Published on 4/30/2022 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.17 million trigger autocallable contingent yield notes with memory on stocks
By Kiku Steinfeld
Chicago, May 2 – UBS AG, London Branch priced $1.17 million of trigger autocallable contingent yield notes with memory interest due Oct. 1, 2026 linked to the common stocks of Comcast Corp., Walt Disney Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.35% if each stock closes at or above its coupon barrier level, 80% of its initial level, on the related quarterly observation date, in which case any previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon and any previously unpaid coupons if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus any previously unpaid coupons unless any stock finishes below its 50% downside threshold level, in which case investors will lose 1% for each 1% decline of the lesser performing stock from its initial level, payable in shares or cash at the option of the issuer.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger autocallable contingent yield notes with memory interest
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Underlying stocks: | Comcast Corp., Walt Disney Co. and Netflix, Inc.
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Amount: | $1,174,000
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Maturity: | Oct. 1, 2026
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Coupon: | 11.35%, payable each quarter that each stock closes at or above coupon barrier on observation date for that quarter, in which case any previously unpaid coupons will also be paid
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Price: | Par
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Call: | At par plus coupon and any previously unpaid coupons if each stock closes at or above initial level on any quarterly observation date
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Payout at maturity: | Par plus any previously unpaid coupons unless any stock finishes below downside threshold, in which case 1% loss for each 1% decline of lesser performing stock from initial level, payable in shares or cash at option of issuer
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Initial levels: | $56.29 for Comcast, $178.26 for Disney, $592.64 for Netflix
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Coupon barriers: | $45.03 for Comcast, $142.61 for Disney, $474.11 for Netflix; 80% of initial levels
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Downside thresholds: | $28.15 for Comcast, $89.13 for Disney, $296.32 for Netflix; 50% of initial levels
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Equity ratios: | 17.7651 for Comcast, 5.6098 for Disney, 1.6874 for Netflix
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Pricing date: | Sept. 28, 2021
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Settlement date: | Sept. 30, 2021
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 0.5%
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Cusip: | 90279DJP2
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