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UBS changes participation rate of performance notes with contingent protection tied to S&P 500
By Angela McDaniels
Tacoma, Wash., Nov. 3 - UBS AG changed the expected participation rate for its upcoming 0% performance securities with contingent protection due Nov. 28, 2014 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 106% to 116% - instead of 100% to 110% - of the index return. The exact participation rate will be set at pricing.
If the index return is between zero and negative 50%, the payout will be par.
If the index return is less than negative 50%, the payout will be par plus the index return.
The notes are expected to price Nov. 24 and settle Nov. 30.
UBS Securities LLC and UBS Investment Bank are the underwriters.
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