UBS plans trigger phoenix autocallables on Euro Stoxx 50, Russell 2000

By Marisa Wong

Madison, Wis., July 31 - UBS AG, London Branch plans to price trigger phoenix autocallable optimization securities due Aug. 15, 2023 linked to the worst performing of the Euro Stoxx 50 index and the Russell 2000 index , according to an FWP filing with the Securities and Exchange Commission.

If each index closes at or above its barrier level, 70% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 7.6% to 8.1% per year. Otherwise, no coupon will be paid that quarter.

Beginning one year after issuance, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date.

If the notes are not called, the payout at maturity will be par unless either index finishes below its trigger level, 50% of its initial level, in which case investors will be exposed to the decline of the worst-performing index from its initial level.

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

The notes are expected to price Aug. 9 and settle Aug. 14.

The Cusip number is 90271L585.

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