Published on 8/2/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $5.37 million airbag callable contingent yield notes on S&P, Russell
Chicago, Aug. 2 – UBS AG, London Branch priced $5.37 million of airbag callable contingent yield notes due July 30, 2026 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly at an annualized rate of 10.15% if the least-performing index closes at or above its coupon barrier, 75% of the initial level, on the related observation date.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless the final level of the least performing index is less than the downside threshold, 75% of the initial level, in which case investors will lose 1.3333% for each 1% loss of the least-performing index beyond the 25% downside threshold.
UBS Securities LLC and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Airbag callable contingent yield notes
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $5,368,000
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Maturity: | July 30, 2026
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Coupon: | 10.15% annual rate, payable quarterly if least-performing index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless final level of least-performing index is less than downside threshold, in which case 1.3333% loss for each 1% loss of least-performing index beyond downside threshold
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Call option: | At par plus any coupon otherwise due on any quarterly observation date
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Initial levels: | 1,966.112 for Russell, 4,567.46 for S&P
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Coupon barriers: | 1,474.584 for Russell, 3,425.60 for S&P; 75% of initial levels
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Downside thresholds: | 1,474.584 for Russell, 3,425.60 for S&P; 75% of initial levels
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Pricing date: | July 25
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Settlement date: | July 28
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 0.06%
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Cusip: | 90279GYZ6
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