New Issue: UBS prices $3.1 million trigger autocallable contingent yield notes on two stocks

By William Gullotti

Buffalo, N.Y., Dec. 15 – UBS AG, London Branch priced $3.1 million of trigger autocallable contingent yield notes due Dec. 11, 2023 linked to the least performing of the stocks of Microsoft Corp. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at the rate of 12.3% 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 quarterly call observation date.

If the notes are not called and the final share price of each stock is greater than or equal to the 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 its initial level or, at the issuer’s option, the cash equivalent.

UBS Securities LLC and UBS Investment Bank are the agents.

Issuer:	UBS AG, London Branch
Issue:	Trigger autocallable contingent yield notes
Underlying stocks:	Microsoft Corp., Qualcomm Inc.
Amount:	$3.1 million
Maturity:	Dec. 11, 2023
Coupon:	12.3% per year, paid quarterly, if each stock closes at or above its coupon barrier on the related observation date
Price:	Par
Payout at maturity:	Par plus final coupon unless any stock finishes below downside threshold level, in which case receive a number of shares of the worst performer equal to that stock’s equity ratio or, at the issuer’s option, the cash equivalent
Call:	Automatically at par plus coupon if each stock closes at or above initial level on any quarterly call observation date
Initial levels:	$326.19 for Microsoft, $175.45 for Qualcomm
Coupon barrier levels:	$228.33 for Microsoft, $122.82 for Qualcomm; 70% of initial levels
Downside thresholds:	$228.33 for Microsoft, $122.82 for Qualcomm; 70% of initial levels
Equity ratios:	3.0657 for Microsoft, 5.6996 for Qualcomm; shares delivered per note
Pricing date:	Dec. 6
Settlement date:	Dec. 9
Agents:	UBS Securities LLC and UBS Investment Bank
Fees:	2.35%
Cusip:	90279DRX6

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