No kickout for UBS autocallable note but returns beat direct investment in the underlying

UBS sold an optimised autocallable structured note to US investors in February 2012 that has so far not kicked out but has paid back better than a direct investment in the underlying, the stock of Haliburton

In April 2012, Structured Products analysed an autocallable note from UBS aimed at retail investors in the US. The note was linked to the performance of the common stock of Halliburton and offered annual returns of 13.34%, with the potential for early maturity if the value of the underlying asset was equal to or greater than its initial level on any of the observation dates. The final reading was set for February 21, 2013, one year after the strike date.

If the price of the underlying was equal