Published on 1/5/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $649,000 trigger autocallable contingent yield notes on index, ETFs
By Kiku Steinfeld
Chicago, Jan. 5 – UBS AG, London Branch priced $649,000 of trigger autocallable contingent yield notes April 30, 2025 linked to the performance of the SPDR Gold Trust, the S&P 500 index and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at the rate of 9.25% per year if each underlier closes at or above its coupon barrier, 70% of its initial level, on any related observation date.
The notes will be automatically called at par plus coupon if each underlier closes at or above its initial level on any monthly call observation date after six months.
If the notes are not called and the final level of each underlier is greater than or equal to its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above the 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 assets: | SPDR Gold Trust, S&P 500 index and iShares Silver Trust
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| Amount: | $649,000
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| Maturity: | April 30, 2025
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| Coupon: | 9.25% per year, paid monthly, if each underlier 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 if each underlier finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | Automatically at par plus coupon if each underlier closes at or above initial level on any monthly call observation date after six months
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| Initial levels: | $185.75 for Gold, $22.99 for Silver, 4,071.63 for S&P
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| Coupon barrier levels: | $130.03 for Gold, $16.09 for Silver, 2,850.14 for S&P; 70% of initial levels
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| Downside thresholds: | $111.45 for Gold, $13.79 for Silver, 2,442.98 for S&P; 60% of initial levels
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| Pricing date: | April 25, 2023
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| Settlement date: | April 28, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 2.25%
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| Cusip: | 90279GEN5
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