Published on 7/26/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.55 million trigger callable contingent yield notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, July 26 – UBS AG, London Branch priced $1.55 million of trigger callable contingent yield notes due July 26, 2027 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the SPDR Euro Stoxx 50 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 9.5% if each underlier’s closing level is at least 60% of its initial level on the corresponding observation date.
The notes may be called at par on any monthly observation date after six months.
If the notes are not called and each underlier finishes at or above 60% of initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the worst performer’s final level is below 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 assets: | S&P 500 index, Russell 2000 index, SPDR Euro Stoxx 50 ETF
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Amount: | $1,554,000
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Maturity: | July 26, 2027
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Coupon: | 9.5% per year, payable monthly if each underlier closes at or above its coupon barrier level on the relevant observation date
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Price: | Par
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Payout at maturity: | If each underlier finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above trigger level, par; otherwise, full exposure to decline of worst performer from initial level
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Call option: | At par on any monthly observation date after six months
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Initial levels: | $46.75 for ETF, 1,960.225 for Russell, 4,536.34 for S&P
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Coupon barrier levels: | $28.05 for ETF, 1,176.153 for Russell, 2,721.8 for S&P; 60% of initial levels
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Trigger levels: | $28.05 for ETF, 1,176.153 for Russell, 2,721.8 for S&P; 60% of initial levels
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Pricing date: | July 21
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Settlement date: | July 26
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Agents: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 0.025%
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Cusip: | 90279GA66
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