UBS meets high demand with first AT1 bond since CS deal
Published: Wednesday, Nov 8th 2023, 21:10
Updated At: Thursday, Nov 9th 2023, 00:54
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According to a media report, the major bank UBS has met with strong investor demand for its first subordinated bond (Additional Tier 1) since the acquisition of Credit Suisse. Two AT1 tranches of around 3 billion dollars were significantly oversubscribed at 15 billion.
In view of the disgruntlement that the write-off without replacement of Credit Suisse's AT1 securities in March triggered among bond investors, the great response was not self-evident, Bloomberg reported on Wednesday evening.
According to the news agency, which cites informed sources, UBS is offering two perpetual securities denominated in US dollars that can be called in five and ten years respectively.
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