Published on 6/24/2015 in the Prospect News Structured Products Daily.
New Issue: UBS sells $2.5 million trigger phoenix autocallables on Euro Stoxx, S&P
By Marisa Wong
Madison, Wis., June 24 – UBS AG, London Branch priced $2.5 million of trigger phoenix autocallable optimization securities due June 30, 2025 linked to the lesser performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if each index closes at or above its coupon barrier level, 66% of its initial level, on the observation date for that quarter. The contingent coupon rate is 8% per year.
Beginning one year after issuance, the notes will be called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its 65% trigger level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be fully exposed to the decline of the least-performing index.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying indexes: | Euro Stoxx 50 and S&P 500
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| Amount: | $2.5 million
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| Maturity: | June 30, 2025
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| Coupon: | 8% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par plus final contingent coupon, if any; otherwise, full exposure to losses of worse performing index
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| Call: | At par if each index closes at or above initial level on any quarterly observation date after one year
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| Initial levels: | 3,596.07 for Euro Stoxx, 2,122.85 for S&P
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| Barrier levels: | 2,373.41 for Euro Stoxx, 1,401.08 for S&P; 66% of initial levels
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| Trigger levels: | 2,337.45 for Euro Stoxx, 1,379.85 for S&P; 65% of initial levels
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| Pricing date: | June 22
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| Settlement date: | June 25
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| Distributor: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 3%
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| Cusip: | 90275C136
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