By William Gullotti
Buffalo, N.Y., April 20 – UBS AG, London Branch priced $1.85 million of trigger autocallable contingent yield notes due April 23, 2024 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 13.25% per year if each ETF closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if the shares of each ETF close at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each ETF is greater than or equal to the downside threshold level, 70% of the initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of ETF shares of the worst performer equal to $1,000 divided by that ETF’s initial level.
UBS Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF, iShares Silver Trust
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| Amount: | $1,853,000
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| Maturity: | April 23, 2024
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| Coupon: | 13.25% per year, paid quarterly, if each ETF closes at or above its coupon barrier on any related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any ETF finishes below downside threshold level, in which case receive a number of shares of the worst performer equal to its equity ratio
|
| Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any quarterly call observation date after six months
|
| Initial levels: | $40.87 for gold, $23.87 for silver
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| Coupon barrier levels: | $28.61 for gold, $16.71 for silver; 70% of initial levels
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| Downside thresholds: | $28.61 for gold, $16.71 for silver; 70% of initial levels
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| Equity ratios: | 24.4678 for gold, 41.8936 for silver; share delivery per note
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| Pricing date: | April 18
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| Settlement date: | April 22
|
| Agents: | UBS Securities LLC and UBS Investment Bank
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| Fees: | None
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| Cusip: | 90279D6D3
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