Obligation UBSL 11% ( US90276BAX10 ) en USD

UBSL

100 % ▲

Suisse

US90276BAX10 ( en USD )

11% par an ( paiement semestriel )

21/04/2025 - Obligation échue

Prospectus brochure de l'obligation UBS (London Branch) US90276BAX10 en USD 11%, échue

1 000 USD

135 000 USD

90276BAX1

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 identifiée par le code ISIN US90276BAX10 (CUSIP : 90276BAX1) était un instrument de dette émis par UBS (London Branch), une entité faisant partie intégrante d'UBS Group AG, un conglomérat bancaire mondial de premier plan dont le siège est en Suisse, reconnu pour ses services étendus en gestion de patrimoine, banque d'investissement, gestion d'actifs et banque de détail. Cette obligation, libellée en dollars américains (USD), affichait un taux d'intérêt nominal de 11%, avec des paiements de coupon effectués deux fois par an. L'émission totale représentait 135 000 unités, chaque acquisition minimale étant fixée à 1 000 USD. Sur le marché secondaire, l'instrument était coté à 100% de sa valeur nominale. Ayant atteint sa date de maturité le 21 avril 2025, cette obligation a été intégralement remboursée à ses porteurs, clôturant ainsi son cycle financier.

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424B2 1 ub54950437-424b2.htm FORM 424B2
PRICING SUPPLEMENT

Dated April 15, 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 $135,000 Trigger Autocallable Contingent Yield Notes
Linked to the least performing of the shares of The Technology Select Sector SPDR® Fund, the shares of The Industrial Select Sector
SPDR® Fund and the shares of The Utilities Select Sector SPDR® Fund due April 21, 2025
Investment Description
UBS AG Trigger Autocal able Contingent Yield Notes (the "Notes") are unsubordinated, unsecured debt securities issued by UBS AG ("UBS" or the "issuer")
linked to the least performing of the shares of The Technology Select Sector SPDR® Fund, the shares of The Industrial Select Sector SPDR® Fund and the
shares of The Utilities Select Sector SPDR® Fund (each, an "underlying asset" and together, the "underlying assets"). We also refer to an exchange- traded
fund as an "ETF" herein. UBS wil pay a contingent coupon on the coupon payment date only if the closing level of each underlying asset on the applicable
contingent coupon observation date (including the final valuation date) is equal to or greater than its coupon barrier. Otherwise, no contingent coupon wil be
paid for the relevant coupon payment date. UBS wil automatical y cal the Notes early if the closing level of each underlying asset on any autocal observation
date is equal to or greater than its cal threshold level, which is a level of each underlying asset equal to a percentage of its initial level, as indicated below. If
the Notes are subject to an automatic cal , UBS wil pay on the applicable coupon payment date fol owing such autocal observation date (the "cal settlement
date") a cash payment per Note equal to your principal amount plus the contingent coupon otherwise due, 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 contingent coupon observation date (including the final
valuation date) and each autocall observation 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 -- UBS wil pay a
Trade Date*
April 15, 2020
contingent coupon on a coupon payment date only if the closing level of
Settlement Date*
April 20, 2020
each underlying asset is equal to or greater than its coupon barrier on
Contingent Coupon
Monthly (see page 4)
the applicable contingent coupon observation date (including the final
Observation Dates**
valuation date). Otherwise, if the closing level of any underlying asset is
Autocal Observation
Quarterly (Cal able after 6 months) (see page 4)
less than its coupon barrier on the applicable contingent coupon
Dates**
observation date, no contingent coupon wil be paid for the relevant
Final Valuation Date**
April 15, 2025
coupon payment date.
Maturity Date**
April 21, 2025

