Published on 3/25/2014 in the Prospect News Structured Products Daily.
New Issue: UBS prices $4.65 million 10% fixed-coupon autocallables linked to Las Vegas Sands
By Toni Weeks
San Luis Obispo, Calif., March 25 - UBS AG, London Branch priced $4.65 million of fixed-coupon autocallable securities due March 27, 2015 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10% per year, payable quarterly.
The notes will be called at par of $10 if the stock closes at or above its initial price on June 23, Sept. 22 or Dec. 22, 2014.
The payout at maturity will be par plus the final coupon unless the share price finishes below its downside threshold level, 80% of its initial share price, in which case the payout will be a number of shares of Las Vegas Sands stock equal to $10 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
UBS Securities LLC is the agent. Morgan Stanley Smith Barney LLC is handling distribution.
| Issuer: | UBS AG, London Branch
|
| Issue: | Fixed-coupon autocallable securities
|
| Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
|
| Amount: | $4,647,500
|
| Maturity: | March 27, 2015
|
| Coupon: | 10%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par unless stock finishes below downside threshold level, in which case a number of shares of Las Vegas Sands stock equal to $10 divided by the initial share price or, at the issuer's option, an equivalent cash amount
|
| Call: | Automatically at par plus the coupon if the stock closes at or above its initial price on June 23, Sept. 22, 2014 or Dec. 22, 2014
|
| Initial share price: | $81.42
|
| Downside threshold: | $65.14, 80% of initial share price
|
| Pricing date: | March 21
|
| Settlement date: | March 26
|
| Agent: | UBS Securities LLC
|
| Distribution: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.5%
|
| Cusip: | 90272V434
|
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