UBS plans trigger phoenix autocallables tied to Russell 2000, S&P 500

By Marisa Wong

Madison, Wis., July 16 - UBS AG, London Branch plans to price trigger phoenix autocallable optimization securities due July 25, 2023 linked to least performing of the Russell 2000 index and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If each index closes at or above its 65% trigger level on any quarterly observation date, the notes will pay contingent coupon at an annualized rate of 6% to 6.5% for that quarter.

If each index closes at or above its initial level on any observation date after one year, the notes will be called at par of $10 plus the contingent coupon.

The payout at maturity will be par plus the contingent coupon unless the least performing index finishes below the 50% trigger level, in which case investors will be exposed to any losses.

UBS Financial Services Inc. and UBS Investment Bank are the agents.

The notes will price on July 19 and settle on July 24.

The Cusip number is 90271L395.

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