UBS changes trigger to 60% for performance securities tied to S&P 500

By Toni Weeks

San Diego, Oct. 3 - UBS AG, London Branch amended the terms for its planned offering of 0% trigger performance securities due Oct. 31, 2014 linked to the S&P 500 index, changing the trigger level to 60% of the initial index level from 50% of the initial level, according to an FWP filing with the Securities and Exchange Commission.

As previously reported, if the index return is positive, the payout at maturity will be par of $10 plus 103% to 113% of the index return. The exact participation rate will be set at pricing.

With the new terms, investors will receive par if the index falls by up to 60% and will be fully exposed to losses from the initial level if the index falls by more than 60%.

The notes (Cusip: 90268F179) are expected to price Oct. 26 and settle Oct. 31.

UBS Financial Services Inc. and UBS Investment Bank will act as agents.

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