Published on 3/9/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.31 million trigger contingent yield notes on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, March 9 – UBS AG, London Branch priced $1.31 million of trigger contingent yield notes due June 6, 2024 linked to the performance of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at a rate of 7.3% per year if each index closes at or above its coupon barrier, 65% of its initial level, on the observation date for that period.
If each index finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 60% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performer’s final level is below its initial level.
UBS Securities LLC and UBS Investment Bank are the underwriters.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger contingent yield notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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| Amount: | $1,309,000
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| Maturity: | June 6, 2024
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| Coupon: | 7.3% per year, payable quarterly if each index closes at or above its coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above its coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but not below downside threshold, par; otherwise, 1% loss for every 1% that the worst performer declines from its initial level
|
| Initial levels: | 33,390.97 for Dow, 1,928.263 for Russell, 4,045.64 for S&P
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| Coupon barriers: | 21,704.13 for Dow, 1,253.371 for Russell, 2,629.67 for S&P; 65% of initial levels
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| Downside thresholds: | 20,034.58 for Dow, 1,156.958 for Russell, 2,427.38 for S&P; 60% of initial levels
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| Pricing date: | March 3
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| Settlement date: | March 8
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| Underwriters: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279F3L3
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