{"id":76184,"date":"2026-06-02T11:20:07","date_gmt":"2026-06-02T11:20:07","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/76184\/"},"modified":"2026-06-02T11:20:07","modified_gmt":"2026-06-02T11:20:07","slug":"ubs-offers-its-first-at1-since-swiss-authorities-paused-reforms","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/76184\/","title":{"rendered":"UBS offers its first AT1 since Swiss authorities paused reforms"},"content":{"rendered":"<p data-testid=\"article-description\">The lender is looking to sell at least US$500 million of perpetual bonds, says a source<\/p>\n<p>Published Tue, Jun 2, 2026 \u00b7 06:47 PM<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">UBS Group is set to raise Additional Tier-1 (AT1) capital in US dollars, its first foray into the market since Switzerland paused plans to tighten rules on the riskiest type of bank debt.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">The lender is looking to sell at least US$500 million of perpetual AT1 bonds that are first callable in late 2032, said a person familiar with the matter who asked not to be identified. Initial price discussions indicate a coupon of around 7.5 per cent, the person said.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">The offering is the first since the Swiss government decided in late April not to proceed, for the time being, with <a class=\"text-verticals-btblue underline hover:text-blue-500\" data-testid=\"article-annotation-link-component\" href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/banking-finance\/swiss-lawmakers-gather-discuss-law-will-shape-ubs-future\" target=\"_blank\" rel=\"nofollow noopener\">proposed adjustments to AT1 regulations<\/a>, a decision that was seen as a win for bondholders.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Lawmakers had proposed tougher tests on whether Swiss banks could pay interest on the notes and when they could replace them with new issuance.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">\u201cToday\u2019s issue is unexpected,\u201d wrote Simon Adamson, head of financials at CreditSights in a note to clients, citing the bank\u2019s guidance at the end of April that it had completed its AT1 issuance plan for this year.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">The credit research firm upgraded its recommendation on UBS AT1s after the decision by Swiss authorities.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">A UBS representative declined to comment.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">UBS is one of the largest issuers of AT1 bonds. It last raised AT1 capital in US dollars in January, when analysts at CreditSights said that regulatory and legal uncertainty could weigh on the lender\u2019s spreads.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">A month later, it tapped the Australian dollar market, moving into a void created by the local regulator\u2019s decision to phase out this type of debt for domestic banks. BLOOMBERG<\/p>\n<p class=\"font-lucida text-xl font-medium italic leading-normal -tracking-5% text-gray-850\">Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.<\/p>\n","protected":false},"excerpt":{"rendered":"The lender is looking to sell at least US$500 million of perpetual bonds, says a source Published Tue,&hellip;\n","protected":false},"author":2,"featured_media":76185,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[129],"tags":[39835,13692,223],"class_list":["post-76184","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ubs","tag-additional-tier-1-bonds","tag-bonds","tag-ubs"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116680250130910834","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/76184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=76184"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/76184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/76185"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=76184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=76184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=76184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}