Published on 4/23/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $6.34 million trigger autocallable contingent yield notes with memory on indexes
By Wendy Van Sickle
Columbus, Ohio, April 23 – UBS AG, London Branch priced $6.34 million of trigger autocallable contingent yield notes with memory interest due April 22, 2027 linked to the least performing of the Nasdaq-100 index, 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 semiannual coupon at the rate of 8.25% per year if each index closes at or above its coupon barrier, 70% of its initial level, on any related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par if each index closes at or above its initial level on any semiannual call observation date.
If the notes are not called and each index finishes at or above its 70% downside threshold, 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 with memory interest
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Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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Amount: | $6,339,000
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Maturity: | April 22, 2027
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Coupon: | 8.25% per year, paid semiannually, if each index closes at or above its coupon barrier on any related observation date; coupon payments will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline of laggard index from initial level
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Call: | Automatically at par if each index closes at or above initial level on any semiannual call observation date
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Initial levels: | 17,493.62 for Nasdaq, 1,947.947 for Russell, 5,022.21 for S&P
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Coupon barrier levels: | 12,245.53 for Nasdaq, 1,363.563 for Russell, 3,515.55 for S&P; 70% of initial levels
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Downside thresholds: | 12,245.53 for Nasdaq, 1,363.563 for Russell, 3,515.55 for S&P; 70% of initial levels
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Pricing date: | April 17
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Settlement date: | April 22
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 1.5%
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Cusip: | 90307DCT7
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