By Kiku Steinfeld
Chicago, Dec. 1 – UBS AG, London Branch priced $500,000 of trigger autocallable contingent yield notes due March 28, 2026 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at the rate of 12.3% per year if each ETF closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if the shares of each ETF close at or above its initial share price on any monthly call observation date after three months.
If the notes are not called and the final share price of each ETF is greater than or equal to its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but not below the downside threshold level, 50% 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 least performing ETF 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 ETFs: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
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| Amount: | $500,000
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| Maturity: | March 28, 2026
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| Coupon: | 12.3% per year, paid monthly, if each ETF closes at or above its coupon barrier on any related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each ETF finishes at or above coupon barrier level; if worst performer finishes below coupon barrier but at or above downside threshold level, par; otherwise, 1% loss for each 1% decline of laggard ETF from initial level
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| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any monthly call observation date after three months
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| Initial levels: | $38.72 for gold, $23.48 for silver
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| Coupon barrier levels: | $27.10 for gold, $16.44 for silver; 70% of initial levels
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| Downside thresholds: | $19.36 for gold, $11.74 for silver; 50% of initial levels
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| Pricing date: | March 25
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| Settlement date: | March 30
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.6%
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| Cusip: | 90279D3A2
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