Published on 11/10/2023 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1.9 million trigger contingent yield notes linked to three stocks
Chicago, Nov. 10 – UBS AG, London Branch priced $1.9 million of trigger contingent yield notes due Nov. 13, 2026 linked to the least performing of the U.S. Bancorp, Western Alliance Bancorporation and Zions Bancorporation NA, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes pay a contingent coupon at the rate of 24.3% per year if each stock’s closing level remains at or above its coupon barrier, 70% of its initial level on the related observation date.
If the notes are not called and each stock finishes at or above its downside threshold, 70% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing stock’s final level is below its initial level.
UBS Securities LLC and UBS Investment Bank are the underwriters.
| Issuer: | UBS AG, London Branch
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| Issue: | Trigger contingent yield notes
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| Underlying stocks: | U.S. Bancorp, Western Alliance Bancorporation and Zions Bancorporation NA
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| Amount: | $1,901,000
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| Maturity: | Nov. 13, 2026
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| Coupon: | 24.3% per year, payable monthly if each stock closes at or above its coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing stock’s final level is below initial level
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| Initial levels: | $34.81 for U.S. Bancorp, $46.83 for Western, $34.10 for Zions
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| Coupon barriers: | $24.37 for U.S. Bancorp, $32.78 for Western, $23.87 for Zions, or 70% of initial levels
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| Downside thresholds: | $24.37 for U.S. Bancorp, $32.78 for Western, $23.87 for Zions, or 70% of initial levels
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| Pricing date: | Nov. 7
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| Settlement date: | Nov. 10
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| Underwriters: | UBS Securities LLC and UBS Investment Bank
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| Fees: | 0.5%
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| Cusip: | 90279WNZ3
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