Published on 6/28/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $2.66 million trigger autocallable contingent yield notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., June 28 – UBS AG, London Branch priced $2.66 million of trigger autocallable contingent yield notes due Dec. 27, 2024 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 8.55% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the final level of each index is greater than or equal to the coupon barrier, the payout at maturity will be par.
If the worst performer finishes below its coupon barrier but at or above its downside threshold level, 60% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its 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 indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $2,661,000
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| Maturity: | Dec. 27, 2024
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| Coupon: | 8.55% per year, paid monthly, if each index closes at or above its coupon barrier on any related observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above downside threshold, par; otherwise, 1% loss for each 1% decline of laggard index from initial level
|
| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date
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| Initial levels: | 1,821.635 for Russell, 4,348.33 for S&P
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| Coupon barrier levels: | 1,275.145 for Russell, 3,043.83 for S&P; 70% of initial levels
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| Downside thresholds: | 1,092.981 for Russell, 2,609.0 for S&P; 60% of initial levels
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.7%
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| Cusip: | 90279GRS0
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