Published on 4/25/2024 in the Prospect News Structured Products Daily.
New Issue: UBS sells $747,000 trigger autocallable contingent yield notes with memory on ETFs
By Kiku Steinfeld
Chicago, April 25– UBS AG, London Branch priced $747,000 of trigger autocallable contingent yield notes with memory interest due Aug. 5, 2027 linked to the SPDR Euro Stoxx 50 ETF, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon plus any previously unpaid coupons at an annual rate of 9.25% if each ETF closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if all ETFs close above their initial levels on any monthly observation date after twelve months.
The payout at maturity will be par unless any ETF finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level, payable in shares or cash at the option of the issuer.
UBS Securities LLC and UBS Financial Services Inc. are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger autocallable contingent yield notes with memory interest
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| Underlying ETFs: | SPDR Euro Stoxx 50 ETF, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust
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| Amount: | $747,000
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| Maturity: | Aug. 5, 2027
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| Coupon: | 9.25%, payable monthly plus any previously unpaid coupons if each ETF closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Call: | At par plus the coupon if all ETFs close above their initial levels on any monthly observation date after twelve months
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| Payout at maturity: | Par if all ETFs finish above 60% of initial levels; otherwise, 1% loss for each 1% decline of the worst performing ETF from initial level, payable in shares or cash
|
| Initial levels: | $47.03 for Stoxx, $198.71 for Russell, $457.79 for S&P
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| Coupon barriers: | $32.92 for Stoxx, $139.10 for Russell, $320.45 for S&P; 70% of initial levels
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| Downside thresholds: | $28.22 for Stoxx, $119.23 for Russell, $274.67 for S&P, 60% of initial levels
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| Equity ratios: | 21.2630 for Stoxx, 5.0325 for Russell, 2.1844 for S&P
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| Pricing date: | July 31, 2023
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| Settlement date: | Aug. 3, 2023
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| Agents: | UBS Securities LLC and UBS Financial Services Inc.
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| Fees: | 0.25%
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| Cusip: | 90279GH51
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