UBS plans autocallable optimization securities on Bank of America

By Jennifer Chiou

New York, March 15 - UBS AG plans to price 0% autocallable optimization securities with contingent protection due April 1, 2011 linked to the common stock of Bank of America Corp., according to an FWP filing with the Securities and Exchange Commission.

If Bank of America shares close at or above the initial share price on any of the monthly observation dates, the notes will be called and investors will receive par of $10 plus an annualized return of 16 to 20% that will be set at pricing.

If the notes are not called, the payout at maturity will be par if the final share price is at least 70% of the initial price. Otherwise, investors will receive par plus the share return.

The notes are expected to price on March 26 and settle on March 31.

UBS Financial Services Inc. and UBS Investment Bank are the underwriters.

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