By William Gullotti
Buffalo, N.Y., Aug. 9 – UBS AG, London Branch priced $1.03 million of trigger autocallable contingent yield notes with memory interest due June 15, 2023 linked to the least performing of the stocks of Sysco Corp. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at the rate of 21.5% per year if each stock closes at or above its coupon barrier, 80% of its initial level, on any related observation date. Any unpaid coupons will also be paid.
The notes will be automatically called at par plus coupon if the shares of each stock close at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each stock is greater than or equal to the coupon barrier, the payout at maturity will be par plus the final coupon.
If any stock lags below the coupon barrier but all finish at or above the downside threshold, 60% of the initial share price, the payout at maturity will be par. Otherwise, investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price.
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 with memory interest
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| Underlying stocks: | Sysco Corp., Tesla, Inc.
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| Amount: | $1,025,000
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| Maturity: | June 15, 2023
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| Coupon: | 21.5% per year, paid quarterly, if each stock closes at or above its coupon barrier on any related observation date; coupon payments will also include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above coupon barrier, par plus the final coupon; if any stock lags below the coupon barrier but each finishes at or above the downside threshold, par; otherwise, investors will receive shares of the worst performer
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | $79.87 for Sysco, $609.89 for Tesla
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| Coupon barrier levels: | $63.90 for Sysco, $487.91 for Tesla; 80% of initial levels
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| Downside thresholds: | $47.92 for Sysco, $365.93 for Tesla; 60% of initial levels
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| Share delivery: | 12.5203 for Sysco, 1.6396 for Tesla; shares per note
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90276BR39
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