Published on 9/2/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $350,000 trigger autocallable contingent yield notes on Invesco, SPDR
By Kiku Steinfeld
Chicago, Sept. 5 – UBS AG, London Branch priced $350,000 of trigger autocallable contingent yield notes due March 4, 2027 linked to the least performing of the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust, series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 8.55% per year if each ETF closes at or above its coupon barrier, 60% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if the shares of each ETF close at or above 105% of their initial share price on any quarterly call observation date
If the notes are not called and the final share price of each ETF is greater than or equal to the downside threshold level, 60% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price of the least performing ETF is less than its initial share price.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying ETFs: | SPDR S&P 500 ETF Trust, Invesco QQQ Trust, series 1
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Amount: | $350,000
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Maturity: | March 4, 2027
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Coupon: | 8.55% per year, paid quarterly, if each ETF closes at or above its coupon barrier on any related observation date
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Price: | Par
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Payout at maturity: | Par unless any ETF finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard ETF from initial level
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Call: | Automatically at par plus coupon if each ETF closes at or above 105% of its initial level on any quarterly call observation date
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Initial levels: | $397.73 for SPDR, $293.94 for Invesco QQQ
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Coupon barrier levels: | $238.64 for SPDR, $176.36 for Invesco QQQ; 60% of initial levels
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Downside thresholds: | $238.64 for SPDR, $176.36 for Invesco QQQ; 60% of initial levels
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Pricing date: | Feb. 28, 2023
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Settlement date: | March 3, 2023
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Agent: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 0.6%
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Cusip: | 90279F5M9
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