By William Gullotti
Buffalo, N.Y., May 23 – UBS AG, London Branch priced $2.93 million of contingent income autocallable securities with memory coupon due Oct. 31, 2024 linked to 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 9.25% if the index closes at or above its 75% coupon barrier on the corresponding observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus the contingent coupon if the index closes at or above initial level on any quarterly determination date after six months.
If the final index level is greater than or equal to the downside threshold level, 75% of initial level, the payout at maturity will be par plus all unpaid coupons.
Otherwise, investors will be exposed to the index’s decline from its initial level.
UBS Securities LLC is the agent and Morgan Stanley Wealth Management is the dealer.
Issuer: | UBS AG, London Branch
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Issue: | Contingent income autocallable securities with memory coupon
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Underlying index: | S&P 500 index
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Amount: | $2,929,000
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Maturity: | Oct. 31, 2024
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Coupon: | 9.25% per year, payable quarterly if the index closes at or above coupon barrier level on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par plus the final coupon unless index finishes below downside threshold level, in which case investors will be exposed to the index’s decline from its initial level
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Call: | At par plus contingent coupon if the index closes at or above initial level on any quarterly determination date after six months
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Initial level: | 4,169.48
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Coupon barrier: | 3,127.11; 75% of initial level
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Downside threshold: | 3,127.11; 75% of initial level
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Pricing date: | April 28
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Settlement date: | May 3
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Agent: | UBS Securities LLC
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 1%
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Cusip: | 90279GGA1
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