By Jennifer Chiou
New York, April 2 - UBS AG priced a $50 million issue of 0% exchange-traded access securities (E-Tracs) due April 5, 2038 linked to the UBS Bloomberg CMCI Livestock Total Return, according to a 424B2 filing with the Securities and Exchange Commission.
The index is a sub-index of the UBS Bloomberg Constant Maturity Commodity index and measures the collateralized returns from a basket of livestock futures contracts.
The payout at maturity will be par of $25.00 times the index performance minus a fee equal to 0.65% per year.
Holders may require UBS to redeem the securities, in whole or in part, on any trading day beginning on April 28, 2008. There is a minimum of 100,000 securities or $2.5 million principal amount.
UBS may call the securities on any trading day on or after April 4, 2013 through April 5, 2038. Holders will receive the redemption amount, which is calculated in the same manner as the payout at maturity.
UBS Investment Bank is the underwriter.
| Issuer: | UBS AG
|
| Issue: | Exchange-traded access securities (E-Tracs)
|
| Underlying index: | UBS Bloomberg CMCI Livestock Total Return
|
| Amount: | $50 million
|
| Maturity: | April 5, 2038
|
| Coupon: | 0%
|
| Price: | Par of $25.00
|
| Payout at maturity: | Par times the index performance minus a fee equal to 0.65% per year
|
| Put: | In whole or in part on any trading day beginning April 28, 2008; minimum of 100,000 securities
|
| Call: | On any trading day on or after April 4, 2013 through April 5, 2038
|
| Initial level: | 869.70
|
| Pricing date: | April 1
|
| Settlement date: | April 4
|
| Underwriter: | UBS Investment Bank
|
| Listing: | NYSE Arca: UBC
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