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UBS plans trigger autocallable contingent yield notes on insurance stocks
By Devika Patel
Knoxville, Tenn., July 13 – UBS AG, London Branch plans to price 0% trigger autocallable contingent yield notes due July 19, 2023 linked to the common stocks of American International Group, Inc., Chubb Ltd. and MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 16% if each index closes at or above its coupon barrier level, 50% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below the downside threshold level, 50% of its initial level, in which case investors will lose 1% for every 1% decline of the worse performing index from its initial level.
UBS Securities LLC and UBS Investment Bank are the bookrunners.
The notes (Cusip: 90276BEV1) will price on July 14 and settle on July 17.
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