UBS to price autocallable optimization securities tied to Apple stock

By Marisa Wong

Milwaukee, May 3 - UBS AG, London Branch plans to price autocallable optimization securities with contingent protection due May 16, 2011 linked to the common stock of Apple Inc., according to an FWP filing with the Securities and Exchange Commission.

If the price of Apple stock closes at or above the initial share price on any monthly observation date, the notes will be called at par of $10 plus an annualized call premium of 15% to 20% that will be set at pricing.

If the notes are not called and the final price of Apple stock is less than 80% of the initial share price, the payout at maturity will be par plus the return. Otherwise, the payout will be par.

The notes are expected to price on May 11 and settle on May 14.

UBS Financial Services Inc. and UBS Investment Bank are the underwriters.

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