UBS to price five-year callable step-up notes with 2% initial rate

By Toni Weeks

San Diego, May 19 - UBS AG, Jersey Branch plans to price callable step-up fixed-rate notes due June 15, 2016, according to an FWP filing with the Securities and Exchange Commission.

The coupon is 2% for the first two years. It will step up to 2.75% on June 15, 2013, to 3.25% on June 15, 2014 and to 4.5% on June 15, 2015. Interest is payable semiannually.

The payout at maturity will be par.

The notes will be callable at par on any interest payment date.

The notes (Cusip: 90261JHC0) will settle June 15.

UBS Securities LLC and UBS Investment Bank are the underwriters.

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