Published on 6/22/2021 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.91 million trigger callable contingent yield notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., June 22 – UBS AG, London Branch priced $1.91 million of trigger callable contingent yield notes due May 24, 2024 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 5.5% if each index’s closing level is at least 70% of its initial level on the observation date for that quarter.
The notes will be callable at par on any quarterly observation date.
If the notes are not called and each index finishes at or above its 70% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger callable contingent yield notes
|
| Underlying indexes: | Russell 2000 index and S&P 500 index
|
| Amount: | $1,908,000
|
| Maturity: | May 24, 2024
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| Coupon: | 5.5% per year, payable quarterly if each index closes at or above its coupon barrier level on the observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its trigger level, in which case full exposure to the losses of the worst performing index
|
| Call option: | At par on any quarterly observation date
|
| Initial levels: | 2,215.268 for Russell, 4,155.86 for S&P
|
| Coupon barrier levels: | 1,550.688 for Russell, 2,909.1 for S&P; 70% of initial levels
|
| Knock-in levels: | 1,550.688 for Russell, 2,909.1 for S&P; 70% of initial levels
|
| Pricing date: | May 21
|
| Settlement date: | May 26
|
| Agents: | UBS Financial Services Inc. and UBS Investment Bank
|
| Fees: | 1.5%
|
| Cusip: | 90276BC43
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