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

By Toni Weeks

San Luis Obispo, Calif., Aug. 13 - UBS AG, London Branch plans to price trigger phoenix autocallable optimization securities due Aug. 22, 2023 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

If each index finishes at or above its coupon barrier - 70% of the initial level - on any quarterly observation date, the issuer will pay an annualized contingent coupon of 7.6% to 8.1%, with the exact coupon to be determined at pricing. Otherwise, no coupon will be paid for that quarter.

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

If the notes are not called and each index finishes at or above the trigger level - 50% of the initial level - the payout at maturity will be par plus the contingent coupon, if any. If either index finishes below the trigger level, investors will be exposed to the decline in the least-performing index.

The notes (Cusip: 90271L767) are expected to Aug. 16 and settle Aug. 21.

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

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