Published on 4/19/2021 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.5 million phoenix autocallable notes with memory coupon on Advanced Micro
Chicago, April 19 – UBS AG, London Branch priced $1.5 million phoenix autocallable notes with memory coupon due March 31, 2022 linked to Advanced Micro Devices, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the interest barrier level, 60% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 9.25%, plus any previously unpaid contingent interest payments.
The notes will be called at par of $10,000 if the shares close at or above the initial share price on any quarterly observation date other than the final date.
The payout at maturity will be par if the stock finishes below the 60% 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. J.P. Morgan Securities LLC is the placement agent.
| Issuer: | UBS AG, London Branch
|
| Issue: | Phoenix autocallable notes with memory coupon
|
| Underlying stock: | Advanced Micro Devices, Inc.
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| Amount: | $1.5 million
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| Maturity: | March 31, 2022
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| Coupon: | 9.25% annualized, plus any previously unpaid coupons, if stock closes at or above trigger level on quarterly observation date
|
| Price: | Par of $10,000
|
| 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
|
| Call: | At par if stock closes at or above initial level on a quarterly observation date
|
| Initial price: | $80.6676
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| Trigger level: | $48.40, 60% of initial price
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| Interest barrier level: | $48.40, 60% of initial price
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| Strike date: | March 12
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| Pricing date: | March 16
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| Settlement date: | March 18
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| Underwriter: | UBS Investment Bank
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| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 90276BUN1
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