By Kiku Steinfeld
Chicago, Nov. 7 – UBS AG, London Branch priced $755,000 of phoenix autocallable notes with memory interest due March 9, 2023 linked to the official settlement price per barrel of the first nearby month futures contract for West Texas Intermediate light sweet crude oil, according to a 424B2 filing with the Securities and Exchange Commission.
If the price settles at or above the coupon barrier level, 60% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon that quarter at an annualized rate of 17.56%, plus any previously unpaid contingent coupon payments.
The notes will be called at par if the price settles at or above the initial price on any quarterly observation date.
The payout at maturity will be par unless the asset finishes below the 60% trigger level, in which case investors will be fully exposed to the decline of the asset.
UBS Investment Bank is the underwriter. J.P. Morgan Securities LLC is the placement agent.
| Issuer: | UBS AG, London Branch
|
| Issue: | Phoenix autocallable notes with memory interest
|
| Underlying asset: | West Texas Intermediate light sweet crude oil
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| Amount: | $755,000
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| Maturity: | March 9, 2023
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| Coupon: | 17.56% per year, payable quarterly, plus any previously unpaid coupons, if asset closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par if asset finishes at or above trigger level; otherwise, full exposure to losses
|
| Call: | At par if asset settles at or above initial level on any quarterly observation date
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| Initial price: | $115.68
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| Coupon barrier/trigger level: | $69.41, 60% of initial price
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| Pricing date: | March 7
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| Settlement date: | March 10
|
| Underwriter: | UBS Investment Bank
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 90279DN28
|
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