By Wendy Van Sickle
Columbus, Ohio, June 10 – UBS AG, London Branch priced $2.85 million phoenix autocallable notes with memory interest due June 2, 2022 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the interest barrier level, 75% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annual 15.25% rate, plus any previously unpaid contingent interest payments.
The notes will be called at par plus coupon 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 if the stock finishes below the 75% trigger level, in which case investors will be fully exposed to the losses of the stock.
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 interest
|
| Underlying stock: | Valero Energy Corp.
|
| Amount: | $2,845,000
|
| Maturity: | June 2, 2022
|
| Coupon: | 15.25% annual rate, plus any previously unpaid coupons, if stock closes at or above interest barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par if stock finishes at or above trigger level; otherwise, full exposure to losses of stock
|
| Call: | At par plus coupon if stock closes at or above initial level on a quarterly observation date
|
| Initial price: | $81.21
|
| Interest barrier level: | $60.91, 75% of initial price
|
| Trigger level: | $60.91, 75% of initial price
|
| Pricing date: | May 14
|
| Settlement date: | May 19
|
| Underwriter: | UBS Investment Bank
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 90276BG49
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
