By Susanna Moon
Chicago, Nov. 4 – UBS AG, London Branch priced $1.08 million of phoenix autocallable notes due Nov. 15, 2017 linked to Apple Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.35% if the stock closes at or above its coupon barrier, 80% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any observation date.
The payout at maturity will be par unless the stock finishes below its 80% trigger level, in which case investors will lose 1% for each 1% decline.
J.P. Morgan Securities LLC and UBS Investment Bank are the agents.
| Issuer: | UBS AG, London Branch
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| Issue: | Phoenix autocallable notes
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| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $1.08 million
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| Maturity: | Nov. 15, 2017
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| Coupon: | 10.35% per year, payable each quarter that stock closes at or above 80% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If the stock finishes at or above its trigger level, par; otherwise, 8.7935 Apple shares
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| Call: | At par plus any contingent interest if the stock closes at or above its initial level on any quarterly observation date
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| Initial level: | $113.72
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| Trigger level: | $90.98, 80% of initial level
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| Pricing date: | Oct. 28
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| Settlement date: | Nov. 2
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| Agents: | UBS Investment Bank and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 90270KHK8
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