Published on 3/30/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $3.88 million trigger autocallable contingent yield notes with memory
By William Gullotti
Buffalo, N.Y., March 30 – UBS AG, London Branch priced $3.88 million of trigger autocallable contingent yield notes with memory interest due March 27, 2025 linked to the performance of the Nasdaq-100 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 coupon at the rate of 12.8258% per year if each index closes at or above its coupon barrier, 80% of its initial level, on any related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and each index finishes at or above its coupon barrier, the payout at maturity will be par plus all unpaid coupons.
If the worst performer finishes below its coupon barrier but at or above the downside threshold level, 70% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger autocallable contingent yield notes with memory interest
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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Amount: | $3,881,000
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Maturity: | March 27, 2025
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Coupon: | 12.8258% per year, paid monthly, if each index closes at or above its coupon barrier on any related observation date; coupon payments will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If each index finishes at or above coupon barrier, par plus all unpaid coupons; if worst performer finishes below coupon barrier but at or above downside threshold level, par; otherwise, 1% loss for each 1% decline of laggard index from initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial levels: | 12,767.05 for Nasdaq, 1,734.923 for Russell, 3,970.99 for S&P
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Coupon barrier levels: | 10,213.64 for Nasdaq, 1,387.938 for Russell, 3,176.79 for S&P; 80% of initial levels
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Downside thresholds: | 8,936.94 for Nasdaq, 1,214.446 for Russell, 2,779.69 for S&P; 70% of initial levels
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Pricing date: | March 24
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Settlement date: | March 27
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 0.4%
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Cusip: | 90279GAV1
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