Published on 2/26/2024 in the Prospect News Structured Products Daily.
New Issue: UBS prices $3.23 million trigger callable contingent yield notes on three indexes
By William Gullotti
Buffalo, N.Y., Feb. 26 – UBS AG, London Branch priced $3.23 million of trigger callable contingent yield notes due Nov. 18, 2025 linked to the performance of the Nasdaq-100 Technology Sector index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 11.1536% if each index’s closing level is at least 75% of its initial level on the corresponding observation date.
The notes will be callable at par on any quarterly observation date.
If the notes are not called and each index finishes at or above its 75% coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 70% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performer’s final level is below its initial level.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Nasdaq-100 Technology Sector index, Russell 2000 index, S&P 500 index
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| Amount: | $3,233,000
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| Maturity: | Nov. 18, 2025
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| Coupon: | 11.1536% per year, payable monthly if each index closes at or above its coupon barrier on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if each index finishes at or above coupon barrier level; if worst performer finishes below coupon barrier but at or above trigger level, par; otherwise, full exposure to the decline of the worst performing index from initial level
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| Call option: | At par on any quarterly observation date
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| Initial levels: | 10,154.5 for Nasdaq Tech, 1,964.174 for Russell, 4,953.17 for S&P
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| Coupon barrier levels: | 7,615.88 for Nasdaq Tech, 1,473.131 for Russell, 3,714.88 for S&P; 75% of initial levels
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| Trigger levels: | 7,108.15 for Nasdaq Tech, 1,374.922 for Russell, 3,467.22 for S&P; 70% of initial levels
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| Pricing date: | Feb. 13
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| Settlement date: | Feb. 16
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 0.35%
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| Cusip: | 90279W4D3
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