Published on 2/12/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $823,000 trigger autocallable contingent yield notes with memory on three indexes
By Kiku Steinfeld
Chicago, Feb. 12 – UBS AG, London Branch priced $823,000 of trigger autocallable contingent yield notes with memory interest due June 26, 2026 linked to the performance of the Dow Jones industrial average, 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 monthly coupon at the rate of 9.55% per year if each index closes at or above its coupon barrier, 70% of its initial level, on any related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly call observation date after six months.
If the notes are not called and each index finishes at or above its coupon barrier, the payout at maturity will be par.
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
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| Issue: | Trigger autocallable contingent yield notes with memory interest
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| Underlying indexes: | Dow Jones industrial average, S&P 500 index, Russell 2000 index
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| Amount: | $823,000
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| Maturity: | June 26, 2026
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| Coupon: | 9.55% per year, paid monthly, if each index closes at or above its coupon barrier on any related observation date; coupon payments will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above coupon barrier, par; otherwise, 1% loss for each 1% decline of laggard index from initial level
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| Call: | Automatically at par if each index closes at or above initial level on any monthly call observation date after six months
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| Initial levels: | 33,727.43 for Dow, 1,821.635 for Russell, 4,348.33 for S&P
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| Coupon barrier levels: | 23,609.20 for Dow, 1,275.145 for Russell, 3,043.83 for S&P; 70% of initial levels
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| Downside thresholds: | 23,609.20 for Dow, 1,275.145 for Russell, 3,043.83 for S&P; 70% of initial levels
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| Pricing date: | June 23, 2023
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| Settlement date: | June 28, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.1%
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| Cusip: | 90279GQZ5
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