New Issue: UBS prices $985,000 trigger autocallables linked to gold, silver trusts, S&P 500

By Angela McDaniels

Tacoma, Wash., Dec. 22 – UBS AG, London Branch priced $985,000 of trigger autocallable contingent yield notes due April 3, 2025 linked to the least performing of the SPDR Gold trust, the iShares Silver trust and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each month, the notes pay a contingent coupon at the rate of 9% per year if each asset closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.

After three months, the notes will be automatically called at par if each asset closes at or above its initial level on any monthly observation date.

If the notes are not called and each asset finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing asset declines from its initial level.

UBS Securities LLC and UBS Investment Bank are the underwriters.

Issuer:	UBS AG, London Branch
Issue:	Trigger autocallable contingent yield notes
Underlying assets:	SPDR Gold trust, iShares Silver trust and S&P 500 index
Amount:	$985,000
Maturity:	April 3, 2025
Coupon:	9% per year, payable monthly if each asset closes at or above coupon barrier level on observation date for that month
Price:	Par
Payout at maturity:	If notes are not called and each asset finishes at or above downside threshold level, par; otherwise, 1% loss for every 1% that least-performing asset declines from initial level
Call:	After three months, automatically at par if each asset closes at or above initial level on any monthly observation date
Initial levels:	$183.22 for gold trust, $22.12 for silver trust and 4,109.31 for index
Coupon barriers:	$128.25 for gold trust, $15.48 for silver trust and 2,876.52 for index, or 70% of initial levels
Downside thresholds:	$109.93 for gold trust, $13.27 for silver trust and 2,465,59 for index, or 60% of initial levels
Pricing date:	March 31, 2023
Settlement date:	April 5, 2023
Underwriters:	UBS Securities LLC and UBS Investment Bank
Fees:	2.75%
Cusip:	90279GBA6

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