Published on 4/11/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $1.12 million step down trigger autocallable notes on Russell, S&P
By William Gullotti
Buffalo, N.Y., April 11 – UBS AG, London Branch priced $1.12 million of step down trigger autocallable notes due March 31, 2028 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a 9.4% annualized call premium if each index closes at or above its call level on any annual observation date. Call level starts at 100% of initial level and steps down by 2.5% per year.
The notes will be called at par plus the 47% final premium if each index finishes at or above 90% of initial level.
If the notes are not called and each index finishes at or above its 65% downside threshold, the payout will be par. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Step down trigger autocallable notes
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Underlying indexes: | Russell 2000 index, S&P 500 index
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Amount: | $1,122,000
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Maturity: | March 31, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes at or above 90% of initial level, par plus 47%; if the notes are not called and each index finishes at or above downside threshold level, par; otherwise, 1% loss for each 1% decline of worse performing index from initial level
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Call: | At par plus 9.4% annualized call premium if each index closes at or above call level on the relevant annual observation date; call level starts at 100% of initial level and steps down by 2.5% per year
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Initial levels: | 3,971.27 for S&P, 1,752.632 for Russell
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Downside thresholds: | 2,581.33 for S&P, 1,139.211 for Russell; 65% of initial levels
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Pricing date: | March 28
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Settlement date: | March 31
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 3.3%
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Cusip: | 90279F5H0
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