New Issue: UBS prices $500,000 airbag gears due 2026 tied to S&P, ETF

By Kiku Steinfeld

Chicago, April 25 – UBS AG London Branch priced $500,000 of 0% airbag gears due July 31, 2026 linked to the S&P 500 index and the Invesco S&P 500 Equal Weight ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the asset return is positive, the payout at maturity will be par plus 1.12 times the return of the least performing asset. Investors will receive par if the asset falls by up to 40% and will lose 1.6667% for each 1% decline beyond 40%.

UBS Investment Bank and UBS Financial Services Inc. are the agents.

Issuer:	UBS AG London Branch
Issue:	Airbag gears
Underlying asset:	S&P 500 index and Invesco S&P 500 Equal Weight ETF
Amount:	$500,000
Maturity:	July 31, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.12 times any gain in least performer; par if least performing asset falls by up to 40%; 1.6667% loss for each 1% decline of least performing asset beyond 40%
Initial levels:	4,582.23 for S&P, $154.40 for ETF
Buffer levels:	2,749.34 for S&P, $92.64 for ETF, 60% of initial level
Pricing date:	July 28, 2023
Settlement date:	Aug. 2, 2023
Agents:	UBS Investment Bank and UBS Financial Services Inc.
Fees:	0.6%
Cusip:	90279GZD4

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