Published on 12/15/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $500,000 step down trigger autocallable notes on stocks
By Kiku Steinfeld
Chicago, Dec. 15 – UBS AG, London Branch priced $500,000 of step down trigger autocallable notes due April 26, 2027 linked to the least performing of the stocks of Apple Inc., Cigna Corp. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 16.7% annualized call premium if each stock closes at or above its call level on any quarterly valuation date after one year. Call level starts at 100% of initial level and decreases by 3.333% with each quarterly valuation date.
The notes will be called at par plus the 66.8% final premium of all three stocks close above their 60% downside threshold levels on the final call date.
If any stock finishes below its downside threshold, investors will be exposed to the losses of the worst performer.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Step down trigger autocallable notes
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| Underlying stocks: | Apple Inc., Cigna Corp., Microsoft Corp.
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| Amount: | $500,000
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| Maturity: | April 26, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 66.8% unless any stock finishes below downside threshold level, in which case investors will be exposed to the losses of the worst performer
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| Call: | At par plus a 16.7% annualized call premium if each stock closes at or above its call level on any quarterly valuation date after one year; call level starts at 100% of initial level and decreases by 3.333% with each quarterly valuation date
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| Initial levels: | $165.02 for Apple, $252.12 for Cigna, $285.76 for Microsoft
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| Downside thresholds: | $99.01 for Apple, $151.27 for Cigna, $171.4 for Microsoft; 60% of initial levels
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| Pricing date: | April 24, 2023
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| Settlement date: | April 27, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279GFQ7
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