UBS plans autocallable optimization securities linked to Corning

By Marisa Wong

Madison, Wis., Oct. 13 - UBS AG, London Branch plans to price 0% autocallable optimization securities with contingent protection due Oct. 24, 2011 linked to the common stock of Corning Inc., according to an FWP filing with the Securities and Exchange Commission.

If Corning stock closes at or above the initial share price on any of 12 monthly observation dates, the notes will be automatically called and investors will receive par of $10 plus an annualized call premium of 19% to 23.5% 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 greater than or equal to 75% of the initial share price. Otherwise, investors will be fully exposed to the share price decline.

The notes (Cusip: 90267F188) are expected to price Oct. 15 and settle Oct. 21.

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

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