Book size: 860; First Pay: 2026-08-18; Registration: Reg S Only; Comments: EUR750m 3.5yr cpn 2.5595% at 100, yld 2.562%. Spread: MS+21.OBL 2.1 29 #189 + 36.4bps (Price: 99.70, HR 109%);
Book size: 1150; First Pay: 2027-02-18; Registration: Reg S Only; Comments: EUR750m 7yr cpn 3.012% at 100, yld 3.012%. Spread: MS+38. DBR 2.3 33 TWIN + 44.7bps (Price: 98.32, HR 99%);
Deal Comments
Reoffer: 3.5yr: MS+21 / 100 / 2.562% 7yr: MS+38 / 100 / 3.012%
Benchmark: 3.5yr: OBL 2.1 29 #189 @ 99.70 / B+36.4 / HR 109% 7yr: DBR 2.3 33 TWIN @ 98.32 / B+44.7 / HR 99%
3.5yr: Final Books over €1.15bn (incl. €110m JLM)
7yr: Final Books over €1.15bn (incl. €60m JLM)
Launched: 3.5yr: €750m @ MS+21bp - Books over €1.15bn (incl €110m JLM) 7yr: €750m @ MS+38bp - Books over €1.15bn (incl €60m JLM)
Guidance: 3.5yr: MS+26a 7yr: MS+43a
Issuer: UBS Switzerland AG
Guarantor: UBS Hypotheken Schweiz AG
Form of the Notes: Uncertificated securities (einfache Wertrechte) constituting intermediated securities (Bucheffekten)
Status of the Notes: Direct, unconditional, unsubordinated and (other than in relation to the Guarantee) unsecured obligations of the Issuer ranking pari passu without preference among themselves.
Expected Instrument Rating: AAA (Fitch)
Tenor:
3.5y: FXD
7y: FXD
Size:
3.5y: €750m
7y: €750m
Settlement:
3.5y: 18-Feb-26 (T+5)
7y: 18-Feb-26 (T+5)
Maturity Date:
3.5y: 18-Aug-29
7y: 18-Feb-33
Maturity Type:
3.5y: Soft Bullet
7y: Soft Bullet
Re-offer:
3.5y: MS+21 / 100.00 / 2.562%
7y: MS+38 / 100.00 / 3.012%
Benchmark:
3.5y: OBL 2.1 29 #189 + 36.4bps (Price: 99.70, HR 109%)
7y: DBR 2.3 33 TWIN + 44.7bps (Price: 98.32, HR 99%)
Coupon:
3.5y: 2.5595% Payable annually in arrear on 18 August in each year, from (and including) 18 August 2026 (short first coupon) to (and including) the Final Maturity Date. Act/Act (ICMA), following, unadjusted
7y: 3.012% Payable annually in arrear on 18 February in each year, from (and including) 18 February 2027 to (and including) the Final Maturity Date. Act/Act (ICMA), following, unadjusted
Timing:
3.5Y Priced: TOE 14:24 UKT | FTT 14:40 UKT
7Y Priced: TOE 14:28 UKT | FTT 14:40 UKT
ISIN:
3.5y: CH1522231302
7y: CH1522231310
Listing/Law/Denoms: SIX Swiss Exchange / Swiss Law / 100k+1k
Clearing: SIX SIS Ltd. (CSD), Euroclear, Clearstream
Documentation: Covered Bond Programme
FinSA prospectus: Base prospectus approved by the SIX Exchange Regulation Ltd in its capacity as review body pursuant to article 52 of the FinSA as of 12 November 2025 as supplemented by the supplement thereto dated 4 February 2026 (together, the Prospectus)
Target Market: Manufacturer target market (MIFID II product governance and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs Key Information Document (KID) has been prepared as not available to retail in the EEA or in the UK.
Selling Restrictions: Reg S and as further specified in the Prospectus and the Final Terms
Swiss Withholding Tax: Applicable
Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
Global Coordinator and Joint Lead Manager (Active): UBS Investment Bank
Joint Lead Managers (Active): Danske Bank, DZ BANK AG, Erste Group, IMI - Intesa Sanpaolo, Natixis, Rabobank, UBS Investment Bank
Billing & Delivery: UBS Investment Bank
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended). It is not a prospectus. The Prospectus (including the supplements thereto) and the Final Terms, when published, can be obtained in electronic or printed form, free of charge, during normal business hours from the Issuer at UBS AG, Investment Bank, Swiss Prospectus Switzerland, P.O. Box, 8098 Zurich, Switzerland (voicemail: +41 44 239 47 03, fax: +41 44 239 69 14, email: swiss-prospectus@ubs.com)