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UBS to price step down trigger autocallables linked to Russell, S&P
By Angela McDaniels
Tacoma, Wash., Nov. 21 – UBS AG, London Branch plans to price 0% step down trigger autocallable notes due Nov. 30, 2021 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par of $10 plus a call premium – expected to be 7% to 8% per year – if each index closes at or above its call threshold level on any annual observation date. For each index, the call threshold level will be equal to the initial index level for every observation date except for the final observation date, Nov. 23, 2021. For the final observation date, the call threshold levels will be 60% of the indexes’ respective initial index levels.
If the notes are not subject to an automatic call, then the final level of at least one index will be less than its downside threshold, 60% of its initial level, and investors will be exposed to the decline of the lesser-performing index from its initial level.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
The notes will price Nov. 28.
The Cusip number is 90280M111.
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