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UBS launches UBS Variable-Expiry-Range-Accrual Equity Linked Investment (UBS-VERA ELI)
UBS today launched UBS Variable-Expiry-Range-Accrual Equity Linked Investment (UBS-VERA ELI) - a type of equity-linked investment which provides yield-enhancement by combining attractive potential distribution amounts as well as a call feature.
"The new investment is linked to two of Hong Kong's major blue chip stocks, HSBC Holdings plc and Hutchison Whampoa Limited, and offers attractive potential distribution amounts payable as soon as the end of the first quarter," said Christopher F LEE, Head of UBS's Equity Risk Management Intermediary desk.
"Potential distribution amounts for each quarterly period subsequent to the first quarter are dependent on the daily performance of the reference share in the relevant distribution period and the total maximum distribution amount offered per annum and can be as high as 16.5% of the share unit value of the UBS-VERA ELI.
"The UBS-VERA ELI's call strike eases bi-quarterly from 100% to 97% starting from the end of the third quarter.
"The tenor of the investment is just two years and it can be potentially terminated early by the exercise of the call feature as soon as three months after its issue," he added.
UBS-VERA ELIs are not listed and investors may receive shares or their cash value upon expiry, the value of which may be substantially less than the amount invested.
Distributors are: Hang Seng Bank and Shanghai Commercial Bank. The offer period is from 12th December until 15th December.
Asiamoney named UBS as Best Structured Equity Product House in 2004 and 2005; The Asset named UBS Equity Derivatives House of the Year for 2004; AsiaRisk named UBS Best Wealth Management House for Equity Derivatives 2005; and Derivatives Week named UBS Best Asia Equity Derivatives House 2005.
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Hong Kong, 12 December 2005
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