UBS $6.88 billion 0%, 0.371%, 3.491% and 4.253% notes issues

Overview:

• UBS has updated its senior debt programme, under which bail-inable total loss absorbency capacity (TLAC) notes may be issued with a full and unconditional guarantee from the bank. This included changing the issuer from a Jersey SPV to a Swiss one: UBS Group Funding (Switzerland).
• As part of the update the bank issued four tranches of bail-inable (TLAC) notes: $1 billion floating rate senior notes due 2023, $2 billion 3.491% senior notes due 2023, $2 billion 4.253% senior notes due 2028 and €1.75 billion floating rate senior notes due 2022
• All four tranches were listed on the SIX Swiss Exchange.
• The bank had earlier made a €1.25 billion issue from the same $30 billion senior debt programme through its Jersey SPV.

Jon Moore - Journalist