Published on 11/2/2018 in the Prospect News Structured Products Daily.
New Issue: UBS sells $3.25 million trigger callable contingent yield notes on Russell, S&P
By Wendy Van Sickle
Columbus Ohio, Nov. 2 – UBS AG, London Branch priced $3.25 million of trigger callable contingent yield notes due Oct. 31, 2023 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon if each index closes at or above its coupon barrier, 60% of its initial level, on the observation date that quarter. The contingent coupon rate is 6.08% per year.
The notes are callable at par quarterly after one year.
If the notes are not called and each index finishes at or above its downside threshold, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Securities LLC 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 indexes: | S&P 500, Russell 2000
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Amount: | $3,249,000
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Maturity: | Oct. 31, 2023
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Coupon: | 6.08% per year, payable each quarter that each index closes at or above its coupon barrier on observation date that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par quarterly after one year
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Initial levels: | 1,483.821 for Russell, 2,658.69 for S&P
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Coupon barriers: | 890.293 for Russell, 1,595.21 for S&P; 60% of initial levels
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Downside thresholds: | 890.293 for Russell, 1,595.21 for S&P; 60% of initial levels
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 3.25%
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Cusip: | 90270KUS6
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