Published on 9/13/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $771,000 trigger autocallable contingent yield notes on three stocks
By Kiku Steinfeld
Chicago, Sept. 13 – UBS AG, London Branch priced $ $771,000 of trigger autocallable contingent yield notes due Sept 6, 2024 linked to the stock performance of Boeing Co., Lockheed Martin Corp. and Raytheon Technologies Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 16.25% per year if each stock closes at or above its coupon barrier, 70% of its initial level, on the corresponding observation date.
The notes will be automatically called at par plus coupon if the shares of each stock closes at or above its initial share price on any monthly call observation date after three months.
If the notes are not called and the final share price of each stock is greater than or equal to its downside threshold level, 70% of the initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying stocks: | Boeing Co., Lockheed Martin Corp. and Raytheon Technologies Corp.
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| Amount: | $771,000
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| Maturity: | Sept. 6, 2024
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| Coupon: | 16.25% per year, paid monthly, if each stock closes at or above its coupon barrier on the related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above its downside threshold level; otherwise, receive a number of shares of the worst performer equal to its equity ratio
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly call observation date after three months
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| Initial levels: | $204.55 for Boeing, $474.33 for Lockheed, $98.04 for Raytheon
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| Coupon barrier levels: | $143.19 for Boeing, $332.03 for Lockheed, $68.63 for Raytheon, 70% of initial levels
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| Downside thresholds: | $143.19 for Boeing, $332.03 for Lockheed, $68.63 for Raytheon, 70% of initial levels
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| Equity ratios: | 4.8888 for Boeing, 2.1082 for Lockheed, 10.1999 for Raytheon; shares delivered per note
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| Pricing date: | March 1, 2023
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| Settlement date: | March 6, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 2.75%
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| Cusip: | 90279F5K3
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