Invesco and $409.39 for S&P
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| Downside thresholds: | $133.80 for Russell, $240.70 for Invesco and $307.04 for S&P, or 75% of initial share prices
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| Pricing date: | March 31, 2023
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| Settlement date: | April 5, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.1304%
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| Cusip: | 90279GBG3
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