Published on 9/1/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $575,000 trigger callable contingent yield notes on two indexes
By Kiku Steinfeld
Chicago, Sept. 1 – UBS AG, London Branch priced $575,000 of trigger callable contingent yield notes due April 3, 2024 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at a rate of 7.65% per year if each index closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be callable at par on any monthly observation date starting after six months.
If each index finishes at or above its 60% 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
|
| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $575,000
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| Maturity: | April 3, 2024
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| Coupon: | 7.65% per year, payable monthly if each index 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 index 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
|
| Call: | Callable at par on any monthly observation date starting after six months
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| Initial levels: | 1,896.991 for Russell, 3,970.15 for S&P
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| Coupon barriers: | 1,138.195 for Russell, 2,382.09 for S&P; 60% of initial levels
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| Downside thresholds: | 1,138.195 for Russell, 2,382.09 for S&P; 60% of initial levels
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| Pricing date: | Feb. 28, 2023
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| Settlement date: | March 3, 2023
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| Underwriters: | UBS Securities LLC and UBS Investment Bank
|
| Fees: | 0.25%
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| Cusip: | 90279F4F5
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