Bond UBSL 0% ( US90270K5T28 ) in USD

UBSL

100 % ▲

Switzerland

US90270K5T28 ( in USD )

30/03/2023 - Bond has expired

Prospectus brochure of the bond UBS (London Branch) US90270K5T28 in USD 0%, expired

1 000 USD

2 138 000 USD

90270K5T2

N/A

UBS London Branch operates as a significant subsidiary of UBS Group AG, providing a wide range of investment banking, wealth management, and asset management services to clients in the UK and internationally.

The Bond issued by UBSL ( Switzerland ) , in USD, with the ISIN code US90270K5T28, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 30/03/2023

4/1/2020
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424B2 1 ub54907813-424b2.htm FORM 424B2
PRICING SUPPLEMENT

Dated March 27, 2020
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-225551
(To Prospectus dated October 31, 2018
and Product Supplement dated October 31, 2018)

UBS AG $2,138,000 Trigger Autocallable Contingent Yield Notes with Memory Interest
Linked to the least performing of the class A common stock of Alphabet Inc. and the common stock of Intel Corporation due March 30,
2023
Investment Description
UBS AG Trigger Autocal able Contingent Yield Notes with Memory Interest (the "Notes") are unsubordinated, unsecured debt securities issued by UBS
AG ("UBS" or the "issuer") linked to the least performing of the class A common stock of Alphabet Inc. and the common stock of Intel Corporation (each,
an "underlying asset" and together, the "underlying assets"). UBS wil pay a contingent coupon on the related coupon payment date, plus any previously
unpaid contingent coupons in respect of any previous observation dates pursuant to the memory interest feature, if the closing level of each underlying
asset on the applicable observation date (including the final valuation date) is equal to or greater than its coupon barrier. Otherwise, no contingent coupon
wil be paid on that coupon payment date. UBS wil automatical y cal the Notes early if the closing level of each underlying asset on any observation date
prior to the final valuation date is equal to or greater than its initial level. If the Notes are subject to an automatic cal , UBS wil pay on the applicable
coupon payment date fol owing such observation date (the "cal settlement date") a cash payment per Note equal to your principal amount plus the
contingent coupon otherwise due and any previously unpaid contingent coupons in respect of any previous observation dates pursuant to the memory
interest feature, and no further payments wil be owed to you under the Notes. If the Notes are not subject to an automatic cal and the closing level of
each underlying asset on the final valuation date (the "final level") is equal to or greater than its downside threshold, UBS wil pay you a cash payment per
Note equal to the principal amount. If, however, the Notes are not subject to an automatic cal and the final level of any underlying asset is less than its
downside threshold, UBS wil pay you a cash payment per Note that is less than the principal amount, if anything, resulting in a percentage loss on your
initial investment equal to the percentage decline in the least performing underlying asset from the trade date to the final valuation date (the "underlying
return") and, in extreme situations, you could lose al of your initial investment. The "least performing underlying asset" is the underlying asset with the
lowest underlying return as compared to any other underlying asset. Investing in the Notes involves significant risks. You may lose a significant
portion or all of your initial investment and may not receive any contingent coupon during the term of the Notes. You will be exposed to the
market risk of each underlying asset on each observation date and on the final valuation date and any decline in the level of one underlying
asset may negatively affect your return and will not be offset or mitigated by a lesser decline or any potential increase in the level of any other
underlying asset. Generally, a higher contingent coupon rate on a Note is associated with a greater risk of loss and a greater risk that you will
not receive contingent coupons over the term of the Notes. The contingent repayment of principal applies only at maturity. Any payment on
the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default on its payment obligations
you may not receive any amounts owed to you under the Notes and you could lose all of your initial investment.
Features
Key Dates
· Potential for Periodic Contingent Coupons -- If the closing level of
Trade Date
March 27, 2020
each underlying asset is equal to or greater than its coupon barrier on
Settlement Date
March 31, 2020
the applicable observation date (including the final valuation date),
Observation Dates*
Quarterly (see page 4)
UBS wil pay a contingent coupon on the related coupon payment
Final Valuation Date*
March 27, 2023
date, plus any previously unpaid contingent coupons in respect of any
Maturity Date*
March 30, 2023
previous observation dates pursuant to the memory interest feature. If

