Obligation UBSL 0% ( US90270K5U90 ) en USD

UBSL

100 % ▼

Suisse

US90270K5U90 ( en USD )

30/03/2023 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90270K5U90 en USD 0%, échue

1 000 USD

2 342 000 USD

90270K5U9

N/A

UBS (London Branch) est une succursale de la banque suisse UBS, offrant une large gamme de services financiers aux particuliers, aux entreprises et aux institutions financières au Royaume-Uni et au-delà.

L'Obligation émise par UBSL ( Suisse ) , en USD, avec le code ISIN US90270K5U90, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/03/2023

4/1/2020
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424B2 1 ub54908306-424b2.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 $2,342,000 Trigger Autocallable Contingent Yield Notes with Memory Interest
Linked to the least performing of the common stock of Amazon.com, Inc. and the common stock of Visa Inc. 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 common stock of Amazon.com, Inc. and the common stock of Visa Inc. (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 date,
Final Valuation Date
March 27, 2023
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.
Note Offering
These terms relate to Notes we are offering linked to the least performing of the common stock of Amazon.com, Inc. and the common stock of Visa Inc.
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Underlying Asset
Bloomberg
Contingent
Initial Levels
Downside
Coupon Barriers
CUSIP
ISIN
Ticker
Coupon Rate
Thresholds
Common stock of
AMZN
$1,900.10
$1,235.07, which is
$1,235.07, which is
Amazon.com, Inc.
65.00% of the Initial
65.00% of the Initial
8.85% per
Level
Level
90270K5U9 US90270K5U90
Common stock of Visa Inc.
V
annum
$161.56
$105.01, which is
$105.01, which is
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 $969.00. 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 common stock of
$2,342,000.00
$1,000.00
$55,037.00
$23.50
$2,286,963.00
$976.50
Amazon.com, Inc. and the common stock of Visa Inc.
(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:
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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 least
asset and not a basket of the underlying assets, that you will be
performing underlying asset and not a basket of the underlying
exposed to the individual market risk of each underlying asset
assets, that you will be exposed to the individual market risk of
on each observation date and on the final valuation date and
each underlying asset on each observation date and on the
that you may lose a significant portion or all of your initial
final valuation date and that you may lose a significant portion
investment if the closing level of any underlying asset is less
or all of your initial investment if the closing level of any
than its downside threshold on the final valuation date.
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 and
observation date or that the final level of any underlying asset
the risks of investing in securities with a return based on the
will be less than its downside threshold on the final valuation
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 appreciation
fluctuations in the levels of the underlying assets.
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 to
specified on the cover hereof.
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 contingent
underlying assets.
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 due to you
· You do not understand or are unwilling to accept the single
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
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particular circumstances. You should review "Information About the Underlying Assets " herein for more 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
threshold, UBS will pay you a cash payment
Term:
Approximately 3 years, unless subject to an
equal to:
automatic call.
Principal Amount of $1,000
Underlying The common stock of Amazon.com, Inc. and the
If the Notes are not subject to an automatic
Assets:
common stock of Visa Inc.
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
$1,000 x (1+ Underlying Return of the Least
Coupon
coupon applicable to such observation date on the
Performing Underlying Asset)
Rate:
related coupon payment date plus any previously
unpaid contingent coupons in respect of any
In such a case, you will suffer a percentage
previous observation dates pursuant to the memory
loss on your initial investment equal to the
interest feature.
underlying return of the least performing
underlying asset regardless of the underlying
If the closing level of any underlying asset is
return of any other underlying asset and, in
less than its coupon barrier on any observation
extreme situations, you could lose all of your
date (including the final valuation date), the
initial investment.
contingent coupon applicable to such observation
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)
Asset:
The contingent coupon is a fixed amount based
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
8.85%
Threshold:(1) the underlying asset that is less than its initial

Contingent Coupon
$22.125
level, equal to a percentage of its initial level, as
indicated on the cover hereof.

Contingent coupons on the Notes are not
guaranteed. UBS will not pay you the contingent
Coupon
For each underlying asset, a specified level of the
coupon applicable to an observation date on the
Barrier:(1)
underlying asset that is less than its initial level,
related coupon payment date if the closing 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

(1)
Memory
If a contingent coupon is not paid on a coupon
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 the
Feature:
because the closing level of any underlying asset is
(1)
final valuation date.
less than its coupon barrier on the related
(1) As determined by the calculation agent and as
observation date, such contingent coupon will be
may be adjusted in the case of certain adjustment
paid on a later coupon payment date if the closing
events as described under "General Terms of the
level of each underlying asset is equal to or greater
Securities -- Antidilution Adjustments for
than its coupon barrier on the relevant observation
Securities Linked to an Underlying Equity or
date.
Equity Basket Asset" and "-- Reorganization
For the avoidance of doubt, once a previously
Events for Securities Linked to an Underlying
unpaid contingent coupon has been paid on a later
Equity or Equity Basket Asset" in the
coupon payment date, it will not be made again on
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.
2
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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 call
Observation Dates
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 cash payment
Maturity Date
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 underlying
asset on each observation date and on the final valuation date and any decline in the level of one underlying asset may
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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 2, 2020
September 28, 2020
October 1, 2020
December 28, 2020
December 31, 2020
March 29, 2021
April 1, 2021
June 28, 2021
July 1, 2021
September 27, 2021
September 30, 2021
December 27, 2021
December 30, 2021
March 28, 2022
March 31, 2022
June 27, 2022
June 30, 2022
September 27, 2022
September 30, 2022
December 27, 2022
December 30, 2022
Final Valuation Date
Maturity Date
(1)
Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2)
3 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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