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Bond Market News
UBS Said to be Lining Up AT1 Issuance
August 28, 2023
UBS Group is said to be planning an AT1 bond issuance as early as September, as per sources. This would be the Swiss lender’s first issuance of the subordinated instruments after the historic $17bn Credit Suisse AT1 write-off in March. Post that, BNP Paribas was the first dollar AT1 issuer, raising $1.5bn via a PerpNC5 deal at 8.5% earlier this month. Bloomberg notes that UBS’s AT1s on average have a yield-to-call of over 100bp over similar bonds from European peers, likely emerging from its exposure to CS’s books. Separately, a report by Sonntagszeitung (Sunday newspaper) said that Credit Suisse posted a $4bn loss in Q2.
UBS last issued AT1s in January 2022 – 4.875% PerpNC5 that currently trades at 82.3, yielding 11.2% to call.
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