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Correction: UBS to price contingent income autocallables on MetLife
A story published in the Sept. 25 edition of the Structured Products Daily misidentified Morgan Stanley as the issuer of income autocallable securities due Sept. 30, 2015 linked to MetLife Inc. shares. The corrected version follows and also ran on a different page of the newsletter.
By Susanna Moon
Chicago, Sept. 25 - UBS AG, London Branch plans to price contingent income autocallable securities due Sept. 30, 2015 linked to the common stock of MetLife Inc., according to an FWP filing with the Securities and Exchange Commission.
If MetLife stock closes at or above the 70% downside threshold level on a quarterly determination date, investors will receive a contingent payment of $0.2175 to $0.2925 for each $10.00 note that quarter. The exact quarterly contingent payment will be set at pricing.
If the stock closes at or above the call threshold on any of the first 11 quarterly determination dates, the notes will be redeemed at par plus the contingent payment. The call threshold will be 95% of the initial share price for the first year, stepping down to 90% of the initial level on Sept. 27, 2013 and to 85% of the initial level on Sept. 27, 2014.
If the notes are not called, the payout at maturity will be par plus the contingent payment unless the final share price is less than the downside threshold level, in which case the payout will be a number of MetLife shares equal to $10.00 divided by the initial share price or, at Morgan Stanley's option, the cash equivalent.
UBS Securities LLC is the agent. Morgan Stanley Smith Barney LLC is the dealer.
The notes will price on Sept. 27 and settle on Oct. 2.
The Cusip number is 90269V512.
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