Published on 2/10/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.29 million step down trigger autocallable notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., Feb. 10 – UBS AG, London Branch priced $1.29 million of step down trigger autocallable notes due Jan. 31, 2028 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an 11.25% annualized call premium if each index closes at or above call level on any annual valuation date. Call level starts at 100% of initial level and steps down by 2.5% per year.
If each index finishes at or above 90% of initial level, the payout at maturity will be par plus 56.25%.
If the worst performer declines by more than 10% but finishes at or above its 65% downside threshold, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Step down trigger autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,285,000
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| Maturity: | Jan. 31, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 90% of initial level, par plus 56.25%; if worst performer declines by more than 10% but finishes at or above downside threshold, par; otherwise, full exposure to decline of worst performer from initial level
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| Call: | At par plus 11.25% annualized call premium if all indexes close at or above call level on any annual valuation date; call level starts at 100% of initial level and steps down by 2.5% per year
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| Initial levels: | 4,060.43 for S&P, 1,903.064 for Russell
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| Downside thresholds: | 2,639.28 for S&P, 1,236.992 for Russell; 65% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 2.95%
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| Cusip: | 90279FL82
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