Published on 3/7/2024 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1 million trigger callable contingent yield notes linked to indexes
By Angela McDaniels
Tacoma, Wash., March 7 – UBS AG, London Branch priced $1 million of trigger callable contingent yield notes due July 3, 2025 linked to 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.
Each month, the notes will pay a contingent coupon at the rate of 10.65% per year if each index closes at or above its downside threshold level, 70% of its initial level, on the observation date for that month.
After 12 months, the notes will be callable at par on any monthly call date.
If the notes are not called and the worst performing index’s final level is greater than or equal to its downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performing index’s final index level is less than its initial index level.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $1 million
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| Maturity: | July 3, 2025
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| Coupon: | 10.65% per year, payable monthly if worst performing index closes at or above downside threshold level on observation date for that month
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| Price: | Par
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| Payout at maturity: | If notes are not called and worst performing index’s final index level is greater than or equal to downside threshold level, par; otherwise, 1% loss for every 1% that worst performing index’s final index level is less than initial index level
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| Call: | After 12 months, at par monthly
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| Initial levels: | 14,964.58 for Nasdaq, 1,858.709 for Russell and 4,376.86 for S&P
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| Downside thresholds: | 10,475.21 for Nasdaq, 1,301.096 for Russell and 3,063.80 for S&P, or 70% of initial levels
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| Pricing date: | June 28, 2023
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| Settlement date: | July 3, 2023
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.6%
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| Cusip: | 90279GRR2
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