Published on 9/29/2016 in the Prospect News Structured Products Daily.
New Issue: UBS prices $2.28 million phoenix autocallables tied to Wells Fargo
By Marisa Wong
Morgantown, W.Va., Sept. 29 – UBS AG, London Branch priced $2.28 million of phoenix autocallable notes due Oct. 12, 2017 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon of 2.475% if the stock closes at or above the barrier price, 80% of the initial price, on the observation date for that quarter.
If the stock closes at or above its initial price on any quarterly observation date, the notes will be automatically called at par plus any contingent interest.
If the notes are not called and the stock finishes at or above its 80% trigger price, the payout at maturity will be par. Otherwise, investors will receive an amount in cash equal to the share delivery amount, 21.8627, multiplied by the final price.
UBS Investment Bank and J.P. Morgan Securities LLC are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Phoenix autocallable notes
|
| Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
|
| Amount: | $2,275,000
|
| Maturity: | Oct. 12, 2017
|
| Coupon: | 9.9% per year, payable each quarter that stock closes at or above the barrier price on the observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | If the stock finishes at or above its trigger price, par; otherwise, an amount in cash equal to the share delivery amount, 21.8627, multiplied by the final price
|
| Call: | Automatically at par plus any contingent interest if the stock closes at or above its initial price on any quarterly observation date
|
| Initial price: | $45.74
|
| Barrier/trigger price: | $36.59, 80% of initial price
|
| Final price: | Average of closing share prices for five averaging dates ending Oct. 6, 2017
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 28
|
| Agents: | UBS Investment Bank and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 90270KHC6
|
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