Published on 11/15/2022 in the Prospect News Structured Products Daily.
New Issue: UBS prices $5.75 million trigger contingent yield notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 15 – UBS AG, London Branch priced $5.75 million of trigger contingent yield notes due May 13, 2024 linked to the performance of the Invesco QQQ Trust, series 1, the iShares Russell 2000 ETF and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at a rate of 14% per year if each ETF closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
If each ETF finishes at or above its 75% downside threshold, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the worst performer’s final level is below its initial level.
UBS Securities LLC and UBS Investment Bank are the underwriters.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger contingent yield notes
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| Underlying ETFs: | Invesco QQQ Trust, series 1, iShares Russell 2000 ETF and SPDR S&P 500 ETF trust
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| Amount: | $5.75 million
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| Maturity: | May 13, 2024
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| Coupon: | 14% per year, payable quarterly if each ETF closes at or above its coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above its downside threshold, par plus final coupon; otherwise, 1% loss for every 1% that the worst performer declines from its initial level
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| Initial levels: | $269.54 for QQQ, $179.56 for Russell, $382.00 for S&P
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| Coupon barriers: | $202.16 for QQQ, $134.67 for Russell, $286.50 for S&P; 75% of initial levels
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| Downside thresholds: | $202.16 for QQQ, $134.67 for Russell, $286.50 for S&P; 75% of initial levels
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| Pricing date: | Nov. 9
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| Settlement date: | Nov. 14
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| Underwriters: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.3%
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| Cusip: | 90279FYL9
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