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UBS Rapidly Out Of Gate On Post-Results AT1 Issuance

FINANCIALS

UBS (UBSG SW) is selling USD1bn of AT1s right after results, at tighter levels than last issue. Range of other major Eurobanks are queuing up, too.


  • This one will be closely watched after the Swiss AT1 wipeout debacle in Mar-23 around the Credit Suisse rescue deal. UBS did reopen its market in Nov-23 at a 9.25% final price (from 10% IPT) and was sweetened with an equity conversion option. Books built to USD36bn for the USD3bn issue, reportedly.
  • Today, the bank is offering USD1bn at around 8.375% having announced plans to do around USD2bn in 2024 at results yesterday (6-Feb).
  • A range of other banks are also planning issuance, including Deutsche (DBK GY), BNP (BNP FP) and Santander (SAN SM) so going early, before any supply glut, may show to be a smart move.
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