Published on 10/6/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $7.75 million step down trigger autocallable notes on S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Oct. 6 – UBS AG, London Branch priced $7.75 million of step down trigger autocallable notes due Oct. 6, 2028 linked to the least performing of the Nasdaq-100 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 an 11% annualized call premium if both indexes close at or above their call level on any annual observation date. The call level is equal to 100% on every observation date except the final one when it will be equal to the 65% downside threshold.
If the notes are not called, at least one index will have finished below its 65% downside threshold, in which case investors will be fully exposed to the losses of the worst performer.
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: | Nasdaq-100 index, S&P 500 index
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| Amount: | $7.75 million
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| Maturity: | Oct. 6, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If notes are not called, full exposure to losses of worst performer
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| Call: | At par plus 11% annualized call premium if both indexes close at or above call level on any annual observation date; call level starts at the initial level and remains at that level for every observation date other than the final one when it will equal the downside threshold
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| Initial levels: | 14,565.62 for Nasdaq, 4,229.45 for S&P
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| Downside thresholds: | 9,467.65 for Nasdaq, 2,749.14 for S&P; 65% of initial levels
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| Pricing date: | Oct. 4
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| Settlement date: | Oct. 10
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| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.2%
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| Cusip: | 90279WJW5
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