· Automatic Call Feature -- UBS wil automatical y cal the Notes and
* We expect to deliver the Notes against payment on the third business day
pay you the principal amount of your Notes plus the contingent coupon
fol owing the trade date. Under Rule 15c6-1 of the Securities Exchange
otherwise due on the related coupon payment date if the closing level of
Act of 1934, as amended (the "Exchange Act"), trades in the secondary
each underlying asset is equal to or greater than its cal threshold level
market general y are required to settle in two business days (T+2), unless
on any autocal observation date. If the Notes were previously subject to
the parties to a trade expressly agree otherwise. Accordingly, purchasers
an automatic cal , no further payments wil be owed to you under the
who wish to trade the Notes in the secondary market on any date prior to
Notes.
two business days before delivery of the Notes wil be required, by virtue
· Contingent Repayment of Principal at Maturity with Potential for
of the fact that each Note initial y wil settle in three business days (T+3),
Full Downside Market Exposure -- If the Notes have not been subject
to specify alternative settlement arrangements to prevent a failed
to an automatic cal and the final level of each underlying asset is equal
settlement of the secondary market trade.
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
** Subject to postponement in the event of a market disruption event, as
underlying asset is less than its downside threshold, UBS wil pay you a
described in the accompanying product supplement.
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 the Notes we are offering.
Underlying Asset
Bloomberg Contingent Initial Levels
Call Threshold
Downside
Coupon Barriers
CUSIP
ISIN
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Ticker
Coupon Rate
Levels
Thresholds
Shares of The
XLK
$87.03
$87.03, which is
$52.22, which is
$52.22, which is
Technology Select
100.00% of the
60.00% of the Initial 60.00% of the Initial
Sector SPDR® Fund
Initial Level
Level
Level
Shares of The Industrial
XLI
$60.81
$60.81, which is
$36.49, which is
$36.49, which is
11.00% per
Select Sector SPDR®
100.00% of the
60.00% of the Initial 60.00% of the Initial 90276BAX1 US90276BAX10
annum
Fund
Initial Level
Level
Level
Shares of The Utilities
XLU
$58.63
$58.63, which is
$35.18, which is
$35.18, which is
Select Sector SPDR®
100.00% of the
60.00% of the Initial 60.00% of the Initial
Fund
Initial Level
Level
Level
The estimated initial value of the Notes as of the trade date is $874.60. 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 document.
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
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 shares of The
Technology Select Sector SPDR® Fund, the shares of The
$135,000.00
$1,000.00
$4,725.00
$35.00
$130,275.00
$965.00
Industrial Select Sector SPDR® Fund and the shares of The
Utilities Select Sector SPDR® Fund
(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 $965.00 per principal amount of the Notes, and any 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 $35.00 per principal amount for each Note sold in this offering. UBS Securities
LLC has agreed to re-al ow the ful amount of this discount to one or more third-party dealers. Certain of such third-party dealers may 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:
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· 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" 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" beginning on page 5 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.
i
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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 in
Notes, including the risk of loss of a significant portion or all of
the Notes, including the risk of loss of a significant portion or all
your initial investment.
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 on
assets, that you will be exposed to the individual market risk of
each autocall observation date, contingent coupon observation
each underlying asset on each autocall observation date,
date, and on the final valuation date and that you may lose a
contingent coupon observation date and on the final valuation
significant portion or all of your initial investment if the closing
date and that you may lose a significant portion or all of your
level of any underlying asset is less than its downside threshold
initial investment if the closing level of any underlying asset is
on the final valuation date.
less than its downside threshold on the final valuation date.
· You can tolerate a loss of a significant portion or all of your initial
· You require an investment designed to provide a full return of
investment and are willing to make an investment that may have
principal at maturity.
the same downside market risk as an investment in the least
performing underlying asset or the assets comprising such
· You cannot tolerate a loss of a significant portion or all of your
underlying asset.
initial investment or are unwilling to make an investment that may
have the same downside market risk as an investment in the
· You are willing to receive no contingent coupons and believe the
least performing underlying asset or its underlying constituents.
closing level of each underlying asset will be equal to or greater
than its coupon barrier on the specified contingent coupon
· You are unwilling to receive no contingent coupons during the
observation dates and the final level of each underlying asset will
term of the Notes and believe that the closing level of at least one
be equal to or greater than its downside threshold on the final
underlying asset will decline during the term of the Notes and is
valuation date.
likely to be less than its coupon barrier on at least one contingent
coupon observation date or that the final level of any underlying
· You can accept that the risks of each underlying asset are not
asset will be less than its downside threshold on the final
mitigated by the performance of any other underlying asset and
