Published on 3/17/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $317,000 trigger callable contingent yield notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, March 18 – UBS AG, London Branch priced $317,000 of trigger callable contingent yield notes July 6, 2026 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.3% if each index’s closing level is at least 70% of its initial level on the corresponding monthly observation date.
The notes are callable at par plus any coupon otherwise due on any quarterly observation date.
If the notes have not been called and each index finishes at or above its 60% coupon barrier, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level.
UBS Securities Inc. and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $317,000
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| Maturity: | July 6, 2026
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| Coupon: | 9.3% per year paid monthly if each index’s closing level is at or above its coupon barrier on the corresponding monthly observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par; otherwise, lose 1% for every 1% that the worst performer finishes below its initial level
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| Call option: | At par plus any coupon otherwise due on any quarterly observation date
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| Initial levels: | 4,450.38 for S&P, 1,888.734 for Russell
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| Coupon barrier levels: | 3,115.27 for S&P, 1,322.114 Russell, 70% of initial levels
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| Trigger levels: | 2,670.23 for S&P, 1,133.240 for Russell, 60% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agents: | UBS Securities Inc. and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279GUY3
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