Published on 6/22/2022 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.16 million trigger callable contingent yield notes on bank stocks
By Wendy Van Sickle
Columbus, Ohio, June 22 – UBS AG, London Branch priced $1.16 million of trigger callable contingent yield notes due June 21, 2027 linked to the worst performing of the stocks of Citigroup Inc., KeyCorp and the Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 15.25% if each stock’s closing level is at least 70% of its initial level on the 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 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: | Citigroup Inc., KeyCorp, Wells Fargo & Co.
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| Amount: | $1,155,000
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| Maturity: | June 21, 2027
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| Coupon: | 15.25% per year, payable quarterly if each stock closes at or above its coupon barrier level on the observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its trigger level, in which case 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: | $47.58 for Citigroup, $17.74 for KeyCorp, $38.17 for Wells Fargo
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| Coupon barrier levels: | $33.31 for Citigroup, $12.42 for KeyCorp, $26.72 for Wells Fargo; 70% of initial levels
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| Trigger levels: | $28.55 for Citigroup, $10.64 for KeyCorp, $22.90 for Wells Fargo; 60% of initial levels
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| Pricing date: | June 15
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| Settlement date: | June 21
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 3.65%
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| Cusip: | 90279FHA2
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