Published on 10/27/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $2.27 million trigger autocallable contingent yield notes on three ETFs
By William Gullotti
Buffalo, N.Y., Oct. 27 – UBS AG, London Branch priced $2.27 million of trigger autocallable contingent yield notes due Oct. 23, 2026 linked to the least performing of the VanEck Gold Miners ETF the SPDR Gold Trust and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 11.35% per year if each ETF 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 the shares of each ETF close at or above its initial share price on any monthly call observation date after six months.
If the notes are not called and the final share price of each ETF 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 lose 1% for every 1% that the final share price of the least performing ETF is less than its initial share price.
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 ETFs: | SPDR Gold Trust, iShares Silver Trust, VanEck Gold Miners ETF
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| Amount: | $2,272,000
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| Maturity: | Oct. 23, 2026
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| Coupon: | 11.35% per year, paid monthly, if each ETF 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: | Par plus final coupon unless any ETF finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard ETF from initial level
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| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any monthly call observation date after six months
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| Initial levels: | $29.48 for VanEck, $183.59 for SPDR, $21.40 for iShares
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| Coupon barrier levels: | $20.64 for VanEck, $128.51 for SPDR, $14.98 for iShares; 70% of initial levels
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| Downside thresholds: | $20.64 for VanEck, $128.51 for SPDR, $14.98 for iShares; 70% of initial levels
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| Pricing date: | Oct. 20
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| Settlement date: | Oct. 25
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 3%
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| Cusip: | 90279WJK1
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