the closing level of any underlying asset is less than its coupon barrier
* Subject to postponement in the event of a market disruption event, as
on each of the observation dates, you wil receive no contingent
described in the accompanying product supplement.
coupons during the term of, and wil not receive a positive return on,
the Notes.
· Automatic Call Feature -- If the closing level of each underlying
asset is equal to or greater than its initial level on any observation
date prior to the final valuation date, UBS wil automatical y cal the
Notes and pay you the principal amount of your Notes plus the
contingent coupon otherwise due on the related coupon payment date
plus any previously unpaid contingent coupons in respect of any
previous observation dates pursuant to the memory interest feature. If
the Notes were previously subject to an automatic cal , no further
payments wil be owed to you under the Notes.
· Contingent Repayment of Principal at Maturity with Potential for
Full Downside Market Exposure -- If the Notes have not been
subject to an automatic cal and the final level of each underlying
asset is equal to or greater than its downside threshold, UBS wil
repay you the principal amount per Note at maturity. If, however, the
final level of any underlying asset is less than its downside threshold,
UBS wil pay you a cash payment per Note that is less than the
principal amount, if anything, resulting in a percentage loss on your
investment equal to the underlying return of the least performing
underlying asset. The contingent repayment of principal applies only if
you hold the Notes to maturity. Any payment on the Notes including
any repayment of principal, is subject to the creditworthiness of UBS.
Notice to investors: the Notes are significantly riskier than conventional debt instruments. The issuer is not necessarily obligated to repay the
principal amount of the Notes at maturity, and the Notes may have the same downside market risk as the least performing underlying asset.
This market risk is in addition to the credit risk inherent in purchasing a debt obligation of UBS. You should not purchase the Notes if you do
not understand or are not comfortable with the significant risks involved in investing in the Notes.
You should carefully consider the risks described under "Key Risks" beginning on page 5 and under "Risk Factors" beginning on page PS-9
of the accompanying product supplement before purchasing any Notes. Events relating to any of those risks, or other risks and uncertainties,
could adversely affect the market value of, and the return on, your Notes. You may lose a significant portion or all of your initial investment in
the Notes. The Notes will not be listed or displayed on any securities exchange or any electronic communications network.
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Note Offering
These terms relate to Notes we are offering linked to the least performing of the class A common stock of Alphabet Inc. and the common stock of Intel
Corporation.
Bloomberg
Contingent
Downside
Underlying Asset
Ticker
Coupon Rate Initial Levels
Thresholds
Coupon Barriers
CUSIP
ISIN
Class A common stock of
GOOGL
$ 1,110.26
$721.67, which is
$721.67, which is
90270K5T2 US90270K5T28
Alphabet Inc.
65.00% of the Initial
65.00% of the Initial
8.60% per
Level
Level
Common stock of Intel
INTC
annum
$52.37
$34.04, which is
$34.04, which is

Corporation
65.00% of the Initial
65.00% of the Initial
Level
Level
The estimated initial value of the Notes as of the trade date is $957.80. The estimated initial value of the Notes was determined as of the close of the
relevant markets on the date hereof by reference to UBS' internal pricing models, inclusive of the internal funding rate. For more information about
secondary market offers and the estimated initial value of the Notes, see "Key Risks -- Fair value considerations" and "-- Limited or no secondary market
and secondary market price considerations" on page 6 of this supplement.
See "Additional Information about UBS and the Notes" on page ii. The Notes will have the terms set forth in the accompanying product
supplement relating to the Notes, dated October 31, 2018, the accompanying prospectus and this document. Neither the Securities and
Exchange Commission nor any other regulatory body has approved or disapproved of these Notes or passed upon the adequacy or accuracy
of this document, the accompanying product supplement or the accompanying prospectus. Any representation to the contrary is a criminal
offense.
The Notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Offering of Notes
Issue Price to Public(1)
Underwriting Discount(1)(2)
Proceeds to UBS AG(1)(2)

