By Marisa Wong
Morgantown, W.Va., May 23 – UBS AG, London Branch priced $6.69 million of 0% knock-out absolute return market-linked securities with daily barrier observation due Nov. 4, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
A barrier event will occur if the index closes below the lower barrier, 75% of the initial level, on any trading day during the life of the notes.
The payout at maturity will be par plus 1% unless a barrier event has not occurred and the index return is negative, in which case the payout will be par plus the greater of 1% and the absolute value of the index return, which will be limited to a maximum possible return of 25%.
UBS Securities LLC is the agent with Morgan Stanley Wealth Management as a dealer.
Issuer: | UBS AG, London Branch
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Issue: | Knock-out absolute return market-linked securities with daily barrier observation
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Underlying index: | S&P 500 index
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Amount: | $6.69 million
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Maturity: | Nov. 4, 2020
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 1% unless index never closes below lower barrier during the life of the notes but finishes below its initial level, in which case par plus the greater of 1% and the absolute value of the index return
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Initial level: | 2,945.83
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Lower barrier: | 2,209.37, 75% of initial level
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Pricing date: | April 30
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Settlement date: | May 3
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Agent: | UBS Securities LLC
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 1.5%
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Cusip: | 90281C823
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