Published on 2/26/2024 in the Prospect News Structured Products Daily.
New Issue: UBS prices $3.57 million trigger callable contingent yield notes on index, ETFs
By William Gullotti
Buffalo, N.Y., Feb. 26 – UBS AG, London Branch priced $3.57 million of trigger callable contingent yield notes due Feb. 17, 2028 linked to the worst performing of the Real Estate Select Sector SPDR Fund, the Russell 2000 index 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 11.8% 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 monthly observation date after three months.
If the notes are not called and each underlier finishes at or above its 70% trigger level, 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: | Real Estate Select Sector SPDR Fund, Russell 2000 index, Utilities Select Sector SPDR Fund
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| Amount: | $3,565,000
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| Maturity: | Feb. 17, 2028
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| Coupon: | 11.8% 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 trigger 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 monthly observation date after three months
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| Initial levels: | $60.29 for Utilities, $37.84 for Real Estate, 2,012.102 for Russell
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| Coupon barrier levels: | $42.20 for Utilities, $26.49 for Real Estate, 1,408.471 for Russell; 70% of initial levels
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| Trigger levels: | $42.20 for Utilities, $26.49 for Real Estate, 1,408.471 for Russell; 70% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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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: | 90279WZ80
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