Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $500,000 of trigger callable contingent yield notes on ETFs
By Kiku Steinfeld
Chicago, April 25 – UBS AG, London Branch priced $500,000 of trigger callable contingent yield notes due Feb. 5, 2025 linked to the worst performing of the iShares MSCI Emerging Markets ETF and SPDR Euro Stoxx 50 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 8.3% if each ETF’s closing level is at least 70% of its initial level on the observation date for that period.
The notes will be callable at par on any monthly observation after six months.
If the notes are not called and each ETF finishes at or above its 65% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing ETF’s final level is below 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 ETFs: | iShares MSCI Emerging Markets ETF and SPDR Euro Stoxx 50 ETF
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| Amount: | $500,000
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| Maturity: | Feb. 5, 2025
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| Coupon: | 8.3% per year, payable monthly if each ETF closes at or above its barrier level on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below trigger level, in which case full exposure to any losses of worst performing ETF
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| Call option: | At par plus any coupon on any monthly observation after six months
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| Initial levels: | $41.95 for EM, $47.03 for Stoxx
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| Coupon barrier levels: | $25.17 for EM, $28.22 for Stoxx; 60% of initial levels
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| Trigger levels: | $25.17 for EM, $28.22 for Stoxx; 60% of initial levels
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| Pricing date: | July 31, 2023
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| Settlement date: | Aug. 3, 2023
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| Agent: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279GZE2
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