Total
Per Note
Total
Per Note
Total
Per Note
Notes linked to the least performing of the class A common
stock of Alphabet Inc. and the common stock of Intel
$2,138,000.00
$1,000.00
$50,243.00
$23.50
$2,087,757.00
$976.50
Corporation
(1) Certain registered investment advisers or fee-based advisory accounts unaffiliated from UBS may have agreed to purchase Notes from a third-
party dealer at a purchase price of at least $976.50 per $1,000.00 principal amount of the Notes, and such third party dealer, with respect to such
sales, may have agreed to forgo some or al of the underwriting discount.
(2) Our affiliate, UBS Securities LLC, wil receive an underwriting discount of $23.50 for each Note sold in this offering. UBS Securities LLC has
agreed to re-al ow the ful amount of the discount received to one or more third-party dealers. Certain of such third-party dealers may have agreed
to resel the Notes to other securities dealers at the issue price to the public less an underwriting discount up to the underwriting discount indicated
in the above table.
UBS Securities LLC
UBS Investment Bank

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Additional Information about UBS and the Notes
UBS has filed a registration statement (including a prospectus, as supplemented by a product supplement for the Notes) with the
Securities and Exchange Commission (the "SEC"), for the offering to which this document relates. Before you invest, you should read
these documents and any other documents related to the Notes that UBS has filed with the SEC for more complete information about
UBS and this offering. You may obtain these documents for free from the SEC website at www.sec.gov. Our Central Index Key, or CIK,
on the SEC website is 0001114446.
You may access these documents on the SEC website at www.sec.gov as follows:
¨ Market-Linked Securities product supplement dated October 31, 2018:
https://www.sec.gov/Archives/edgar/data/1114446/000091412118002085/ub47016353-424b2.htm
¨ Prospectus dated October 31, 2018:
https://www.sec.gov/Archives/edgar/data/1114446/000119312518314003/d612032d424b3.htm
References to "UBS", "we", "our" and "us" refer only to UBS AG and not to its consolidated subsidiaries. In this document, "Trigger
Autocallable Contingent Yield Notes with Memory Interest" or the "Notes" refer to the Notes that are offered hereby. Also, references to
the "accompanying product supplement" or "Market-Linked Securities product supplement" mean the UBS product supplement, dated
October 31, 2018 and references to the "accompanying prospectus" mean the UBS prospectus, titled "Debt Securities and Warrants",
dated October 31, 2018.
This document, together with the documents listed above, contains the terms of the Notes and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including all other prior pricing terms, correspondence, trade
ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider,
among other things, the matters set forth in "Key Risks" herein and in "Risk Factors" in the accompanying product supplement, as the
Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and
other advisors before deciding to invest in the Notes.
If there is any inconsistency between the terms of the Notes described in the accompanying prospectus, the accompanying product
supplement and this document, the following hierarchy will govern: first, this document; second, the accompanying product supplement;
and last, the accompanying prospectus.
UBS reserves the right to change the terms of, or reject any offer to purchase, the Notes prior to their issuance. In the event of any
changes to the terms of the Notes, UBS will notify you and you will be asked to accept such changes in connection with your purchase.
You may also choose to reject such changes in which case UBS may reject your offer to purchase.
ii
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Investor Suitability
The Notes may be suitable for you if:
The Notes may not be suitable for you if:
· You fully understand the risks inherent in an investment in the
· You do not fully understand the risks inherent in an investment
Notes, including the risk of loss of a significant portion or all of
in the Notes, including the risk of loss of a significant portion or
your initial investment.
