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UBS plans autocallable optimization securities linked to UBS Bloomberg crude oil index
By E. Janene Geiss
Philadelphia, March 5 - UBS AG plans to price 0% autocallable optimization securities with contingent protection due Sept. 30, 2010 linked to the UBS Bloomberg CMCI Components USD Excess Return WTI Crude Oil index, according to an FWP filing with the Securities and Exchange Commission.
The notes will be automatically called if the index closes at or above its initial level on any of six quarterly observation dates. If the notes are called, the redemption amount will be par of $10 plus an annualized call return of 4.25% if the notes are called on June 24; 8.5% if the notes are called on Sept. 24; 12.75% if the notes are called on Dec. 24, 17% if the notes are called on March 25, 2010; 21.25% if the notes are called on June 24, 2010; and 25.5% if the notes are called on Sept. 24, 2010.
If the notes are not called, the payout at maturity will be par unless the index closes below the trigger level - 70% of the initial level - during the life of the notes and finishes below the initial index level, in which case investors will be fully exposed to the decline.
The notes are expected to price on March 26 and settle on March 31.
UBS Financial Services Inc. and UBS Investment Bank will be the underwriters.
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