Published on 6/22/2021 in the Prospect News Structured Products Daily.
New Issue: UBS sells $7.7 million trigger callable contingent yield notes on Russell, S&P
By Kiku Steinfeld
Chicago, June 22 – UBS AG, London Branch priced $7.7 million of trigger callable contingent yield notes due May 24, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at the rate of 7% per year if each index’s closing level is at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes may be called at par plus the coupon, if any, on any determination date other than the final determination date.
The payout at maturity will be par plus the final coupon unless either asset finishes at or below the downside threshold level, 70% of its initial level, in which case investors will lose 1% for every 1% loss of the worse performing asset from 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: | Russell 2000 index, S&P 500 index
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Amount: | $7,698,000
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Maturity: | May 24, 2024
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Coupon: | 7%, payable semiannually if each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Call option: | At par plus coupon, if any, callable on any determination date other than final determination date
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Payout at maturity: | Par plus final coupon unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of worse performing index
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Initial index levels: | 2,215.268 for Russell, 4,155.86 for S&P
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Coupon barriers: | 1,550.688 for Russell, 2,909.10 for S&P; 70% of initial levels
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Downside thresholds: | 1,550.688 for Russell, 2,909.10 for S&P; 70% of initial levels
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Pricing date: | May 21
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Settlement date: | May 26
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | None
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Cusip: | 90276BC50
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