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UBS to price 0% bearish securities linked to Amex Gold Bugs Index
By E. Janene Geiss
Philadelphia, April 13 - UBS AG plans to price 0% bearish autocallable optimization securities with contingent protection linked to the Amex Gold Bugs Index, according to an FWP filing with the Securities and Exchange Commission.
The notes are expected to mature on Oct. 30, 2009. The exact maturity will be determined at pricing, which is expected to be April 25.
The notes will be automatically called if the index shows a negative return on any of the quarterly observation dates between July 2008 and October 2009. If the notes are called, the redemption amount will be par of $10.00 plus a return expected to be between 22.5% and 24.5%, with the exact return to be determined at pricing.
If the notes are not called, the payout at maturity will be par unless the index closes at or above the contingent protection level, 140% of the initial level, during the life of the notes and finishes above the initial index level, in which case investors will lose 1% for each 1% increase in the index level.
UBS Investment Bank and UBS Financial Services Inc. will be the underwriters.
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