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UBS calls all ETracs tied to NYSE Diversified High Income index
By Sarah Lizee
Olympia, Wash., March 18 – UBS Investment Bank announced a mandatory redemption of its $100 million of Monthly Pay 2xLeveraged ETracs due Nov. 12, 2043 tied to the NYSE Diversified High Income index (NYSE: DVHL, Cusip: 90270L859).
The securities are being redeemed as a result of the occurrence of an acceleration upon minimum indicative value on March 17, the acceleration trigger date, triggered as a result of the intraday indicative value of the securities on the acceleration date decreasing by more than 60% in value from the closing indicative value of the securities on the previous monthly valuation date.
The acceleration settlement date for the securities will be March 26.
According to 424B2 filings with the Securities and Exchange Commission, the acceleration amount will equal (a) the product of (i) the current principal amount and (ii) the index factor as of the last index business day in the acceleration valuation period plus (b) the coupon amount with respect to the coupon valuation date immediately preceding the acceleration date if on the last index business day in the acceleration valuation period the coupon ex-date with respect to such coupon amount has not yet occurred, plus (c) the adjusted coupon amount, if any, minus (d) the accrued tracking fee as of the last index business day in the acceleration valuation period, minus (e) the accrued financing charges as of the last index business day in the acceleration valuation period plus (f) the stub reference distribution amount as of the last index business day in the acceleration valuation period, if any.
UBS is a financial services company based in Zurich.
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