Published on 10/23/2021 in the Prospect News Structured Products Daily.
New Issue: UBS prices $2.37 million trigger autocallable contingent yield notes on stocks
By Kiku Steinfeld
Chicago, Oct. 25 – UBS AG, London Branch priced $2.37 million of trigger autocallable contingent yield notes due Aug. 1, 2024 linked to the common stocks of Citigroup Inc., Nvidia Corp. and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 12% per year if the shares of each stock close at or above the coupon barrier level, 55% of the initial share price, on the observation date for that month.
After six months, the notes will be automatically called at par if the shares of each stock close at or above the initial share price on any quarterly call observation date other than the final one.
If the notes are not called and the final share price of each stock is greater than or equal to the downside threshold level, 60% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price of the least performing stock is less than the initial share price.
UBS Securities LLC and UBS Investment Bank are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying stocks: | Citigroup Inc., Nvidia Corp. and Wynn Resorts, Ltd.
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Amount: | $2,368,000
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Maturity: | Aug. 1, 2024
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Contingent coupon: | 12%, payable monthly if each stock closes at or above coupon barrier level on observation date for that month
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard stock from initial level
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Call: | After six months, automatically at par if each stock closes at or above initial level on any quarterly observation date other than the final one
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Initial price: | $67.98 for Citi, $192.08 for Nvidia, $100.34 for Wynn
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Coupon barrier: | $40.79 for Citi, $115.25 for Nvidia, $60.20 for Wynn; 60% of initial levels
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Downside threshold: | $40.79 for Citi, $115.25 for Nvidia, $60.20 for Wynn; 60% of initial levels
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Pricing date: | July 27
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Settlement date: | July 30
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Agents: | UBS Securities LLC and UBS Investment Bank
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Fees: | 3.5%
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Cusip: | 90276BX99
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