all of your initial investment.
· You understand and accept that an investment in the Notes is
· You do not understand or are unwilling to accept that an
linked to the performance of the least performing underlying
investment in the Notes is linked to the performance of the
asset and not a basket of the underlying assets, that you will
least performing underlying asset and not a basket of the
be exposed to the individual market risk of each underlying
underlying assets, that you will be exposed to the individual
asset on each observation date and on the final valuation date
market risk of each underlying asset on each observation date
and that you may lose a significant portion or all of your initial
and on the final valuation date and that you may lose a
investment if the closing level of any underlying asset is less
significant portion or all of your initial investment if the closing
than its downside threshold on the final valuation date.
level of any underlying asset is less than its downside
threshold on the final valuation date.
· You can tolerate a loss of a significant portion or all of your
initial investment and are willing to make an investment that
· You require an investment designed to provide a full return of
may have the same downside market risk as an investment in
principal at maturity.
the least performing underlying asset.
· You cannot tolerate a loss of a significant portion or all of your
· You are willing to receive no contingent coupons and believe
initial investment or are unwilling to make an investment that
the closing level of each underlying asset will be equal to or
may have the same downside market risk as an investment in
greater than its coupon barrier on the specified observation
the least performing underlying asset.
dates and the final level of each underlying asset will be equal
to or greater than its downside threshold on the final valuation
· You are unwilling to receive no contingent coupons during the
date.
term of the Notes and believe that the closing level of at least
one underlying asset will decline during the term of the Notes
· You can accept that the risks of each underlying asset are not
and is likely to be less than its coupon barrier on each
mitigated by the performance of any other underlying asset
observation date or that the final level of any underlying asset
and the risks of investing in securities with a return based on
will be less than its downside threshold on the final valuation
the performance of multiple underlying assets.
date.
· You understand and accept that you will not participate in any
· You cannot accept that the risks of each underlying asset are
appreciation of any underlying asset and that your potential
not mitigated by the performance of any other underlying asset
return is limited to the contingent coupons specified herein.
or the risks of investing in securities with a return based on the
performance of multiple underlying assets.
· You can tolerate fluctuations in the price of the Notes prior to
maturity that may be similar to or exceed the downside
· You seek an investment that participates in the full
fluctuations in the levels of the underlying assets.
appreciation of the levels of the underlying assets or that has
unlimited return potential.
· You are willing to invest in the Notes based on the contingent
coupon rate, downside threshold(s) and coupon barrier(s)
· You cannot tolerate fluctuations in the price of the Notes prior
specified on the cover hereof.
to maturity that may be similar to or exceed the downside
fluctuations in the levels of the underlying assets.
· You do not seek guaranteed current income from your
investment and are willing to forgo any dividends paid on the
· You are unwilling to invest in the Notes based on the
underlying assets.
contingent coupon rate, downside threshold(s) or coupon
barrier(s) specified on the cover hereof.
· You are willing to invest in Notes that may be subject to an
automatic call and you are otherwise willing to hold such Notes
· You seek guaranteed current income from this investment or
to maturity and you accept that there may be little or no
prefer to receive any dividends paid on the underlying assets.
secondary market for the Notes.
· You are unable or are unwilling to invest in Notes that may be
