Published on 11/27/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.81 million trigger callable contingent yield notes on index, ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 27 – UBS AG, London Branch priced $1.81 million of trigger callable contingent yield notes due Nov. 20, 2026 linked to the worst performing of the Nasdaq-100 index, the Real Estate Select Sector SPDR fund and the Utilities Select Sector SPDR fund , according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13.7% if each underlier’s closing level is greater than or equal to its 70% coupon barrier level on the corresponding observation date.
The notes may be called at par on any quarterly observation date.
If the notes are not called and each underlier finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the worst performer’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 assets: | Nasdaq-100 index, Real Estate Select Sector SPDR fund, Utilities Select Sector SPDR fund
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Amount: | $1.81 million
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Maturity: | Nov. 20, 2026
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Coupon: | 13.7% per year, payable monthly if each underlier 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: | If each underlier finishes at or above coupon barrier level, par plus final coupon; otherwise, full exposure to the decline of the worst performer from its initial level
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Call option: | At par on any quarterly observation date
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Initial levels: | $62.29 for Utilities, $35.97 for Real Estate, 15,837.99 for Nasdaq
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Coupon barrier levels: | $43.60 for Utilities, $25.18 for Real Estate, 11,086.59 for Nasdaq; 70% of initial levels
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Trigger levels: | $43.60 for Utilities, $25.18 for Real Estate, 11,086.59 for Nasdaq; 70% of initial levels
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Pricing date: | Nov. 17
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Settlement date: | Nov. 22
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 0.25%
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Cusip: | 90279WQR8
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