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Bond Market News

UBS to Redeem 7% Perps in January

UBS announced its plans to redeem its $2.5bn 7% Perp by its first call date on 31 January 2024. The move is seen as an effort to reassure investors about its ability and willingness to call back its AT1s on their first call date. This comes after UBS successfully priced a $3.5bn dual AT1 issuance at 9.25% last month. “UBS has a strong incentive to conduct creditor-friendly AT1 policy now, and I see the call announcement this morning reflecting this”, said Suvi Platerink Kosonen, a banking analyst at ING Groep. UBS has two other AT1s callable in 2024, though they are not USD-denominated. It has an AUD 4.375% Perp and SGD 4.85% Perp callable in Q3 next year.

Its 7% Perp was trading close to par and inched higher to trade at 100.02, yielding 6.68% to call.

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