Published on 7/19/2016 in the Prospect News Structured Products Daily.
New Issue: UBS prices $3.08 million trigger autocallable contingent yield notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., July 19 – UBS AG, London Branch priced $3.08 million of trigger autocallable contingent yield notes due July 18, 2019 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 7.2% if each index closes at or above its downside threshold level, 70% of its initial level, on the observation date for that quarter.
After six months, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index finishes below its downside threshold level, in which case investors will be fully exposed to the decline of the lesser-performing index.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
Issuer: | UBS AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | S&P 500 and Russell 2000
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Amount: | $3,076,030
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Maturity: | July 18, 2019
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Coupon: | 7.2%, payable quarterly if indexes close at or above downside threshold levels on observation date for that quarter
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Price: | Par of $10
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Payout at maturity: | Par unless either index finishes below downside threshold level, in which case full exposure to decline of lesser-performing index
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Call: | After six months, automatically at par if indexes close at or above initial levels on any quarterly observation date
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Initial index levels: | 2,161.74 for S&P 500 and 1,205.309 for Russell 2000
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Downside thresholds: | 1,513.22 for S&P 500 and 843.716 for Russell 2000; 70% of initial levels
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Pricing date: | July 15
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Settlement date: | July 20
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Underwriters: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 2% Cusip: | 90275R828
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