Published on 4/23/2019 in the Prospect News Structured Products Daily.
New Issue: UBS sells $396,000 trigger callable contingent yield notes on index, ETF
By Sarah Lizee
Olympia, Wash., April 23 – UBS AG, London Branch priced $396,000 of trigger callable contingent yield notes due April 25, 2022 linked to the least performing of the SPDR S&P Biotech ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each six months, the notes pay a contingent coupon if each asset closes at or above its coupon barrier, 65% of its initial level, on the observation date that period. The contingent coupon rate is 9.3% per year.
The notes are callable on any coupon observation date at par plus any coupon after six months.
If the notes are not called and each asset finishes at or above its downside threshold, 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing asset’s final level is below its initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger callable contingent yield notes
|
| Underlying assets: | SPDR S&P Biotech ETF and S&P 500 index
|
| Amount: | $396,000
|
| Maturity: | April 25, 2022
|
| Coupon: | 9.3% per year, payable each six months that each asset closes at or above its coupon barrier on observation date that period
|
| Price: | Par
|
| Payout at maturity: | If each asset finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing asset’s final level is below initial level
|
| Call option: | At par plus any coupon, semiannually after six months
|
| Initial levels: | 2,905.03 for index, $84.63 for ETF
|
| Coupon barriers: | 1,888.27 for index, $55.01 for ETF; 65% of initial levels
|
| Downside thresholds: | 1,888.27 for index, $55.01 for ETF; 65% of initial levels
|
| Pricing date: | April 18
|
| Settlement date: | April 26
|
| Agents: | UBS Securities LLC and UBS Investment Bank
|
| Fees: | 1.5%
|
| Cusip: | 90270KZA0
|
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