Published on 11/13/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $915,000 buffer autocallable contingent yield notes on two ETFs
By Kiku Steinfeld
Chicago, Nov. 13 – UBS AG London Branch priced $915,000 of buffer autocallable contingent yield notes due April 19, 2028 linked to the lesser performing of the VanEck Semiconductor ETF and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13% if each ETF closes at or above its 85% coupon barrier on the corresponding review date.
The notes will be called at par plus coupon if each ETF closes at or above its initial level on any quarterly review date after one year.
The payout at maturity will be par plus the final coupon unless either ETF finishes below its 85% buffer level, in which case investors will lose 1% for every 1% decline of the worst performer beyond 15%.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Buffer autocallable contingent yield notes
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| Underlying ETFs: | VanEck Semiconductor ETF, Technology Select Sector SPDR Fund
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| Amount: | $915,000
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| Maturity: | April 19, 2028
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| Coupon: | 13%, payable monthly if each ETF closes at or above coupon barrier on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless either ETF closes below buffer level, in which case 1% loss for each 1% decline of lesser performing ETF beyond buffer
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| Call: | Automatically at par plus coupon if each ETF closes at or above its initial level on any quarterly review date after one year
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| Initial levels: | $252.35 for VanEck, $149.48 for Technology
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| Coupon barriers: | $214.50 for VanEck, $127.06 for Technology; 85% of initial levels
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| Buffer levels: | $214.50 for VanEck, $127.06 for Technology; 85% of initial levels
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| Pricing date: | April 13, 2023
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| Settlement date: | April 18, 2023
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 4%
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| Cusip: | 90279GDB2
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