Published on 7/15/2010 in the Prospect News Structured Products Daily.
New Issue: UBS prices $220,000 13% reverse convertibles linked to Wells Fargo
New York, July 15 - UBS AG priced $220,000 of 13% reverse convertible notes due Jan. 20, 2011 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $22.13, 80% of the initial price of $27.66, during the life of the notes and finish below the initial price in which case the payout will be 36.1533 shares of Wells Fargo stock.
UBS Securities LLC is the agent.
Issuer: | UBS AG
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Issue: | Reverse convertible notes
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Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
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Amount: | $220,000
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Maturity: | Jan. 20, 2011
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Wells Fargo shares fall below the protection price of $22.13, 80% of the initial price, and finish below the initial price, in which case 36.1533 shares of Wells Fargo stock
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Initial price: | $27.66
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Protection price: | $22.13, 80% of $27.66
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Exchange ratio: | 36.1533
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Pricing date: | July 14
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Settlement date: | July 19
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Agent: | UBS Securities LLC
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Fees: | 1%
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