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Bond Market News
UBS Confirms Equity Conversion for AT1s Following Shareholder Vote
May 14, 2024
UBS has confirmed that nearly $5bn of its AT1 bonds have been made available for equity conversion. This follows a decision by shareholders of the bank in late-April. At the time, shareholders voted to change the clauses on the notes wherein, upon the occurrence of a trigger event, the AT1s should convert into equity instead of being permanently written-down to zero. The change in the provisions covers three of its dollar AT1s with an amount outstanding totaling to $4.5bn in addition to an S$ 650mn AT1.
UBS’ AT1s traded steady with its 5.125% Perp at 95.52, yielding 7.4% to call.
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