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UBS makes AT1 bonds worth $5bn available for equity conversion
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In a statement on Monday (13 May), the Swiss lender said that as of 10 May, the instruments would be subject to equity conversion and no longer subject to write-down in the occurrence of a trigger or viability event. The future of AT1 bonds one year on from the collapse of Credit Suisse The decision covers four outstanding AT1 issuances made since November 2023, three amounting to a total of $4.5bn and another valued at 650 million Singapore dollars ($480m). In November, UBS issued its first AT1 bonds since taking over Credit Suisse in March 2023, when $17bn wor...
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