By William Gullotti
Buffalo, N.Y., June 25 – UBS AG, London Branch priced $21.99 million of trigger autocallable contingent yield notes due June 25, 2026 linked to the least performing of the SPDR S&P 500 ETF Trust and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 7% per year if each ETF closes at or above its coupon barrier, 70% 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 its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each ETF is greater than or equal to the downside threshold level, 70% 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 Securities LLC 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, SPDR S&P Regional Banking ETF
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Amount: | $21.99 million
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Maturity: | June 25, 2026
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Coupon: | 7% per year, paid monthly, if each ETF closes at or above its coupon barrier on any related observation date
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Price: | Par of $10
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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 initial level on any quarterly call observation date after six months
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Initial levels: | $423.11 for S&P 500 ETF, $65.86 for Banking
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Coupon barrier levels: | $296.18 for S&P 500 ETF, $46.10 for Banking; 70% of initial levels
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Downside thresholds: | $296.18 for S&P 500 ETF, $46.10 for Banking; 70% of initial levels
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Pricing date: | June 22
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Settlement date: | June 25
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 2.25%
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Cusip: | 90279B167
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