By Wendy Van Sickle
Columbus, Ohio, May 18 – UBS AG, London Branch priced $10 million of airbag autocallable contingent yield notes with memory interest due May 20, 2024 linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly at an annualized rate of 11.55% if the ETF closes above its coupon barrier, 85% of the initial level, on the related observation date, plus any previously unpaid coupon.
The notes will be called automatically at par if the shares close at or above the initial share price on any monthly observation date.
The payout at maturity will be par unless the final share price is less than the conversion price, 85% of the initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the conversion price.
UBS Investment Bank and UBS Financial Services Inc. are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Airbag autocallable contingent yield notes with memory interest
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Underlying ETF: | SPDR S&P 500 ETF trust
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Amount: | $10 million
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Maturity: | May 20, 2024
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Coupon: | 11.55%, payable monthly if ETF closes above coupon barrier on related observation date, plus any previously unpaid coupon
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Price: | Par
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Payout at maturity: | Par unless final share price is less than conversion price, in which case 2.8677 shares
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Call: | Automatically at par if the shares close at or above initial share price on any monthly observation date
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Initial share price: | $410.25
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Coupon barrier: | $348.71, 85% of initial share price
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Conversion price: | $348.71, 85% of initial share price
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Strike date: | May 16
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Pricing date: | May 17
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Settlement date: | May 19
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Agents: | UBS Investment Bank and UBS Financial Services Inc.
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Fees: | 0.1%
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Cusip: | 90289X464
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