Published on 4/24/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $20.18 million trigger autocallable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, April 24 – UBS AG, London Branch priced $20.18 million of trigger autocallable contingent yield notes due April 24, 2029 linked to the performance of the S&P 500 index and the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at the rate of 9.1% per year if each underlier 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 each underlier closes at or above its initial level on any quarterly 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, 70% 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: | S&P 500 index and Nikkei 225 index
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Amount: | $20,181,000
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Maturity: | April 24, 2029
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Coupon: | 9.1% per year, paid quarterly, if each underlier closes at or above its coupon barrier on the 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 quarterly call observation date after six months
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Initial levels: | 37,068.35 for Nikkei, 4,967.23 for S&P
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Coupon barrier levels: | 25,947.85 for Nikkei, 3,477.06 for S&P; 70% of initial levels
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Downside thresholds: | 25,947.85 for Nikkei, 3,477.06 for S&P; 70% of initial levels
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Pricing date: | April 19
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Settlement date: | April 24
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 2.25%
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Cusip: | 90304K281
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