Commentary & Deal Flow

UBS AG, acting through its Stamford branch (UBS) exp Aa2/A+/AA (s/s/s) US$ benchmark 3(a)(2) 4.5NC3.5 FTF sr unsec opco notes due 11/29/30. 1y prior to maturity par call (11/29/29). Tax call. UBS (B&D) sole books. Floating Rate Commencement Date: 11/29/29. Reference Rate: Compounded Daily SOFR + [●] bps. Interest Payment Frequency: Fixed semi-annual; Floating quarterly. Denoms: 250,000 x 1,000. Listing: None. Pricing 05/26. Settle 05/29 (T+3). CUSIP: 90261AAJ1. ISIN: US90261AAJ16. IPTs: T+85 area.