New Issue: UBS sells $3.13 million step down trigger autocallable notes on Russell, S&P

By Wendy Van Sickle

Columbus, Ohio, May 19 – UBS AG, London Branch priced $3.13 million of step down trigger autocallable notes due May 16, 2025 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a 7% annualized call premium if each index closes at or above its initial level on any quarterly call observation date after 12 months or if each index closes at or above its 70% downside threshold on the final observation date, May 13, 2025.

Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.

UBS Securities LLC and UBS Investment Bank are the agents.

Issuer:	UBS AG, London Branch
Issue:	Step down trigger autocallable notes
Underlying indexes:	Russell 2000 index and S&P 500 index
Amount:	$3,133,000
Maturity:	May 16, 2025
Coupon:	0%
Price:	Par of $10
Call:	Automatically at par plus 8.52% annualized call premium if each index closes at or above its initial level on any quarterly call observation date after 12 months or if each index closes at or above its 70% downside threshold on May 13, 2025
Payout at maturity:	If notes are not called, 1% loss for each 1% decline of lesser-performing index from initial level
Initial levels:	4,023.89 for S&P, 1,792.666 for Russell
Downside thresholds:	2,816.72 for S&P, 1,254.866 for Russell
Pricing date:	May 13
Settlement date:	May 18
Agents:	UBS Securities LLC and UBS Investment Bank
Fees:	2.5%
Cusip:	9026MP767

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