UBS has issued its first Additional Tier 1 (AT1) bonds since taking over Credit Suisse in March, when $17bn worth of these instruments were wiped out as part of the rescue deal.
A spokesperson for UBS confirmed to Investment Week that the firm is offering AT1 securities, and that additional information will be provided when the offering is complete. According to a report by the FT , UBS launched a deal to raise new dollar AT1 bonds today (8 November), splitting the debt into two tranches that can be redeemed in either five or ten years. According to a separate report by Bloomberg, the deal may price today, with initial price discussions at about 10% for the shorter tranche and around 10.125% for the longer one. UBS mulls first AT1 bonds sale since Credi...
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