By William Gullotti
Buffalo, N.Y., May 6 – UBS AG, London Branch priced $2.68 million of phoenix autocallable notes with memory coupon due May 4, 2022 linked to the common stock of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the interest barrier level, 55% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter based on an annual 12.65% rate, plus any previously unpaid contingent interest payments.
The notes will be called at par 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 unless the stock finishes below the trigger level, in which case investors will lose 1% for each 1% decline of the stock from the initial level.
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 coupon
|
| Underlying stock: | Freeport-McMoRan Inc.
|
| Amount: | $2,679,000
|
| Maturity: | May 4, 2022
|
| Coupon: | 12.65% annual rate, if stock closes at or above trigger level on quarterly observation date plus any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par if stock finishes at or above trigger level; otherwise, 1% loss for each 1% decline of stock beyond initial level
|
| Call: | At par if stock closes at or above initial level on a quarterly observation date
|
| Initial price | $38.14
|
| Interest barrier level: | $20.98, 55% of initial price
|
| Trigger level: | $20.98, 55% of initial price
|
| Pricing date: | April 16
|
| Settlement date: | April 21
|
| Underwriter: | UBS Investment Bank
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 90276BYE7
|
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