By William Gullotti
Buffalo, N.Y., May 6 – UBS AG, London Branch priced $1.42 million of trigger autocallable contingent yield notes due April 19, 2024 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at the rate of 6.75% per year if the fund closes at or above its coupon barrier, 80% of its initial level, on any related observation date.
The notes will be automatically called at par plus any coupon due on any quarterly observation date after six months if the fund closes above its initial level on the related observation date.
If the notes are not called and the final share price of the underlying fund is greater than or equal to the downside threshold level, 80% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price of the fund is less than its initial share price.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying fund: | Financial Select Sector SPDR fund
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| Amount: | $1.42 million
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| Maturity: | April 19, 2024
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| Coupon: | 6.75% per year, paid quarterly, if fund closes at or above its coupon barrier on any quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless fund finishes below downside threshold level, in which case 1% loss for each 1% decline from initial level
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| Call: | Automatically at par if the asset closes at or above initial level on any quarterly call observation date
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| Initial level: | $35.40
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| Coupon barrier level: | $28.32; 80% of the initial level
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| Downside threshold level: | $28.32; 80% of the initial level
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| Pricing date: | April 16
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| Settlement date: | April 21
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 2%
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| Cusip: | 90276BYX5
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