Published on 12/15/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $275,000 trigger autocallable contingent yield notes with memory on stocks
By Kiku Steinfeld
Chicago, Dec. 15 – UBS AG, London Branch priced $275,000 of trigger autocallable contingent yield notes with memory interest due April 24, 2026 linked to the least performing of the common stocks of Blackstone Inc., Ford Motor Co. and Spotify Technology SA, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 20.2% per year if each stock closes at or above its coupon barrier, 50% of its initial level, on any related observation date, plus any previously unpaid coupons.
The notes will be automatically called at par plus the coupon if the shares of each stock close at or above 100% of its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each stock is greater than or equal to the downside threshold level, 50% of the initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the final share price of the least performing stock 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 with memory interest
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| Underlying stocks: | Blackstone Inc., Ford Motor Co. and Spotify Technology SA
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| Amount: | $275,000
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| Maturity: | April 24, 2026
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| Coupon: | 20.2% per year, paid monthly, if each stock closes at or above its coupon barrier on any related observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any stock finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard stock from initial level
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| Call: | Automatically at par plus coupon if each stock closes at or above 100% of initial level on any quarterly call observation date after six months
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| Initial levels: | $89.45 for Blackstone, $11.81 for Ford, $133.76 for Spotify
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| Coupon barrier levels: | $44.73 for Blackstone, $5.91 for Ford, $66.88 for Spotify; 50% of initial levels
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| Downside thresholds: | $44.73 for Blackstone, $5.91 for Ford, $66.88 for Spotify; 50% of initial levels
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| Pricing date: | April 24, 2023
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| Settlement date: | April 27, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279GFS3
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