Published on 11/1/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.52 million trigger autocallable contingent yield notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – UBS AG, London Branch priced $1.52 million of trigger autocallable contingent yield notes with memory interest due Oct. 23, 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.
The notes will pay a contingent semiannual coupon at the rate of 9.5% per year if each index closes at or above its coupon barrier, 70% of its initial level, on every day that period.
The notes will be automatically called at par plus any coupon due if each index closes at or above its initial level on any semiannual call observation date.
If the notes are not called and the final level of each index is greater than or equal to the downside threshold level, 70% of the initial level, the payout at maturity will be par plus any final coupon.
Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger autocallable contingent yield notes with memory interest
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,516,000
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| Maturity: | Oct. 23, 2026
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| Coupon: | 9.5% per year, paid semiannually, if each index closes at or above its coupon barrier every day that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performer from initial level
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| Call: | Automatically at par plus any coupon if each index closes at or above initial level on any semiannual call observation date
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| Initial levels: | 1,680.792 for Russell, 4,224.16 for S&P
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| Coupon barrier levels: | 1,176.554 for Russell, 2,956.91 for S&P; 70% of initial levels
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| Downside thresholds: | 1,176.554 for Russell, 2,956.91 for S&P; 70% of initial levels
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| Pricing date: | Oct. 20
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| Settlement date: | Oct. 25
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0%
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| Cusip: | 90279WGS7
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