New Issue: UBS prices $4.3 million bearish capped buffer securities linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, April 27 – UBS AG, London Branch priced $4.3 million of 0% bearish capped buffer securities due Oct. 26, 2023 linked inversely to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index declines, investors will gain 2% for every 1% decline of the index, subject to a maximum return of par plus 20.5%.

If the index finishes flat or gains by no more than 5%, the payout will be par.

Otherwise, investors will lose 1% for each 1% gain of the index above the 105% threshold level, with losses capped at 95%.

UBS Securities LLC and UBS Investment Bank are the agents.

Issuer:	UBS AG, London Branch
Issue:	Bearish capped buffer securities
Underlying index:	S&P 500 index
Amount:	$4.3 million
Maturity:	Oct. 26, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index declines, gain 2% for every 1% decline, capped at par plus 20.5%; par if index finishes flat or gains by up to 5%; otherwise, 1% loss for each 1% gain above threshold level, with losses capped at 95%
Initial level:	4,137.04
Threshold level:	4,343.89; 105% of initial level
Principal protection:	5%
Pricing date:	April 24
Settlement date:	April 27
Agents:	UBS Securities LLC and UBS Investment Bank
Fees:	1%
Cusip:	90289X308

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