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UBS plans one-year trigger phoenix autocallable notes linked to Apache
By Susanna Moon
Chicago, May 23 - UBS AG, London Branch plans to price 0% trigger phoenix autocallable optimization securities due May 31, 2012 linked to Apache Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
If the price of Apache stock closes at or above the trigger price - 80% of the initial share price - on any of four quarterly observation dates, the issuer will pay a contingent coupon of 11.5% to 14.5% per year. The exact rate will be set at pricing.
If the share price is greater than or equal to the initial price on any of the observation dates, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and the Apache share price finishes at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to any share price decline.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
The notes will price on May 26 and settle on May 31.
The Cusip is 90267X155.
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