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UBS to price range accrual notes linked to Constant Maturity U.S. Treasury rate
By Angela McDaniels
Seattle, March 2 - UBS AG plans to price an issue of principal-protected callable daily range accrual notes due March 2009 linked to the 10-year Constant Maturity U.S. Treasury rate, according to an FWP filing with the Securities and Exchange Commission.
Interest on the notes is variable and will be paid quarterly. Interest will accrue at the base rate for each day that the 10-year Constant Maturity Treasury rate is between 4.25% and 5.15%, inclusive. The base rate is expected to be between 6% and 6.5% and will be determined at pricing.
The notes are callable at par plus accrued interest on any interest payment date beginning in September 2007.
If the notes are not called, the payout at maturity will be par plus accrued interest, if any.
UBS Investment Bank and UBS Financial Services will underwrite the offering and will receive a discount of 1.25%.
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