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Bond Market News
UBS Prices 2-Part $ AT1 Deal
UBS raised $2bn via a two-tranche AT1 deal. It raised:
- $750mn via a PerpNC5.5 AT1 bond at a yield of 6.60%, 65bp inside initial guidance of 7.25% area. If not called between 5 August 2030 and 5 February 2031, the coupon will reset to the US 5Y Treasury yield plus 312.2bp then and every 5 years thereafter. Below is a table comparing the new UBS 6.6% Perp with its European peers, sorted by Yield-to-Call.
- $1.25bn via a PerpNC10 AT1 bond at a yield of 7.00%, 75bp inside initial guidance of 7.75% area. If not called between 5 February 2035 and 5 August 2035, the coupon will reset to the US 5Y Treasury yield plus 329.6bp then and every 5 years thereafter. Below is a table comparing the new UBS 7.0% Perp with its European peers, sorted by Yield-to-Call.
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