valuation date.
the risks of investing in securities with a return based on the
performance of multiple underlying assets.
· You cannot accept that the risks of each underlying asset are not
mitigated by the performance of any other underlying asset or the
· You understand and accept that you will not participate in any
risks of investing in securities with a return based on the
appreciation of any underlying asset and that your potential
performance of multiple underlying assets.
return is limited to any contingent coupons.
· You seek an investment that participates in the full appreciation
· You can tolerate fluctuations in the price of the Notes prior to
of the levels of the underlying assets or that has unlimited return
maturity that may be similar to or exceed the downside
potential.
fluctuations in the levels of the underlying assets.
· You cannot tolerate fluctuations in the price of the Notes prior to
· You are willing to invest in the Notes based on the contingent
maturity that may be similar to or exceed the downside
coupon rate, call threshold levels, downside thresholds and
fluctuations in the levels of the underlying assets.
coupon barriers specified on the cover hereof.
· You are unwilling to invest in the Notes based on the contingent
· You do not seek guaranteed current income from your investment
coupon rate, call threshold levels, downside thresholds or coupon
and are willing to forgo any dividends paid on the underlying
barriers specified on the cover hereof.
assets and assets comprising each underlying asset (the
"underlying constituents").
· You seek guaranteed current income from this investment or
prefer to receive any dividends paid on the underlying assets or
· You are willing to invest in Notes that may be subject to an
the underlying constituents.
automatic call and you are otherwise willing to hold such Notes to
maturity and you accept that there may be little or no secondary
· You are unable or are unwilling to invest in Notes that may be
market for the Notes.
subject to an automatic call, you are otherwise unable or
unwilling to hold the Notes to maturity or you seek an investment
· You understand and are willing to accept the risks associated
for which there will be an active secondary market for the Notes.
with the underlying assets.
· You do not understand or are unwilling to accept the risks
· You are willing to assume the credit risk of UBS for all payments
associated with the underlying assets.
under the Notes, and understand that if UBS defaults on its
obligations you may not receive any amounts due to you
· You are unwilling to assume the credit risk of UBS for all
including any repayment of principal.
payments under the Notes, including any repayment of principal.
· You understand that the estimated initial value of the Notes
determined by our internal pricing models is lower than the issue
price and that should UBS Securities LLC or any affiliate 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,
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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 information on the underlying
assets. You should also review carefully the "Key Risks" section herein for risks related to an investment in the Notes.
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Final Terms
Issuer:
UBS AG London Branch
Payment at
If the Notes are not subject to an automatic call
Principal
$1,000 per Note
Maturity (per and the final level of each underlying asset is
Amount:
Note):
equal to or greater than its downside threshold,
UBS will pay you a cash payment equal to:
Term:
Approximately 5 years, unless subject to an
automatic call.
Principal Amount of $1,000
If the Notes are not subject to an automatic call
Underlying The shares of The Technology Select Sector SPDR®
and the final level of any underlying asset is
Assets:
Fund, the shares of The Industrial Select Sector
less than its downside threshold, UBS will pay
SPDR® Fund and the shares of The Utilities Select
you a cash payment that is less than the principal
Sector SPDR® Fund
amount, if anything, equal to:
Contingent If the closing level of each underlying asset is
$1,000 ´ (1 + Underlying Return of the
Coupon
equal to or greater than its coupon barrier on any
Least Performing Underlying Asset)
and
contingent coupon observation date (including
In such a case, you will suffer a percentage loss
Contingent the final valuation date), UBS will pay you the
on your initial investment equal to the
Coupon
contingent coupon applicable to such contingent
underlying return of the least performing
Rate:
coupon observation date on the related coupon
underlying asset regardless of the underlying
payment date.
return of any other underlying asset and, in
If the closing level of any underlying asset is less
extreme situations, you could lose all of your
than its coupon barrier on any contingent coupon
initial investment.
observation date (including the final valuation
Least
The underlying asset with the lowest underlying
date), the contingent coupon applicable to such
Performing
return as compared to the other underlying assets.
contingent coupon observation date will not accrue or
Underlying
be payable and UBS will not make any payment to
Asset:
you on the relevant coupon payment date.
Underlying
For each underlying asset, the quotient, expressed
The contingent coupon is a fixed amount based upon
Return:
as a percentage, of the following formula:
equal periodic installments at the contingent coupon
rate, which is a per annum rate. The table below sets
Final Level Initial Level
forth the contingent coupon rate and contingent
Initial Level
coupon for each Note that would be applicable to
Call
For each underlying asset, a specified level of the
each contingent coupon observation date on which
Threshold
underlying asset that is equal to a percentage of its
the closing level of each underlying asset is greater
Level:(1)
initial level, as indicated on the cover hereof.
than or equal to its coupon barrier.
Downside
For each underlying asset, a specified level of the

