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Bond Market News
UBS to Repay 90% of Funds to Investors in Greensill
June 18, 2024
UBS has set aside a $900mn provision to repay investors in Credit Suisse’s funds that were linked to Greensill Capital, which collapsed in 2021. The bank has launched a voluntary redemption program to redeem the Credit Suisse supply chain funds’ units at 90% of the NAV determined on 25 February 2021, net of any payments made to the fund’s investors since then, according to a press release. The offer commenced on 17 June 2024 and will remain open until 31 July 2024. The offer is not likely to have a material impact on its CET1 ratio in 2Q 2024, UBS added. The clients have so far recouped over $7bn of the trapped funds from the total $10bn in investments.
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Separately, UBS has launched an S$ PerpNC5.5 AT1 bond at an initial price guidance of 5.85% area. The bonds have expected ratings of Baa3/BBB- (Moody’s/Fitch). The notes have a dividend stopper. Following a trigger or viability event, a conversion will occur wherein, each note will be redeemed by delivery of new fully paid ordinary shares.
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