By Wendy Van Sickle
Columbus, Ohio, March 14 – UBS AG, London Branch priced $10 million of phoenix autocallable buffer notes with memory interest due March 20, 2023 linked to SPDR S&P 500 ETF Trust shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF closes at or above the coupon barrier level, 85% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 12.35%, plus any previously unpaid contingent coupon 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 unless the ETF finishes below the buffer level, in which case investors will lose 1.1765% for every 1% that the ETF declines beyond 15%.
UBS Investment Bank is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Phoenix autocallable buffer 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: | March 20, 2023
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| Coupon: | 12.35% annualized, plus any previously unpaid coupons, if ETF closes at or above coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if ETF finishes at or above buffer level; otherwise, 1.1765% loss for every 1% that ETF declines beyond 15%
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| Call: | At par if ETF closes at or above initial level on a quarterly observation date
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| Initial price: | $416.25
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| Coupon barrier: | $353.81, 85% of initial price
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| Buffer level: | $353.81, 85% of initial price
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| Strike date: | March 8
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| Pricing date: | March 9
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| Settlement date: | March 14
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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: | 0.2%
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| Cusip: | 90279DP34
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