By Wendy Van Sickle
Columbus, Ohio, Feb. 17 – UBS AG, London Branch priced $3.7 million of fixed-to-floating rate notes due Aug. 15, 2024, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at 6% per year to but excluding Aug. 15, 2023.
After that, it will accrue at an annual rate of two-Year U.S. Dollar SOFR ICE swap rate plus 5 basis points, subject to a floor of 0%.
The payout at maturity will be par plus any accrued interest.
The notes are callable quarterly starting Aug. 15, 2024.
UBS Securities LLC is the agent.
| Issuer: | UBS AG, London Branch
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| Issue: | Fixed-to-floating callable rate notes
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| Amount: | $3.7 million
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| Maturity: | Aug. 15, 2024
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| Price: | Par
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| Coupon: | 6% annually, payable quarterly to but excluding Aug. 15, 2023; after that, two-Year U.S. Dollar SOFR ICE swap rate plus 5 bps with floor of 0% per annum, payable quarterly
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| Call option: | Quarterly starting Aug. 15, 2023
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| Payout at maturity: | Par plus any interest
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| Pricing date: | Feb. 13
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| Settlement date: | Feb. 15
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| Underwriter: | UBS Securities LLC
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| Fees: | 0.5%
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| Cusip: | 90279FY96
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