By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – UBS AG, London Branch priced $3.86 million of trigger autocallable contingent yield notes due Nov. 1, 2022 linked to the lesser performing of the iShares MSCI Emerging Markets exchange-traded fund and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.4% if both ETFs close at or above their coupon barriers, 70% of their initial levels, on the observation date for that quarter.
The notes will be called at par if both ETFs close at or above their initial levels on any quarterly observation date after one year.
The payout at maturity will be par plus the final coupon unless either ETF finishes below the downside threshold level, 70% of the initial level, in which case investors will lose 1% for every 1% decline of the worse performing ETF.
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
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| Underlying ETFs: | iShares MSCI Emerging Markets exchange-traded fund and SPDR S&P 500 ETF trust
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| Amount: | $3.86 million
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| Maturity: | Nov. 1, 2022
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| Coupon: | 7.4%, payable quarterly if both ETFs close at or above coupon barriers on quarterly observation date
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| Price: | Par of $1,000
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| Call: | At par if both ETFs close at or above their initial levels on any quarterly observation date after one year
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| Payout at maturity: | Par plus final coupon unless either ETF finishes below downside threshold level, in which case 1% loss for every 1% decline of the worse performing ETF
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| Initial levels: | $46.14 for Emerging Markets, $257.71 for SPDR S&P 500
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| Coupon barriers/downside thresholds: | $32.30 for Emerging Markets, $180.40 for SPDR S&P 500; 70% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 31
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| Underwriters: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 2.5%
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| Cusip: | 90280X463
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