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UBS: prices $3.5bn AT1 bond issue

( - On Thursday, UBS announced that it had priced a $3.
5bn issue of Additional Tier 1 (AT1) perpetual deeply subordinated notes.

The issue was made in two tranches: the first of $1.75bn, repayable in five years, with a coupon of 9.25%, and the second with the same characteristics but repayable in ten years.

AT1 bonds, or "Coco" bonds, are hybrid securities issued by European banks, counting as regulatory capital, intended to absorb losses below a given solvency level in order to avoid a possible recapitalisation by the public sphere.

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