Published on 7/11/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.37 million step down buffer autocallable notes linked to Russell, S&P
By William Gullotti
Buffalo, N.Y., July 11 – UBS AG, London Branch priced $1.37 million of step down buffer autocallable notes due June 30, 2028 linked to the performance 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 9.1% annualized call premium if each index closes at or above call level on any annual valuation date. Call level starts at 100% of initial level and decreases by 2.5% per subsequent observation date.
The notes will be called at par plus the 45.5% final premium if each index finishes at or above 90% of initial level.
Investors will receive par if the worst performer declines by more than 10% but finishes at or above the 85% downside threshold level and will lose 1% for each 1% decline of worst performing index beyond 15%.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Step down buffer autocallable notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $1,365,000
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| Maturity: | June 30, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 45.5% if each index finishes at or above 90% of initial level; if the notes are not called and the worst performer finishes at or above downside threshold level, par; otherwise, 1% loss for each 1% decline of worst performer beyond 15%
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| Call: | At par plus 9.1% annualized call premium if each index closes at or above call level on any annual valuation date; call level starts at 100% of initial level and decreases by 2.5% per subsequent observation date
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| Initial levels: | 1,849.93 for Russell, 4,378.41 for S&P
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| Downside thresholds: | 1,572.441 for Russell, 3,721.65 for S&P; 85% of initial levels
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| Pricing date: | June 27
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| Settlement date: | June 30
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 3.3%
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| Cusip: | 90279GMG1
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