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UBS plans contingent absolute return autocallables linked to Salix
By Jennifer Chiou
New York, Oct. 22 – UBS AG, London Branch plans to price 0% contingent absolute return autocallable optimization securities due Nov. 5, 2015 linked to Salix Pharmaceuticals Ltd. shares, according to an FWP with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 10% to 14% if Salix stock closes at or above the initial share price on any quarterly observation date. The exact call premium will be set at pricing.
If the notes are not called and the final share price is greater than or equal to the trigger price, 70% of the initial share price, the payout at maturity will be par plus the absolute value of the stock return. Otherwise, investors will be fully exposed to the stock decline.
The notes (Cusip: 90274B592) will price on Oct. 24 and settle on Oct. 29.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
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