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UBS to price 10-year callable step-up notes with 4% initial rate
By Susanna Moon
Chicago, July 28 - UBS AG, Jersey Branch plans to price callable step-up fixed-rate notes due Aug. 17, 2021, according to an FWP with the Securities and Exchange Commission.
The coupon is 4% for the first four years. After that, the rate will step up to 4.25% on Aug. 17, 2015, to 4.75% on Aug. 17, 2018 and to 5% on Aug. 17, 2020. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date beginning on Feb. 17, 2012.
UBS Securities LLC and UBS Investment Bank are the underwriters.
The notes will settle on Aug. 17.
The Cusip is 90261JHK2.
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