By William Gullotti
Buffalo, N.Y., June 13 – UBS AG, London Branch priced $3 million of trigger callable contingent yield notes due May 31, 2024 linked to the worst performing of the stocks of Alphabet Inc. and the Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 29% if each stock’s closing level is at least 70% of its initial level on the corresponding observation date.
The notes will be callable at par on any quarterly observation date other than the final one.
If the notes are not called and each stock finishes at or above its 70% coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 60% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing stock’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 stocks: | Alphabet Inc. and Nvidia Corp.
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| Amount: | $3 million
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| Maturity: | May 31, 2024
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| Coupon: | 29% per year, payable quarterly if each stock closes at or above its coupon barrier level on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above coupon barrier level; if worst performer finishes below its coupon barrier but not below trigger level, par; otherwise, full exposure to the losses of the worst performing stock
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| Call option: | At par on any quarterly observation date other than the final date
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| Initial levels: | $2,255.98 for Alphabet, $188.11 for Nvidia
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| Coupon barrier levels: | $1,579.19 for Alphabet, $131.68 for Nvidia; 70% of initial levels
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| Trigger levels: | $1,353.59 for Alphabet, $112.87 for Nvidia; 60% of initial levels
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| Strike date: | May 27
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| Pricing date: | May 31
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| Settlement date: | June 3
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 0.4%
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| Cusip: | 90279FFU0
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