UBS plans contingent income autocallables linked to Bank of America

By Susanna Moon

Chicago, April 29 - UBS AG, London Branch plans to price contingent income autocallable securities due May 5, 2016 linked to Bank of America Corp. shares, according to an FWP with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annualized rate of 8% if Bank of America stock closes at or above the 75% barrier level on the determination date for that quarter.

If the shares close at or above the initial level on any of the first 11 quarterly determination dates, the notes will be called at par plus the contingent coupon.

If Bank of America stock finishes at or above the 75% trigger level, the payout at maturity will be par plus the contingent payment.

Otherwise, investors will receive a number of shares of Bank of America stock equal to $10 divided by the initial share price or, at the issuer's option, the cash value of those shares.

UBS Securities LLC is the agent with Morgan Stanley Smith Barney LLC as dealer.

The notes will price on April 30 and settle in May 3.

The Cusip number is 90271C353.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.