Published on 10/12/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.11 million trigger callable contingent yield notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Oct. 12 – UBS AG, London Branch priced $1.11 million of trigger callable contingent yield notes due Oct. 9, 2025 linked to the worst performing of the Nasdaq-100 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 quarterly coupon at an annual rate of 11.7% if each underlier’s closing level is at least 75% of its initial level on the corresponding observation date.
The notes may be callable at par plus any coupon otherwise due on any quarterly observation date after six months.
If the notes are not called and each underlier finishes at or above its 75% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the least-performing underlier’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: | Nasdaq-100 index, Russell 2000 index, SPDR Euro Stoxx 50 ETF
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| Amount: | $1.11 million
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| Maturity: | Oct. 9, 2025
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| Coupon: | 11.7% per year, payable quarterly 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: | Par plus final coupon unless any underlier finishes below its trigger level, in which case full exposure to the losses of the worst performing underlier
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| Call option: | At par plus any coupon otherwise due on any quarterly observation date after six months
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| Initial levels: | $42.07 for ETF, 1,745.558 for Russell, 14,973.24 for Nasdaq
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| Coupon barrier levels: | $31.55 for ETF, 1,309.169 for Russell, 11,229.93 for Nasdaq; 75% of initial levels
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| Knock-in levels: | $31.55 for ETF, 1,309.169 for Russell, 11,229.93 for Nasdaq; 75% of initial levels
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| Pricing date: | Oct. 6
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| Settlement date: | Oct. 12
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 2.5%
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| Cusip: | 90279WKD5
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