Commentary & Deal Flow

Reoffer: 6NC5: MS+60bp / 100 / 3.420%
Benchmark: 6NC5: OBL 2.5% Apr-31 #193 @ 99.10 / B+72.5 / HR 104%

Final Books > €4.2bn. Peak book north of €4.5bn (pre-rec)

Launched: 6NC5: €1.25bn @ MS+60bp - Books north of €4.5bn (pre-rec)
Spread set at: 6NC5: MS+60bp - Books north of €4.3bn
IPTs: 6NC5: MS+90a - Books €3bn+

• Issuer name and Ticker: UBS AG, acting through its London branch (UBS)
• Issuer rating: Aa2 (stable) / A+ (stable) / AA (stable) (Moody’s / S&P / Fitch)
• Issue rating: Aa2 / A+ / AA (Moody's / S&P / Fitch)
• Ranking: Senior Unsecured, Unsubordinated
• Form of securities: Reg S (Category 2), Registered
• Currency: €
• Tranche: 6NC5
• Size: €1.25bn
• Re-offer: MS+60 / 100.00 / 3.420%
• Benchmark: OBL 2.5% Apr-31s #193 + 72.5bps (99.10 Spot, 104% HR)
• Maturity Date: 01-Aug-32
• Early Redemption: At the Issuer's option for certain taxation reasons, as more particularly described in Condition 7(b) (Redemption and Purchase – Redemption for Taxation Reasons)
• Fixed Rate Interest Payment Dates: 01-Aug in each year, from (and including) 01-Aug-27 (long first coupon) to (and including) the Floating Rate Commencement Date
• Fixed Rate of Interest: 3.4224% per cent. per annum from (and including) the Settlement Date to (but excluding) the Floating Rate Commencement Date
• Floating Rate Commencement Date: 01-Aug-31
• Floating Rate Interest Payment Dates: 01-Nov-31, 01-Feb-32, 01-May-32 and 01-Aug-32, subject to adjustment in accordance with the applicable Business Day Convention referred to below
• Interest Periods: Each period beginning on (and including) a Floating Rate Interest Payment Date (or, in the case of the first Interest Period, the Floating Rate Commencement Date) and ending on (but excluding) the next succeeding Floating Rate Interest Payment Date
• Reference Rate / Spread: 3-month EURIBOR / + 69bps
• Settlement Date: 01-Jun-26 (T+4)
• Day Count Fraction:
• • Prior to the Floating Rate Commencement Date: Actual/Actual (ICMA)
  • On and after the Floating Rate Commencement Date: Actual/360
• Interest Determination Date: The second Business Day prior to the first day of each Interest Period
• Minimum Rate of Interest: Zero per cent. per annum
• Documentation: In accordance with the Issuer's Euro Note Programme Base Prospectus dated 13-Jun-25 and as supplemented on 12-Aug-25, 14-Nov-25, 13-Feb-26, 24-Mar-26 and 08-May-26.
• Denominations: €200k + €1k
• Listing Venue: Euronext Dublin regulated market
• Governing Law: English
• Clearing: Euroclear/Clearstream
• Business Day: T2 Settlement Day
• Business Day Convention:
• • Fixed Rate Interest Payment Dates: Following (Unadjusted)
  • Floating Rate Interest Payment Dates: Modified Following
• Sole Global Coordinator: UBS Investment Bank (B&D)
• Joint Lead Managers (Active): BayernLB, Helaba, IMI – Intesa Sanpaolo, SEB, UBS Investment Bank (B&D)
• ISIN / Common Code: XS3393866259 / 339386625
• Timing:
• • TOE: 15:22 UKT
  • FTT: 15:40 UKT