By Angela McDaniels
Tacoma, Wash., June 29 - UBS AG, Jersey Branch priced $6.87 million of callable contingent accrual notes due June 30, 2025 linked to the 30-year and two-year Constant Maturity Swap rates and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 10% multiplied by the proportion of days on which the 30-year CMS rate is greater than or equal to the two-year CMS rate and the S&P 500 closes at or above the index barrier, which is 80% of the initial level. Interest is payable quarterly.
The payout at maturity will be par.
Beginning June 30, 2011, the notes will be callable at par on any interest payment date.
UBS Financial Services Inc. and UBS Investment Bank are the underwriters.
Issuer: | UBS AG, Jersey Branch
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Issue: | Callable contingent accrual notes
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Amount: | $6.87 million
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Maturity: | June 30, 2025
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Coupon: | 10% multiplied by proportion of days on which 30-year CMS rate is greater than or equal to two-year CMS rate and S&P 500 closes at or above index barrier; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Call option: | At par on interest payment dates from June 30, 2011 onward
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Index barrier: | 861.41, 80% of initial level
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Pricing date: | June 25
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Settlement date: | June 30
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Underwriters: | UBS Financial Services Inc. and UBS Investment Bank
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Fees: | 2.75%
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Cusip: | 90261JFU2
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