Published on 9/1/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $5.4 million trigger callable contingent yield notes with memory on indexes
By Kiku Steinfeld
Chicago, Sept. 1 – UBS AG, London Branch priced $5.4 million of trigger callable contingent yield notes with memory interest due March 2, 2028 linked to the least performing of the Nasdaq-100 index, 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 monthly coupon at a rate of 9.5% per year if each index closes at or above its coupon barrier, 80% of its initial level, on the observation date for that period, plus any previously unpaid coupons.
The notes will be callable at par on any quarterly call observation date starting after one year.
If each index finishes 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 callable contingent yield notes with memory interest
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $5,399,000
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| Maturity: | March 2, 2028
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| Coupon: | 9.5% per year, payable monthly if each index closes at or above its coupon barrier on observation date for that period, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above its downside threshold, par; otherwise, 1% loss for every 1% that the worst performer declines from its initial level
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| Call: | Callable at par on any quarterly call observation date starting after one year
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| Initial levels: | 12,042.12 for Nasdaq, 1,896.991 for Russell, 3,970.15 for S&P
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| Coupon barriers: | 9,633.70 for Nasdaq, 1,517.593 for Russell, 3,176.12 for S&P; 80% of initial levels
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| Downside thresholds: | 7,225.27 for Nasdaq, 1,138.195 for Russell, 2,382.09 for S&P; 60% of initial levels
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| Pricing date: | Feb. 28, 2023
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| Settlement date: | March 3, 2023
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| Underwriters: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.25%
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| Cusip: | 90279F3U3
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