Published on 5/13/2020 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.28 million trigger callable contingent yield notes on Russell, S&P
By Sarah Lizee
Olympia, Wash., May 13 – UBS AG, London Branch priced $1.28 million of trigger callable contingent yield notes due May 13, 2025 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at the rate of 6.2% per year if each index’s closing level is at or above its coupon barrier level, 55% of its initial level, on the observation date for that period.
The notes may be called at par plus the coupon, if any, on any determination date other than the final determination date.
The payout at maturity will be par plus the final coupon unless either asset finishes at or below the downside threshold level, 55% of its initial level, in which case investors will lose 1% for every 1% loss of the worse performing asset from its initial level.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | Russell 2000 index, S&P 500 index
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Amount: | $1,279,000
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Maturity: | May 13, 2025
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Coupon: | 6.2%, payable semiannually if each index closes at or above coupon barrier on observation date for that period
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Price: | Par
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Call option: | At par plus coupon, if any, callable on any determination date other than final determination date
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Payout at maturity: | Par plus final coupon unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of worse performing index
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Initial index levels: | 1,329.638 for Russell, 2,929.8 for S&P
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Coupon barriers: | 731.301 for Russell, 1,611.39 for S&P; 55% of initial levels
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Downside thresholds: | 731.301 for Russell, 1,611.39 for S&P; 55% of initial levels
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Pricing date: | May 8
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Settlement date: | May 14
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 1.5%
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Cusip: | 90276BBZ5
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