Published on 10/26/2022 in the Prospect News Structured Products Daily.
New Issue: UBS sells $6 million trigger callable contingent yield notes with daily close monitoring
By Wendy Van Sickle
Columbus, Ohio, Oct. 26 – UBS AG, London Branch priced $6 million of trigger callable contingent yield notes with daily close monitoring knock-in due Jan. 25, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the VanEck Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 25.75% if each asset’s closing level is at least 65% of its initial level on any monthly observation date.
The notes are callable at par plus any coupon otherwise due on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless any asset finishes below its initial level and any asset closes below its 65% knock-in level on any day during the life of the notes, in which case investors will lose 1% for each 1% decline of the worst performer 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 with daily close monitoring knock-in
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Underlying assets: | Nasdaq-100 index, Russell 2000 index, VanEck Gold Miners ETF
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Amount: | $6 million
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Maturity: | Jan. 25, 2024
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Coupon: | 25.75% per year, payable monthly if each asset closes at or above its coupon barrier level on any monthly observation date
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Price: | Par
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Payout at maturity: | Par unless any asset finishes below its initial level and any asset closes below its knock-in level on any day during the life of the notes, in which case, loss of 1% for every 1% that the worst performer finishes below its initial level
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Call option: | At par plus any coupon otherwise due on any quarterly observation date after six months
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Initial levels: | $24.34 for ETF, 1,742.238 for Russell, 11,310.33 for Nasdaq
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Coupon barrier levels: | $15.82 for ETF, 1,132.455 for Russell, 7,351.71 for Nasdaq; 65% of initial levels
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Knock-in levels: | $15.82 for ETF, 1,132.455 for Russell, 7,351.71 for Nasdaq; 65% of initial levels
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Pricing date: | Oct. 21
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Settlement date: | Oct. 26
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 0.75%
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Cusip: | 90279FXC0
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