By Wendy Van Sickle
Columbus, Ohio, April 4 – UBS AG, London Branch priced $5.6 million of trigger autocallable contingent yield notes due March 31, 2028 linked to the least performing of the Energy Select Sector SPDR fund and the SPDR S&P MidCap 400 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 15.75% 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 quarterly call observation date after six months.
If the notes are not called and the worst performer finishes at or above its downside threshold level, 60% of the initial share price, the payout at maturity will be par. 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 S&P MidCap 400 ETF Trust, Energy Select Sector SPDR fund
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| Amount: | $5.6 million
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| Maturity: | March 31, 2028
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| Coupon: | 15.75% per year, paid quarterly, 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 if each ETF finishes at or above coupon barrier level; if worst performer finishes below coupon barrier but at or above downside threshold level, par; otherwise, 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 quarterly call observation date after six months
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| Initial levels: | $438.47 for S&P, $77.89 for Energy Select
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| Coupon barrier levels: | $306.93 for S&P, $54.52 for Energy Select; 70% of initial levels
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| Downside thresholds: | $263.08 for S&P, $46.73 for Energy Select; 60% of initial levels
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| Pricing date: | March 24
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| Settlement date: | March 27
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 2.25%
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| Cusip: | 90289W839
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