Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $3.05 million trigger callable contingent yield notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, June 21 – UBS AG, London Branch priced $3.05 million of trigger callable contingent yield notes due June 22, 2027 linked to the performance 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 pay a quarterly contingent coupon at an annual rate of 9.25% if each index’s closing level is at least 65% of its initial level on the corresponding observation date.
The notes will be callable at par on any quarterly observation date after six months.
If the notes are not called and each index finishes at or above its 55% trigger level, the payout at maturity will be par plus the final coupon, if any. Otherwise, investors will lose 1% for every 1% that the worst performer’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
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $3,054,000
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| Maturity: | June 22, 2027
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| Coupon: | 9.25% per year, payable quarterly if each index closes at or above its coupon barrier on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon, if any, if each index finishes at or above trigger level; otherwise, full exposure to the decline of the worst performing index from initial level
|
| Call option: | At par on any quarterly observation date after six months
|
| Initial levels: | 1,875.467 for Russell, 4,409.59 for S&P
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| Coupon barrier levels: | 1,219.054 for Russell, 2,866.23 for S&P; 65% of initial levels
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| Trigger levels: | 1,031.507 for Russell, 2,425.27 for S&P; 55% of initial levels
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| Pricing date: | June 16
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| Settlement date: | June 22
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 0%
|
| Cusip: | 90279GUH0
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