Published on 8/30/2013 in the Prospect News Structured Products Daily.
New Issue: UBS prices $2.08 million trigger phoenix autocallables on Euro Stoxx, S&P 500
By Susanna Moon
Chicago, Aug. 30 - UBS AG, London Branch priced $2.08 million of trigger phoenix autocallable optimization securities due Aug. 31, 2023 linked to the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its 70% coupon barrier level on a quarterly observation date, the notes will pay a contingent coupon at annual rate of 6.4% for that quarter.
The notes will be called at par of $10 plus the contingent coupon if the indexes close at or above its initial level on any quarterly observation date after one year.
If the notes are not called, the payout will be par plus the contingent coupon unless either index finishes below its 50% trigger level, in which case investors will be exposed to any losses of the worst performing index.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
| Issuer: | UBS AG, London Branch
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying indexes: | Euro Stoxx 50, S&P 500
|
| Amount: | $2,075,000
|
| Maturity: | Aug. 31, 2023
|
| Coupon: | 6.4% annualized for each quarter that indexes closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon if each index finishes at or above trigger level; otherwise, full exposure to any losses of worst performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date beginning Aug. 28, 2014
|
| Initial index levels: | 2,742.61 for Euro Stoxx and 1,634.96 for S&P
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| Trigger levels: | 1,919.83 for Euro Stoxx and 1,144.47 for S&P; 70% of initial levels
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| Trigger levels: | 1,371.31 for Euro Stoxx and 817.48 for S&P; 50% of initial levels
|
| Pricing date: | Aug. 28
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| Settlement date: | Aug. 30
|
| Underwriters: | UBS Financial Services Inc. and UBS Investment Bank
|
| Fees: | 3.5%
|
| Cusip: | 90271M120
|
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