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UBS said that it would restart share buybacks and find $3bn more in cost savings from its integration with Credit Suisse, adding that it expects $13bn in cost savings by end-2026. UBS posted a net loss of $279mn in the fourth quarter. The bank proposed a 27% increase in its 2023 dividend and to restart buybacks beginning with up to $1bn this year. Adding to this, UBS also plans to issue up to $2bn equivalent of AT1s in 2024. Over the longer term it plans to better its capital ratio to 18% of RWAs and aims to keep its CET1 ratio at around 14%. The bank last issued dollar AT1s in November 2023 via a dual-tranche issuance, both at a yield of 9.25%.
Its 9.25% Perp callable in 2028 are currently trading at 105.5 cents on the dollar, yielding 7.83%.