· You understand and are willing to accept the single equity risks
subject to an automatic call, you are otherwise unable or
associated with the underlying assets.
unwilling to hold the Notes to maturity or you seek an
investment for which there will be an active secondary market
· You are willing to assume the credit risk of UBS for all
for the Notes.
payments under the Notes, and understand that if UBS
defaults on its obligations you may not receive any amounts
· You do not understand or are unwilling to accept the single
due to you including any repayment of principal.
equity risk associated with the underlying assets.
· You understand that the estimated initial value of the Notes
· You are unwilling to assume the credit risk of UBS for all
determined by our internal pricing models is lower than the
payments under the Notes, including any repayment of
issue price and that should UBS Securities LLC or any affiliate
principal.
make secondary markets for the Notes, the price (not including
their customary bid-ask spreads) will temporarily exceed the
internal pricing model price.
The suitability considerations identified above are not exhaustive. Whether or not the Notes are a suitable investment for you
will depend on your individual circumstances and you should reach an investment decision only after you and your
investment, legal, tax, accounting and other advisors have carefully considered the suitability of an investment in the Notes in
light of your particular circumstances. You should review "Information About the Underlying Assets " herein for more
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information on the underlying assets. You should also review carefully the "Key Risks" section herein for risks related to an
investment in the Notes.
1
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Final Terms
Issuer:
UBS AG London Branch
Payment at
If the Notes are not subject to an automatic
Principal
$1,000 per Note
Maturity (per call and the final level of each underlying
Amount:
Note):
asset is equal to or greater than its downside
Term:
Approximately 3 years, unless subject to an
threshold, UBS will pay you a cash payment
automatic call.
equal to:
Principal Amount of $1,000
Underlying The class A common stock of Alphabet Inc. and
Assets:
the common stock of Intel Corporation
If the Notes are not subject to an automatic
call and the final level of any underlying asset
Contingent If the closing level of each underlying asset is
is less than its downside threshold, UBS will
Coupon
equal to or greater than its coupon barrier on
pay you a cash payment that is less than the
and
any observation date (including the final
principal amount, if anything, equal to:
Contingent valuation date), UBS will pay you the contingent
Coupon
coupon applicable to such observation date on the
$1,000 x (1+ Underlying Return of the Least
Rate:
related coupon payment date plus any previously
Performing Underlying Asset)
unpaid contingent coupons in respect of any
In such a case, you will suffer a percentage
previous observation dates pursuant to the
loss on your initial investment equal to the
memory interest feature.
underlying return of the least performing
If the closing level of any underlying asset is
underlying asset regardless of the underlying
less than its coupon barrier on any observation
return of any other underlying asset and, in
date (including the final valuation date), the
extreme situations, you could lose all of your
contingent coupon applicable to such observation
initial investment.
date will not be payable and UBS will not make any
Least
The underlying asset with the lowest underlying
payment to you on the relevant coupon payment
Performing
return as compared to the other underlying
date.
Underlying
asset(s)
The contingent coupon is a fixed amount based
Asset:
upon equal periodic installments at the contingent
Underlying
For each underlying asset, the quotient,
coupon rate, which is a per annum rate. The table
Return:
expressed as a percentage, of the following
below sets forth the contingent coupon rate and
formula:
contingent coupon for each Note that will be
Final Level Initial Level
applicable to each observation date on which the
Initial Level
above conditions are satisfied.

