By Wendy Van Sickle
Columbus, Ohio, March 31 – UBS AG, London Branch priced $1.81 million phoenix autocallable notes with memory coupon due March 28, 2024 linked to Target Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the trigger level, 65.48% of the initial level, on any quarterly observation date, the notes will pay a contingent coupon at an annual rate of 8%. Previously unpaid contingent coupons, if any, will be paid whenever a contingent coupon is paid.
The notes will be called at par plus the coupon if the shares close at or above the initial share price on any observation date other than the final date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons if the stock finishes above at or above the trigger level. Otherwise, investors will be fully exposed to the decline of the stock from its initial share price.
UBS Investment Bank and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Phoenix autocallable notes with memory coupon
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| Underlying stock: | Target Corp.
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| Amount: | $1,805,000
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| Maturity: | March 28, 2024
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| Coupon: | 8% per year, if stock closes at or above trigger level on quarterly observation date; coupon payment events will include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If stock finishes at or above trigger level, par plus final coupon and any previously unpaid coupons; otherwise, lose 1% for every 1% decline in share price from initial price
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| Call: | At par plus coupon and any unpaid coupons if stock closes at or above initial level on any quarterly observation date
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| Initial price: | $218.61
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| Trigger level: | $143.15; 65.48% of initial price
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| Pricing date: | March 25
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| Settlement date: | March 30
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| Placement agents: | UBS Investment Bank and J.P. Morgan Securities LLC
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| Fees: | 1.5%
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| Cusip: | 90279DT71
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