UBS to price one-year protected absolute return barrier notes linked to S&P 500

By Jennifer Chiou

New York, July 24 - UBS AG plans to price zero-coupon 100% principal protection absolute return barrier notes due Aug. 28, 2009 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

If the index never closes above its initial level plus the absolute return barrier amount or below its initial level minus the absolute return barrier amount, the payout at maturity will be par of $10 plus the absolute value of the index return. Otherwise, the payout will be par.

The absolute return barrier amount is expected to be 16% to 18% and will be set at pricing.

The notes are expected to price on Aug. 26 and settle on Aug. 29.

UBS Financial Services Inc. and UBS Investment Bank will be the underwriters.

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