Downside
For each underlying asset, a specified level of

Contingent Coupon Rate
8.60%
Threshold:(1) the underlying asset that is less than its initial

Contingent Coupon
$21.50
level, equal to a percentage of its initial level, as

Contingent coupons on the Notes are not
indicated on the cover hereof.
guaranteed. UBS will not pay you the contingent
Coupon
For each underlying asset, a specified level of
coupon applicable to an observation date on the
Barrier:(1)
the underlying asset that is less than its initial
related coupon payment date if the closing level
level, equal to a percentage of the initial level, as
of any underlying asset is less than its coupon
indicated on the cover hereof.
barrier on such observation date.
Initial Level:
The closing level of each underlying asset on the

Memory
If a contingent coupon is not paid on a coupon
(1)
trade date, as indicated on the cover hereof.
Interest
payment date (other than the maturity date)
Final Level:
The closing level of each underlying asset on
Feature:
because the closing level of any underlying asset is
(1)
the final valuation date.
less than its coupon barrier on the related
(1)
observation date, such contingent coupon will be
As determined by the calculation agent and as
paid on a later coupon payment date if the closing
may be adjusted in the case of certain
level of each underlying asset is equal to or greater
adjustment events as described under "General
than its coupon barrier on the relevant observation
Terms of the Securities -- Antidilution
date.
Adjustments for Securities Linked to an
Underlying Equity or Equity Basket Asset" and
For the avoidance of doubt, once a previously
"-- Reorganization Events for Securities Linked
unpaid contingent coupon has been paid on a later
to an Underlying Equity or Equity Basket Asset"
coupon payment date, it will not be made again on
in the accompanying product supplement.
any subsequent coupon payment date.
If the closing level of any underlying asset is less
than its coupon barrier on each of the observation
dates, you will receive no contingent coupons
during the term of, and will not receive a positive
return on, the Notes.
Automatic UBS will automatically call the Notes if the closing
Call
level of each underlying asset on any observation
Feature:
date prior to the final valuation date is equal to or
greater than its initial level.
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If the Notes are subject to an automatic call, UBS
will pay you on the corresponding coupon payment
date (which will be the "call settlement date") a cash
payment per Note equal to your principal amount
plus the contingent coupon otherwise due on such
date and any previously unpaid contingent coupons
in respect of any previous observation dates
pursuant to the memory interest feature. Following
an automatic call, no further payments will be made
on the Notes.
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Investment Timeline
The initial level of each underlying asset is
Trade Date
observed and the final terms of the Notes
are set.
¯

If the closing level of each underlying asset
is equal to or greater than its coupon barrier
on any observation date (including the final
valuation date), UBS will pay you a
contingent coupon on the applicable coupon
payment date plus any previously unpaid
contingent coupons in respect of any
previous observation dates pursuant to the
memory interest feature.
The Notes will be subject to an automatic
Observation Dates
call if the closing level of each underlying
asset on any observation date prior to the
final valuation date is equal to or greater
than its initial level.
If the Notes are subject to an automatic call,
UBS will pay you a cash payment per Note
equal to $1,000 plus the contingent coupon
otherwise due on such date and any
previously unpaid contingent coupons in
respect of any previous observation dates
pursuant to the memory interest feature.
¯

The final level of each underlying asset is
observed on the final valuation date.
If the Notes are not subject to an
automatic call and the final level of each
underlying asset is equal to or greater
than its downside threshold, UBS will pay
you a cash payment per Note equal to:
Principal Amount of $1,000
If the Notes are not subject to an
automatic call and the final level of any
underlying asset is less than its
downside threshold, UBS will pay you a
Maturity Date
cash payment per Note that is less than the
principal amount, if anything, equal to:
$1,000 ´ (1 + Underlying Return of the Least
Performing Underlying Asset)
In such a case, you will suffer a
percentage
loss
on
your
initial
investment equal to the underlying return
of the least performing underlying asset
regardless of the underlying return of
any other underlying asset and, in
extreme situations, you could lose all of
your initial investment.

Investing in the Notes involves significant risks. You may lose a significant portion or all of your initial investment. Any
payment on the Notes, including any repayment of principal, is subject to the creditworthiness of UBS. If UBS were to default
on its payment obligations, you may not receive any amounts owed to you under the Notes and you could lose all of your
initial investment.
If the Notes are not subject to an automatic call, you may lose a significant portion or all of your initial investment. Specifically,
if the Notes are not subject to an automatic call and the final level of any underlying asset is less than its downside threshold,
you will lose a percentage of your principal amount equal to the underlying return of the least performing underlying asset
and, in extreme situations, you could lose all of your initial investment. You will be exposed to the market risk of each
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underlying asset on each observation date and on the final valuation date and any decline in the level of one underlying asset
may negatively affect your return and will not be offset or mitigated by a lesser decline or any potential increase in the level of
any other underlying asset.
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Observation Dates(1) and Coupon Payment Dates(1)(2)

Observation Dates
Coupon Payment Dates
June 29, 2020
July 1, 2020
September 28, 2020
September 30, 2020
December 28, 2020
December 30, 2020
March 29, 2021
March 31, 2021
June 28, 2021
June 30, 2021
September 27, 2021
September 29, 2021
December 27, 2021
December 29, 2021
March 28, 2022
March 30, 2022
June 27, 2022
June 29, 2022
September 27, 2022
September 29, 2022
December 27, 2022
December 29, 2022
Final Valuation Date
Maturity Date
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
2 business days following each observation date, except that the coupon payment date for the final valuation date is the maturity
date.
4
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