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UBS plans contingent income autocallable notes linked to two indexes
By Susanna Moon
Chicago, Aug. 1 - UBS AG, London Branch plans to price contingent income autocallable securities due Aug. 14, 2018 linked to the worse performing of the Euro Stoxx 50 index and the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
If each index closes at or above its coupon barrier level, 75% of its initial index level, on a quarterly determination date, the notes will pay a contingent payment at an annualized rate of 6.5% for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above the respective initial level on any quarterly redemption determination date after one year.
The payout at maturity will be par plus the final contingent coupon unless either index finishes below its downside threshold level, 58% to 60% of its initial level, in which case investors will be fully exposed to any losses of the worse performing index.
The exact deal terms, including downside threshold level, will be set at pricing.
UBS Securities LLC will be the agent. Morgan Stanley Smith Barney LLC will handle distribution.
The notes will price on Aug. 9 and settle on Aug. 14.
The Cusip number is 90271L601.
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