Published on 4/14/2021 in the Prospect News Structured Products Daily.
New Issue: UBS prices $2.81 million phoenix autocallable notes with memory coupon on American Express
By Wendy Van Sickle
Columbus, Ohio, April 14 – UBS AG, London Branch priced $2.81 million phoenix autocallable notes with memory coupon due April 13, 2022 linked to American Express Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the trigger level, 75% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 11.5%, plus any previously unpaid contingent interest payments.
The notes will be called at par if the shares close at or above the initial share price on any observation date other than the final date.
The payout at maturity will be par if the stock finishes below the trigger level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
UBS Investment Bank is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
Issuer: | UBS AG, London Branch
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Issue: | Phoenix autocallable notes with memory coupon
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Underlying stock: | American Express Co.
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Amount: | $2,805,000
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Maturity: | April 13, 2022
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Coupon: | 11.5% annualized, plus any previously unpaid coupons, if stock closes at or above trigger level on quarterly observation date
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Price: | Par
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Payout at maturity: | Par if stock finishes at or above trigger level; otherwise, number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
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Call: | At par if stock closes at or above initial level on a quarterly observation date
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Initial price: | $143.73
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Trigger level: | $107.80, 75% of initial price
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Pricing date: | March 19
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Settlement date: | March 24
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Underwriter: | UBS Investment Bank
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Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 90276BVQ3
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