Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: UBS prices $3.01 million trigger callable contingent yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, April 23 – UBS AG, London Branch priced $3.01 million of trigger callable contingent yield notes due April 22, 2027 linked to the worst performing of the Nasdaq-100 index, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each underlier’s closing level is greater than or equal to its 70% coupon barrier level on the corresponding observation date.
The notes may be called at par on any quarterly observation date after six months.
If the notes are not called and each underlier finishes at or above its 65% trigger level, the payout at maturity will be par plus any final coupon.
Otherwise, investors will lose 1% for every 1% that the worst performer’s final level is below its initial level.
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 assets: | Nasdaq-100 index, iShares Russell 2000 ETF, SPDR S&P 500 ETF trust
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| Amount: | $3,013,000
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| Maturity: | April 22, 2027
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| Coupon: | 10% per year, payable quarterly if each underlier closes at or above its coupon barrier level on the relevant observation date
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above trigger level, par plus final coupon otherwise, full exposure to the decline of the worst performer from its initial level
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| Call option: | At par on any quarterly observation date after six months
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| Initial levels: | $500.55 for S&P 500 ETF, $193.00 for Russell, 17,493.62 for Nasdaq
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| Coupon barrier levels: | $375.41 for S&P 500 ETF, $144.75 for Russell, 13,120.22 for Nasdaq; 70% of initial levels
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| Trigger levels: | $325.36 for S&P 500 ETF, $125.45 Russell, 11,370.85 for Nasdaq; 65% of initial levels
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.5257%
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| Cusip: | 9026748X1
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