Published on 4/27/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.09 million step down trigger autocallable notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, April 27 – UBS AG, London Branch priced $1.09 million of step down trigger autocallable notes due April 28, 2028 linked to the lesser 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 a 10% annualized call premium if each index closes at or above its call level on any annual observation date. Call level starts at 100% of initial level and steps down by 2.5% per year.
The notes will be called at par plus the 50% final premium if each index finishes at or above 90% of initial level.
If the notes are not called and each index finishes at or above its 65% downside threshold, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index 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: | $1,086,000
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| Maturity: | April 28, 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 50%; if the notes are not called and each index finishes at or above downside threshold level, par; otherwise, 1% loss for each 1% decline of worse performing index from initial level
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| Call: | At par plus 10% annualized call premium if each index closes at or above call level on the relevant annual observation date; call level starts at 100% of initial level and steps down by 2.5% per year
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| Initial levels: | 4,071.63 for S&P, 1,745.952 for Russell
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| Downside thresholds: | 2,646.56 for S&P, 1,134.669 for Russell; 65% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 28
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 3.3%
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| Cusip: | 90279GCC1
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