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UBS to price 22%-24% yield optimization notes linked to Target
By Angela McDaniels
Tacoma, Wash., Feb. 5 - UBS AG plans to price yield optimization notes with contingent protection due Aug. 27, 2009 linked to the common stock of Target Corp., according to an FWP filing with the Securities and Exchange Commission.
The notes will carry an annualized coupon of 22% to 24%, with the exact coupon to be set at pricing. Interest will be payable quarterly.
Each note will have a face amount that is equal to the closing price of Target stock on the pricing date.
If Target stock falls below the trigger price - 60% of the initial share price - during the life of the notes, then the payout at maturity will be one Target share per note. Otherwise, the payout will be par.
The notes are expected to price Feb. 6 and settle Feb. 11.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
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