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UBS plans trigger phoenix callable notes linked to two indexes
By Marisa Wong
Madison, Wis., Feb. 4 - UBS AG, London Branch plans to price trigger phoenix callable optimization securities due Feb. 13, 2024 linked to 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 finishes at or above its coupon barrier, 70% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon at the rate of 6.9% to 7.4% per year, with the exact coupon to be set at pricing. Otherwise, no coupon will be paid for that quarter.
If each index finishes at or above its 70% coupon barrier, the payout at maturity will be par plus the coupon.
If each index finishes below its coupon barrier but at or above its trigger level, 50% of the initial level, the payout will be par.
If either index finishes below its 50% trigger level, investors will be fully exposed to the decline of the lesser-performing index from its initial level.
The notes are callable at par plus the coupon, if any, on any quarterly observation date beginning Feb. 9, 2015.
The notes (Cusip: 90271T661) are expected to price Feb. 7 and settle Feb. 12.
UBS Financial Services Inc. and UBS Investment Bank are the agents.
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