Contingent Coupon Rate
11.00%
Threshold:(1) underlying asset that is less than its initial level,

Contingent Coupon
$9.1667
equal to a percentage of its initial level, as indicated

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

Automatic UBS will automatically call the Notes if the closing
Initial Level:
The closing level of each underlying asset on the
Call
level of each underlying asset on any autocall
(1)
trade date, as indicated on the cover hereof.
Feature:
observation date is equal to or greater than its call
Final Level:
The closing level of each underlying asset on the
threshold level.
(1)
final valuation date.
If the Notes are subject to an automatic call, UBS will
(1) As determined by the calculation agent and as may be adjusted
pay you on the corresponding coupon payment date
in the case of certain adjustment events as described under
(which will be the "call settlement date") a cash
"General Terms of the Securities -- Antidilution Adjustments for
payment per Note equal to your principal amount plus
Securities Linked to an Underlying Equity or Equity Basket Asset"
the contingent coupon otherwise due on such date.
and "-- Reorganization Events for Securities Linked to an
Following an automatic call, no further payments will
Underlying Equity or Equity Basket Asset" in the accompanying
be made on the Notes.
product supplement.
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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
Each
is equal to or greater than its coupon
Contingent
barrier on a contingent coupon observation
Coupon

date, UBS will pay you a contingent coupon
Observation
on the corresponding coupon payment
Date
date.
¯

