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.
Share this
Looking for more ?
Curated global bond market news - delivered to your inbox everyday.
BondbloX Pte. Ltd. is regulated by the Monetary Authority of Singapore as a Recognised Market Operator ("RMO") and exempted from Section 49(1) of the Securities and Futures Act (Cap. 289) ("SFA") under Section 49(7) of the SFA.