By Sarah Lizee
Olympia, Wash., Oct. 31 – UBS AG, London Branch priced $7 million of trigger autocallable contingent yield notes due Nov. 3, 2023 linked to the lesser performing of the KraneShares CSI China Internet ETF and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each ETF closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that quarter.
After six months, the notes will be called at par if each ETF closes at or above its initial level on any quarterly observation date other than the final one.
The payout at maturity will be par unless either ETF finishes below the 65% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing ETF.
UBS Financial Services Inc. 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 ETFs: | KraneShares CSI China Internet ETF and iShares MSCI Emerging Markets ETF
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Amount: | $7 million
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Maturity: | Nov. 3, 2023
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Coupon: | 10%, payable quarterly if each ETF closes at or above coupon barrier on observation date
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Price: | Par
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Call: | After six months, at par plus contingent coupon if both ETFs close at or above initial levels on any quarterly observation date other than the final one
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Payout at maturity: | Par unless either ETF closes below downside threshold, in which case 1% loss for each 1% decline of worse performing ETF
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Initial levels: | $39.59 for KraneShares, $38.00 for MSCI EM
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Coupon barriers/downside thresholds: | $25.73 for KraneShares, $24.70 for MSCI EM; 65% of initial levels
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Pricing date: | Oct. 29
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Settlement date: | Oct. 31
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 3%
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Cusip: | 90270KVD8
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