If the closing level of each underlying asset is
Each Autocall
equal to or greater than its call threshold level
Observation
on any autocall observation date, the Notes
Date
will be automatically called and UBS will pay
(Quarterly,
you on the call settlement date a cash
beginning after
payment per Note equal to $1,000 plus the
6 months)
contingent coupon otherwise due on such
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 per Note
Maturity Date
that is less than the principal amount, if
anything, equal to:
$1,000 x (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 autocall observation date, contingent coupon 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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Contingent Coupon Observation Dates,(1) Autocall Observation Dates,(1) Coupon Payment Dates(1)(2) and Potential Call Settlement
Dates(1)(2)(3)
Contingent Coupon Observation
Contingent Coupon
Dates
Coupon Payment Dates
Observation Dates
Coupon Payment Dates
May 15, 2020
May 19, 2020
November 15, 2022
November 17, 2022
June 15, 2020
June 17, 2020
December 15, 2022
December 19, 2022
July 15, 2020
July 17, 2020
January 17, 2023*
January 19, 2023*
August 17, 2020
August 19, 2020
February 15, 2023
February 17, 2023
September 15, 2020
September 17, 2020
March 15, 2023
March 17, 2023
October 15, 2020*
October 19, 2020*
April 17, 2023*
April 19, 2023*
November 16, 2020
November 18, 2020
May 15, 2023
May 17, 2023
December 15, 2020
December 17, 2020
June 15, 2023
June 19, 2023
January 15, 2021*
January 20, 2021*
July 17, 2023*
July 19, 2023*
February 16, 2021
February 18, 2021
August 15, 2023
August 17, 2023
March 15, 2021
March 17, 2021
September 15, 2023
September 19, 2023
April 15, 2021*
April 19, 2021*
October 16, 2023*
October 18, 2023*
May 17, 2021
May 19, 2021
November 15, 2023
November 17, 2023
June 15, 2021
June 17, 2021
December 15, 2023
December 19, 2023
July 15, 2021*
July 19, 2021*
January 16, 2024*
January 18, 2024*
August 16, 2021
August 18, 2021
February 15, 2024
February 20, 2024
September 15, 2021
September 17, 2021
March 15, 2024
March 19, 2024
October 15, 2021*
October 19, 2021*
April 15, 2024*
April 17, 2024*
November 15, 2021
November 17, 2021
May 15, 2024
May 17, 2024
December 15, 2021
December 17, 2021
June 17, 2024
June 19, 2024
January 18, 2022*
January 20, 2022*
July 15, 2024*
July 17, 2024*
February 15, 2022
February 17, 2022
August 15, 2024
August 19, 2024
March 15, 2022
March 17, 2022
September 16, 2024
September 18, 2024
April 18, 2022*
April 20, 2022*
October 15, 2024*
October 17, 2024*
May 16, 2022
May 18, 2022
November 15, 2024
November 19, 2024
June 15, 2022
June 17, 2022
December 16, 2024
December 18, 2024
July 15, 2022*
July 19, 2022*
January 15, 2025*
January 17, 2025*
August 15, 2022
August 17, 2022
February 18, 2025
February 20, 2025
September 15, 2022
September 19, 2022
March 17, 2025
March 19, 2025
October 17, 2022*
October 19, 2022*
Final Valuation Date
Maturity Date
*
This date is also an autocall observation date. The Notes are not callable until the first potential call settlement date, which is
October 19, 2020.
(1) Subject to the market disruption event provisions set forth in the accompanying product supplement.
(2) 2 business days following each contingent coupon observation date, except that the coupon payment date for the final valuation date is
the maturity date.
(3) If you are able to sell the Notes in the secondary market on a coupon observation date or an autocall observation date, as applicable, the
purchaser of the Notes will be deemed to be the record holder on the applicable record date and therefore you will not be entitled to any
payment attributable to that date.
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Key Risks
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the least
performing underlying asset or its underlying constituents. Some of the risks that apply to the Notes are summarized below, but we
urge you to read the more detailed explanation of risks relating to the Notes in the "Risk Factors" section of the accompanying
product supplement. We also urge you to consult your investment, legal, tax, accounting and other advisors before you invest in
the Notes.
· Risk of loss at maturity -- The Notes differ from ordinary debt securities in that UBS will not necessarily make periodic coupon payments
or repay the principal amount of the Notes at maturity. 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.
· The contingent repayment of principal applies only at maturity -- You should be willing to hold your Notes to maturity. If you are able
to sell your Notes prior to an automatic call or maturity in the secondary market, you may have to sell them at a loss relative to your initial
investment even if the level of each underlying asset is equal to or greater than its downside threshold. All payments on the Notes are
subject to the creditworthiness of UBS.
· You may not receive any contingent coupons with respect to your Notes -- UBS will not necessarily make periodic coupon payments
on the Notes. UBS will pay a contingent coupon for each contingent coupon observation date on which the closing level of each underlying
asset is equal to or greater than its coupon barrier. If the closing level of any underlying asset is less than its coupon barrier on any
contingent coupon observation date, UBS will not pay you the contingent coupon applicable to such contingent coupon observation date. If
the closing level of any underlying asset is less than its coupon barrier on each of the contingent coupon observation dates, UBS will not
pay you any contingent coupons during the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment
of the contingent coupon coincides with a period of greater risk of principal loss on your Notes.
· Your potential return on the Notes is limited to any contingent coupons and you will not participate in any appreciation of any
underlying asset -- The return potential of the Notes is limited to the pre-specified contingent coupon rate, regardless of any appreciation
of any underlying asset. In addition, your return on the Notes will vary based on the number of contingent coupon observation dates, if any,
on which the requirements of the contingent coupon have been met prior to maturity or an automatic call. Further, if the Notes are subject
to an automatic call, you will not receive any contingent coupons or any other payment in respect of any contingent coupon observation
dates after the applicable call settlement date. Because the Notes may be subject to an automatic call as early as the first potential call
settlement date, the total return on the Notes could be less than if the Notes remained outstanding until maturity. Furthermore, if the Notes
are not subject to an automatic call, you may be subject to the decline of the least performing underlying asset even though you cannot
participate in any appreciation of any underlying asset or underlying constituents. As a result, the return on an investment in the Notes
could be less than the return on a direct investment in any or all of the underlying assets or underlying constituents. In addition, as an
owner of the Notes, you will not have voting rights or any other rights of a holder of any underlying asset or the underlying constituents.
· A higher contingent coupon rate or lower downside thresholds or coupon barriers may reflect greater expected volatility of the
