Published on 4/28/2015 in the Prospect News Structured Products Daily.
New Issue: UBS prices $225,522 call warrants linked to JPX-Nikkei Index 400
By Angela McDaniels
Tacoma, Wash., April 28 – UBS AG, London Branch priced $225,522 of European-style, cash-settled call warrants expiring April 24, 2018 linked to the JPX-Nikkei Index 400, according to a 424B2 filing with the Securities and Exchange Commission.
The 1,474 warrants have a notional amount of $1,000 each, or $1,474,000 in total, and sold for $153 each, or 15.3% of the notional amount.
The warrants will be automatically exercised on the expiration date if the index's final level is greater than the initial index level. The cash settlement amount will be the greater of (a) the notional amount per warrant multiplied by the index return and (b) zero. The cash settlement payment date is April 27, 2018.
The index return must be greater than 15.3% for investors to receive a positive return on their initial investments.
If the index's final level is equal to or less than the initial index level, the warrants will expire worthless and investors will lose their entire initial investments in the warrants.
UBS Financial Services, Inc. and UBS Investment Bank are the underwriters.
Issuer: | UBS AG, London Branch
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Issue: | Call warrants
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Underlying index: | JPX-Nikkei Index 400
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Warrants: | 1,474
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Notional amount: | $1,000 each, or $1,474,000 total
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Price: | $153 each, or $225,522 total
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Expiration date: | April 24, 2018
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Cash settlement date: | April 27, 2018
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Payout: | If index's final level is greater than initial index level, warrants will be automatically exercised and investors will receive greater of (a) notional amount per warrant multiplied by index return and (b) zero; if index's final level is equal to or less than initial index level, warrants will expire worthless and investors will receive nothing
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Initial index level: | 14,677.06
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Pricing date: | April 24
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Settlement date: | April 29
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Underwriters: | UBS Financial Services, Inc. and UBS Investment Bank
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Fees: | $6.50 per warrant
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Cusip: | 90274T197
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