New Issue: UBS prices $10.92 million trigger step notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 27 – UBS AG, London Branch priced $10.92 million of 0% trigger step securities due May 29, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par of $10 plus the greater of 26.2% and the index return. Investors will receive par if the index declines by 25% or less and will be fully exposed to the index’s decline from its initial level if it declines beyond 25%.

UBS Financial Services Inc. and UBS Securities LLC are the agents.

Issuer:	UBS AG, London Branch
Issue:	Trigger step securities
Underlying index:	S&P 500
Amount:	$10,923,300
Maturity:	May 29, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is zero or positive, par plus greater of 26.2% and index return; par if index declines by 25% or less; full exposure to decline from initial level if index declines beyond 25%
Initial level:	2,090.54
Downside threshold:	1,567.91, 75% of initial level
Pricing date:	May 25
Settlement date:	May 31
Agents:	UBS Financial Services Inc. and UBS Securities LLC
Fees:	3%
Cusip:	90275R489

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