underlying assets, and greater expected volatility generally indicates an increased risk of loss at maturity -- The economic terms
for the Notes, including the contingent coupon rate, call threshold levels, coupon barriers and downside thresholds, are based, in part, on
the expected volatility of each underlying asset at the time the terms of the Notes are set. "Volatility" refers to the frequency and magnitude
of changes in the level of each underlying asset. The greater the expected volatility of each underlying asset as of the trade date, the
greater the expectation is as of that date that the closing level of each underlying asset could be less than its coupon barrier on any
contingent coupon observation date, its call threshold level on any autocall observation date and that the final level of at least one
underlying asset could be less than its downside threshold on the final valuation date and, as a consequence, indicates an increased risk
of not receiving a contingent coupon and an increased risk of loss, respectively. All things being equal, this greater expected volatility will
generally be reflected in a higher contingent coupon rate than the yield payable on our conventional debt securities with a similar maturity
or on otherwise comparable securities, and/or lower downside thresholds and/or coupon barriers than those terms on otherwise
comparable securities. Therefore, a relatively higher contingent coupon rate may indicate an increased risk of loss. Further, relatively lower
downside thresholds and/or coupon barriers may not necessarily indicate that the Notes have a greater likelihood of a return of principal at
maturity and/or paying contingent coupons. You should be willing to accept the downside market risk of the least performing underlying
asset and the potential to lose a significant portion or all of your initial investment.
· Reinvestment risk -- The Notes will be subject to an automatic call if the closing level of each underlying asset is equal to or greater than
its call threshold level on any autocall observation date as set forth under "Contingent Coupon Observation Dates, Autocall Observation
Dates, Coupon Payment Dates and Potential Call Settlement Dates" above. Because the Notes could be subject to an automatic call as
early as the first autocall observation date, the term of your investment may be limited. In the event that the Notes are subject to an
automatic call, there is no guarantee that you would be able to reinvest the proceeds at a comparable return and/or with a comparable
contingent coupon rate for a similar level of risk. In addition, to the extent you are able to reinvest such proceeds in an investment
comparable to the Notes, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new
securities. Generally, however, the longer the Notes remain outstanding, the less likely the Notes will be subject to an automatic call due to
the decline in the level of an underlying asset and the shorter time remaining for the level of any such underlying asset to recover. Such
periods generally coincide with a period of greater risk of principal loss on your Notes.
· You are exposed to the market risk of each underlying asset -- Your return on the Notes is not linked to a basket consisting of the
underlying assets. Rather, it will be contingent upon the performance of each individual underlying asset. Unlike an instrument with a return
linked to a basket of common stocks or other underlying securities, in which risk is mitigated and diversified among all of the components
of the basket, you will be exposed equally to the risks related to each underlying asset. Poor performance by any underlying asset over the
term of the Notes will negatively affect your return and will not be offset or mitigated by a positive performance by any other underlying
asset. For instance, you may receive a negative return equal to the underlying return of the least performing underlying asset if the closing
level of any underlying asset is less than its downside threshold on the final valuation date, even if the underlying return of any other
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underlying asset is positive or has not declined as much. Accordingly, your investment is subject to the market risk of each underlying
asset.
· Because the Notes are linked to the least performing underlying asset, you are exposed to a greater risk of no contingent
coupons and losing a significant portion or all of your initial investment at maturity than if the Notes were linked to fewer
underlying assets or a single underlying asset -- The risk that you will not receive any contingent coupons and lose a significant
portion or all of your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially similar
securities that are linked to the performance of fewer underlying assets or a single underlying asset. With more underlying assets, it is
more likely that the closing level of any underlying asset will be less than its coupon barrier on any contingent coupon observation date, its
call threshold level on any autocall observation date or will decline to a closing level that is less than its downside threshold than if the
Notes were linked to fewer underlying assets or a single underlying asset.
In addition, the lower the correlation is between the performance of a pair of underlying assets, the more likely it is that one of the
underlying assets will decline in value to a closing level or final level, as applicable, that is less than its call threshold level, coupon barrier
or downside threshold on any autocall observation date, contingent coupon observation date or on the final valuation date, respectively.
Although the correlation of the underlying assets' performance may change over the term of the Notes, the economic terms of the Notes,
including the contingent coupon rate, call threshold levels, downside thresholds and coupon barriers are determined, in part, based on the
correlation of the underlying assets' performance calculated using our internal models at the time when the terms of the Notes are
finalized. All things being equal, a higher contingent coupon rate and lower downside threshold and coupon barrier is generally associated
with lower correlation of the underlying assets. Therefore, if the performance of a pair of underlying assets is not correlated to each other or
is negatively correlated, the risk that you will not receive any contingent coupons or that the final level of any underlying asset is less than
its downside threshold will occur is even greater despite a lower downside threshold and coupon barrier. Therefore, it is more likely that
you will not receive any contingent coupons and that you will lose a significant portion or all of your initial investment at maturity.
· Credit risk of UBS -- The Notes are unsubordinated, unsecured debt obligations of UBS and are not, either directly or indirectly, an
obligation of any third party. Any payment to be made on the Notes, including any repayment of principal, depends on the ability of UBS to
satisfy its obligations as they come due. As a result, UBS's actual and perceived creditworthiness may affect the market value of the Notes.
If UBS were to default on its obligations, you may not receive any amounts owed to you under the terms of the Notes and you could lose all
of your initial investment.
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