By Kiku Steinfeld
Chicago, Aug. 16 – UBS AG, London Branch priced $1.13 million of trigger autocallable contingent yield notes due July 19, 2024 linked to the SPDR S&P Oil & Gas Exploration & Production ETF and the VanEck Vectors Oil Services ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.58% if each ETF closes at or above its coupon barrier, 60% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if both ETFs close above their initial levels on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless any ETF finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
UBS Securities LLC and UBS Financial Services Inc. are the agents.
Issuer: | UBS AG, London Branch
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Issue: | Trigger autocallable contingent yield notes
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Underlying ETFs: | SPDR S&P Oil & Gas Exploration & Production ETF and VanEck Vectors Oil Services ETF
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Amount: | $1.13 million
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Maturity: | July 19, 2024
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Coupon: | 9.58%, payable quarterly if each ETF closes at or above coupon barrier on observation date
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Price: | Par
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Call: | At par plus the coupon if both ETFs close above their initial levels on any quarterly observation date after six months
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Payout at maturity: | Par plus the coupon if both ETFs finish above 60% of initial level; otherwise, 1% loss for each 1% decline of the worst performing ETF from initial level
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Initial levels: | $189.35 for VanEck, $82.32 for S&P
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Coupon barriers: | $113.61 for VanEck, $49.39 for S&P, 60% of initial levels
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Downside thresholds: | $113.61 for VanEck, $49.39 for S&P, 60% of initial levels
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Pricing date: | July 16
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Settlement date: | July 21
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Agents: | UBS Securities LLC and UBS Financial Services Inc.
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Fees: | 2.5%
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Cusip: | 90279DAN6
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