Published on 7/31/2023 in the Prospect News Structured Products Daily.
New Issue: UBS sells $4.75 million buffer autocallable contingent yield notes with memory on stocks
By William Gullotti
Buffalo, N.Y., July 31 – UBS AG London Branch priced $4.75 million of buffer autocallable contingent yield notes with memory interest due July 29, 2026 linked to the stock performance of Mastercard Inc., Visa Inc. and Vale SA, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10% if each stock closes at or above its 60% coupon barrier on the relevant observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called at par plus coupon if each stock closes at or above its initial level on any monthly review date after one year.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 60% buffer level, in which case investors will lose 1% for every 1% the worst performing stock declines beyond 40%.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Buffer autocallable contingent yield notes with memory interest
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| Underlying stocks: | Visa Inc., Vale SA
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| Amount: | $4,754,000
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| Maturity: | July 29, 2026
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| Coupon: | 10%, payable monthly if each stock closes at or above coupon barrier on observation date; coupon payment events will automatically include previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any stock finishes below buffer level, in which case 1% loss for each 1% decline of the worst performing stock beyond buffer
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| Call: | Automatically at par plus coupon if each stock closes at or above its initial level on any monthly review date after one year
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| Initial level: | $404.79 for Mastercard, $240.74 for Visa, $14.71 for Vale
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| Coupon barriers: | $242.87 for Mastercard, $144.44 for Visa, $8.83 for Vale; 60% of initial levels
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| Buffer levels: | $242.87 for Mastercard, $144.44 for Visa, $8.83 for Vale; 60% of initial levels
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| Pricing date: | July 24
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| Settlement date: | July 27
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| Agents: | UBS Financial Services Inc. and UBS Investment Bank
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| Fees: | 0.1%
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| Cusip: | 90279GB99
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