Published on 2/20/2007 in the Prospect News Structured Products Daily.
New Issue: UBS prices £15 million contingent protection notes linked to BP
By Jennifer Chiou
New York, Feb. 20 - UBS AG priced a £15 million issue of zero-coupon contingent protection notes (Perles Plus) due March 1, 2010 linked to the common shares of British Petroleum plc, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be a number of British Petroleum shares equal to the exchange ratio -set initially at 1 - and, if British Petroleum shares stay above the kick-out level during the life of the notes and finish below the strike level, a supplemental cash payment equal to the stock gain. The kick-out level is 75% of the initial level, and the strike level is 132% of the initial level.
| Issuer: | UBS AG
|
| Issue: | Contingent protection notes (Perles Plus)
|
| Underlying stock: | British Petroleum plc
|
| Amount: | £15 million
|
| Maturity: | March 1, 2010
|
| Coupon: | 0%
|
| Price: | Par of £5.37
|
| Payout at maturity: | One share of BP and, if BP shares stay above the kick-out level during the life of the notes and finish below the strike level, a supplemental cash payment equal to the stock gain
|
| Initial level: | £5.37
|
| Kick-out level: | £4.0275, 75% of initial level
|
| Strike level: | £7.0884, 132% of initial level
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 1
|
| Underwriter: | UBS Investment Bank
|
| Underwriting discount: | None
|
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