By Marisa Wong
Madison, Wis., Nov. 2 - UBS AG, London Branch priced $32.72 million of 0% trigger phoenix autocallable optimization securities due Nov. 2, 2017 linked to the lesser performing shares of the iShares Russell 2000 index fund and the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
If each fund closes at or above the 59.16% trigger level on any quarterly observation date, the notes will pay a contingent coupon of 8% for that quarter. Otherwise, no coupon will be paid that quarter.
If each fund closes at or above its initial price on any quarterly observation date after one year, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called, the payout at maturity will be par plus the contingent coupon unless either fund finishes below its trigger price, in which case the payout will be par plus the return of the worse performing fund.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying funds: | iShares Russell 2000 index fund and the SPDR S&P 500 ETF trust
|
| Amount: | $32,718,320
|
| Maturity: | Nov. 2, 2017
|
| Coupon: | 8% per year if each fund closes at or above trigger price on quarterly observation date; otherwise, no coupon that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either fund finishes below trigger price, in which case par plus return of worse performing fund
|
| Call: | At par plus contingent coupon if each fund closes at or above initial price on any quarterly observation date after one year
|
| Initial prices: | $81.24 for iShares Russell, $141.18 for SPDR S&P 500
|
| Trigger prices: | $48.06 for iShares Russell, $83.52 for SPDR S&P 500; 59.16% of initial prices
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 2
|
| Agents: | UBS Financial Services Inc. and UBS Investment Bank
|
| Fees: | 2.5%
|
| Cusip: | 90269V736
|
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