Published on 2/28/2017 in the Prospect News Structured Products Daily.
New Issue: UBS prices $4.66 million step-down trigger autocallables on Gold Miners
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – UBS AG, London Branch priced $4.66 million of 0% step-down trigger autocallable notes due Feb. 28, 2020 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium of 9.32% per year if the fund closes at or above its call threshold level on any annual observation date. The call threshold level will be equal to the initial fund level for every observation date except for the final observation date, Feb. 24, 2020. For the final observation date, the call threshold level will be 55% of the initial level.
If the notes are not subject to an automatic call, then the final level of the fund will be less than 55% of its initial level, and investors will be exposed to the decline of the fund from its initial level.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
| Issuer: | UBS AG, London Branch
|
| Issue: | Step-down trigger autocallable notes
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| Underlying ETF: | VanEck Vectors Gold Miners
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| Amount: | $4,655,690
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| Maturity: | Feb. 28, 2020
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | 1% loss for every 1% that the ETF’s final level is less than its initial level
|
| Call: | At par plus a call return of 9.32% per year if the ETF closes at or above its initial level on annual call date, except final call date, Feb. 24, 2020, when call level will be 55% of the initial level
|
| Initial value: | $24.13
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| Final call threshold: | $13.27, 55% of initial level
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 28
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| Agents: | UBS Financial Services Inc. and J.P. Morgan Securities LLC
|
| Fees: | 2.5%
|
| Cusip: | 90280M665
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