By Wendy Van Sickle
Columbus, Ohio, April 11 – UBS AG, London Branch priced $5 million phoenix autocallable notes with memory interest due April 21, 2023 linked to silver, according to a 424B2 filing with the Securities and Exchange Commission.
If the commodity closes at or above the coupon barrier level, 80% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 11.31%, plus any previously unpaid contingent coupon payments.
The notes will be called at par if the commodity closes at or above the initial commodity price on any observation date other than the final date.
The payout at maturity will be par unless the commodity finishes below the trigger level, in which case investors will be fully exposed to the commodity decline.
UBS Investment Bank is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Phoenix autocallable notes with memory interest
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| Underlying commodity: | silver
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| Amount: | $5 million
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| Maturity: | April 21, 2023
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| Coupon: | 11.31% annualized, plus any previously unpaid coupons, if commodity closes at or above coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if commodity finishes at or above trigger level; otherwise full exposure to loss
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| Call: | At par if commodity closes at or above initial level on a quarterly observation date
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| Initial price: | 2,428.6¢
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| Coupon barrier/trigger level: | 1,942.88¢, 80% of initial price
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| Pricing date: | April 6
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| Settlement date: | April 11
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| Underwriter: | UBS Investment Bank
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| Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 90279D4N3
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