Published on 3/15/2024 in the Prospect News Structured Products Daily.
New Issue: UBS prices $8.28 million contingent income callable securities on S&P 500
By William Gullotti
Buffalo, N.Y., March 15 – UBS AG, London Branch priced $8.28 million of contingent income callable securities due March 12, 2026 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.4% if the index closes above its 80% coupon barrier on the corresponding observation date.
After six months, the notes will be callable at par plus any coupon otherwise due on any quarterly observation date.
If the final level is greater than or equal to the downside threshold level, 80% of initial level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be exposed to the index’s decline from its initial level.
UBS Securities LLC is the agent and Morgan Stanley Wealth Management is the dealer.
| Issuer: | UBS AG, London Branch
|
| Issue: | Contingent income callable securities
|
| Underlying index: | S&P 500 index
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| Amount: | $8,278,000
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| Maturity: | March 12, 2026
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| Coupon: | 7.4% per year, payable quarterly if the index closes at or above coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless index finishes below downside threshold level, in which case investors will be exposed to the index’s decline from its initial level
|
| Call option: | In whole, but not in part, at par plus any coupon otherwise due on any quarterly observation date after six months
|
| Initial level: | 5,123.69
|
| Coupon barrier: | 4,098.95; 80% of initial level
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| Downside threshold: | 4,098.95; 80% of initial level
|
| Pricing date: | March 8
|
| Settlement date: | March 13
|
| Agent: | UBS Securities LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 902674S27
|
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