By Angela McDaniels
Tacoma, Wash., April 30 – UBS AG, London Branch priced $4.32 million of trigger autocallable contingent yield notes due April 29, 2021 linked to the lesser performing of the SPDR S&P Biotech exchange-traded fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 9.85% if each ETF closes at or above its downside threshold, 65% of its initial share price, on the observation date for that quarter.
The notes will be automatically called at par if each ETF closes at or above its initial level on any quarterly observation date prior to the final valuation date.
The payout at maturity will be par unless either ETF finishes below its downside threshold, in which case investors will be exposed to the decline of the lesser-performing ETF from its initial share price.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying ETF: | SPDR S&P Biotech ETF and Technology Select Sector SPDR fund
|
| Amount: | $4,321,000
|
| Maturity: | April 29, 2021
|
| Coupon: | 9.85%, payable quarterly if ETFs close at or above downside thresholds on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either ETF finishes below downside threshold, in which case exposure to decline of lesser-performing ETF from initial level
|
| Call: | Automatically at par if ETFs close at or above initial share price on any quarterly observation date prior to final valuation date
|
| Initial levels: | $87.24 for biotech ETF and $78.56 for tech fund
|
| Downside thresholds: | $56.71 for biotech ETF and $51.06 for tech fund, or 65% of initial levels
|
| Pricing date: | April 26
|
| Settlement date: | April 30
|
| Underwriter: | UBS Financial Services Inc. and UBS Investment Bank
|
| Fees: | 2.35%
|
| Cusip: | 90270KC23
|
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