By Wendy Van Sickle
Columbus, Ohio, Feb. 23 – UBS AG, London Branch priced $20 million of 0% step down trigger autocallable notes due March 4, 2022 linked to the relevant nearby ICE-traded Brent crude oil futures contract, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a call premium of 13% per year if the asset closes at or above its call threshold level on any quarterly observation date. The call threshold level will be equal to the initial asset level for every observation date except for the final observation date, on March 1, 2022. For the final observation date, the call threshold level will be 70% of the initial level.
If the notes are not subject to an automatic call, then the final level of the asset will be less than 70% of its initial level, and investors will be exposed to the decline of the asset from its initial level.
The final level will be the average of the asset prices on Feb. 23, 2022, Feb. 24, 2022, Feb. 25, 2022, Feb. 28, 2022 and March 1, 2022.
and UBS Investment Bank is the agent and J.P. Morgan Securities LLC is acting as the placement agent.
| Issuer: | UBS AG, London Branch
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| Issue: | Step down trigger autocallable notes
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| Underlying asset: | Relevant nearby ICE-traded Brent crude oil futures contract
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| Amount: | $20 million
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| Maturity: | March 4, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | 1% loss for every 1% that the asset’s final level is less than its initial level
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| Call: | At par plus a call return of 13% per year if the asset closes at or above its initial level on quarterly call date, except final call date, March 1, 2022, when call level will be 70% of the initial level
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| Initial value: | $63.35
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| Final call threshold: | $44.35, 70% of initial level
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 22
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| Agents: | UBS Investment Bank with J.P. Morgan Securities LLC as placement agent
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| Fees: | 0.4%
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| Cusip: | 90276BRH8
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