UBS plans trigger step performance notes tied to currencies vs. yen

By Jennifer Chiou

New York, May 31 - UBS AG, Jersey Branch plans to price 0% trigger step performance securities due Dec. 31, 2012 linked to the performance of a basket of currencies relative to the Japanese yen, according to an FWP with the Securities and Exchange Commission.

The equally weighted basket includes the Norwegian krone, the Polish zloty and the Swedish krona.

If the final basket level is greater than or equal to the initial basket level, the payout at maturity will be par of $10 plus the greater of the step return and the basket return. The step return is expected to be 15% to 20% and will be set at pricing.

If the basket level declines by 15% or less, the payout will be par.

If the basket level declines by more than 15%, the payout will be par plus the basket return.

The notes (Cusip: 902669373) will price on June 27 and settle on June 30.

UBS Financial Services Inc. and UBS Investment Bank are the underwriters.

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