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UBS raised $1bn via a PerpNC7.2 bond at a yield of 7.75%, 62.5bp inside initial guidance of 8.375% area. The subordinated notes are rated Baa3/BB/BBB-. The coupons are fixed until the first reset date of 12 April 2031, and if not called by then, it resets to the 5Y MS plus a margin of 416bp. Above is a table comparing the latest UBS 7.75% Perp with other European bank AT1s.