By Jennifer Chiou
New York, March 14 - UBS AG, London Branch amended the initial spot rate for its previously priced $785,000 of 0% return enhanced notes due March 26, 2014 linked to the Hang Seng China Enterprises index and the offshore Chinese renminbi relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The initial spot rate is 0.1612.
As reported, the payout at maturity will be par plus double any gain in the average composite return, up to a maximum return of 35.6%.
Otherwise, investors will be fully exposed to losses.
The average composite return will be the average of the product of (i) the final index level multiplied by (ii) the currency return on the five trading days ending March 21, 2014.
J.P. Morgan Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
|
| Issue: | Return enhanced notes
|
| Underlying index: | Hang Seng China Enterprises
|
| Amount: | $785,000
|
| Maturity: | March 26, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus double any gain in the average composite return, capped at 35.6%; full exposure to losses
|
| Initial index level: | 11,484.35
|
| Initial spot rate: | 0.1612
|
| Initial underlying level: | Initial index level times initial currency rate
|
| Average composite return: | Average of product of final index level times currency return on five trading days ending March 21, 2014
|
| Pricing date: | March 8
|
| Settlement date: | March 13
|
| Agents: | J.P. Morgan Securities LLC and UBS Investment Bank
|
| Fees: | 1%
|
| Cusip: | 902674MK3
|
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