Published on 6/22/2021 in the Prospect News Structured Products Daily.
New Issue: UBS prices $6.89 million contingent income autocalls on Shopify
By Kiku Steinfeld
Chicago, June 22 – UBS AG, London Branch priced $6.89 million of contingent income autocallable securities due May 24, 2024 linked to the common stock of Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 8.05% if the stock finishes above its 55% downside threshold on a related determination date.
The notes will be called at par of $10 plus the contingent coupon if the shares close at or above the initial share price on any quarterly determination date, other than the final determination date.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will receive 1% for each 1% decline of the stock, payable in cash or, at the issuer’s option, shares.
UBS Securities LLC is the agent and Morgan Stanley Wealth Management is the dealer.
| Issuer: | UBS AG, London Branch
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Shopify Inc.
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| Amount: | $6,889,600
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| Maturity: | May 24, 2024
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| Coupon: | 8.05% per year, payable quarterly if shares close at or above downside threshold level on the observation date for that period
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| Price: | Par of $10
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| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus final contingent coupon; otherwise, 1% loss for each 1% decline of the stock, payable in cash or shares
|
| Call: | At par plus contingent coupon if shares close at or above initial share price on any quarterly determination date, other than final determination date
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| Initial share price: | $1,224.12
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| Downside threshold: | $673.27, 55% of initial share price
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| Pricing date: | May 21
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| Settlement date: | May 26
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| Agent: | UBS Securities LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 90278Y598
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