Published on 12/22/2010 in the Prospect News Structured Products Daily.
New Issue: UBS prices $1 million 27.15% reverse convertibles linked to Las Vegas Sands
By Angela McDaniels
Tacoma, Wash., Dec. 22 - UBS AG, London Branch priced $1 million of reverse convertible notes due March 30, 2011 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes pay 6.79% for an annualized coupon of 27.15%. Interest is payable monthly.
The payout at maturity will be par unless Las Vegas Sands stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price.
UBS Securities LLC and UBS Investment Bank are the underwriters.
Issuer: | UBS AG, London Branch
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Issue: | Reverse convertible notes
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Underlying stock: | Las Vegas Sands Corp. (NYSE: LVS)
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Amount: | $1 million
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Maturity: | March 30, 2011
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Coupon: | 27.15%, payable monthly
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Price: | Par
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Payout at maturity: | If Las Vegas Sands stock falls below trigger price during life of notes and finishes below initial share price, 21.7202 Las Vegas Sand shares; otherwise, par
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Initial share price: | $46.04
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Trigger price: | $34.53, 75% of initial price
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Pricing date: | Dec. 22
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Settlement date: | Dec. 30
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Underwriters: | UBS Securities LLC and UBS Investment Bank
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Fees: | 1.25%
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Cusip: | 902674DM9
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