Published on 5/13/2020 in the Prospect News Structured Products Daily.
New Issue: UBS sells $16.21 million trigger autocallable contingent yield notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., May 13 – UBS AG, London Branch priced $16.21 million of trigger autocallable contingent yield notes due May 11, 2023 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.7% if each asset closes at or above its coupon barrier, 65% of its initial level, on the review date for that quarter.
After six months, the notes will be called at par of $10 plus the coupon if each asset closes at or above its initial level on any review date.
The payout at maturity will be par unless either asset finishes below its downside threshold level, 65% 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 autocallable contingent yield notes
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $16,212,950
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Maturity: | May 11, 2023
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Coupon: | 10.7%, payable quarterly if each index closes at or above coupon barrier on review date for that quarter
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Price: | Par of $10
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Call: | At par plus coupon if both indexes close at or above initial levels on any review date after six months
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Payout at maturity: | Par unless either index finishes below its 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, 2,929.80 for S&P
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Coupon barriers: | 864.265 for Russell, 1,904.37 for S&P; 65% of initial levels
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Downside thresholds: | 864.265 for Russell, 1,904.37 for S&P; 65% of initial levels
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Pricing date: | May 8
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Settlement date: | May 13
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 2%
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Cusip: | 90281J620
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