Published on 3/19/2019 in the Prospect News Structured Products Daily.
New Issue: UBS prices $283,400 put spread warrants linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, March 19 – UBS AG, London Branch priced $283,400 of six-month put spread warrants linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notional amount is $1,000 per warrant. The premium amount and original issue price is $21.80 per warrant. The aggregate premium amount for the 13,000 warrants is $283,400.
If the final index level is less than the strike level, 95% of the initial index level, the warrants will be automatically exercised. The payout will be the notional amount per warrant multiplied by the lesser of the index change and the 15% spread cap.
If the final index level is greater than or equal to the strike level, the warrants will expire worthless and the cash settlement amount will be zero.
J.P. Morgan Securities LLC and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Put spread warrants
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Underlying index: | S&P 500
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Warrants: | 13,000
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Notional amount: | $1,000 each
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Price: | $21.80 each, or $283,400 total
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Expiration date: | Sept. 6, 2019
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Cash settlement date: | Sept. 11, 2019
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Payout: | If final index level is less than strike level, $1,000 multiplied by lesser of index change and 15%; if final index level is greater than or equal to strike level, warrants will expire worthless and cash settlement amount will be zero
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Initial index level: | 2,743.07
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Strike level: | 2,605.92, 95% of initial index level
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Final index level: | Average of index’s closing levels on five trading days ending Sept. 5, 2019
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Pricing date: | March 8
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Settlement date: | March 13
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Agents: | J.P. Morgan Securities LLC and UBS Investment Bank
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Fees: | $1.20 per warrant
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Cusip: | 90281C385
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