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UBS raised $3bn via a two-trancher. It raised $1.5bn via a PerpNC5 AT1 at a yield of 6.625%, 50bp inside initial guidance of 7.125% area. It also raised $1.5bn via a PerpNC10 AT1 at a yield of 7.0%, 50bp inside initial guidance of 7.5% area. The junior subordinated notes are rated Baa3/BBB-/BBB-. The tables give a comparison of UBS’ new AT1 issuances with its peers.
