[et_pb_section fb_built=\u00a0\u00bb1″ custom_padding_last_edited=\u00a0\u00bboff|desktop\u00a0\u00bb admin_label=\u00a0\u00bbFeature Section\u00a0\u00bb _builder_version=\u00a0\u00bb4.23″ background_enable_color=\u00a0\u00bboff\u00a0\u00bb use_background_color_gradient=\u00a0\u00bbon\u00a0\u00bb background_color_gradient_stops=\u00a0\u00bbrgba(0,0,0,0.63) 0%|rgba(0,0,0,0.26) 100%\u00a0\u00bb background_color_gradient_overlays_image=\u00a0\u00bbon\u00a0\u00bb background_color_gradient_start=\u00a0\u00bbrgba(0,0,0,0.63)\u00a0\u00bb background_color_gradient_end=\u00a0\u00bbrgba(0,0,0,0.26)\u00a0\u00bb background_image=\u00a0\u00bbhttps:\/\/new-momentum.com\/wp-content\/uploads\/2023\/11\/FF-08.11.2023-scaled.jpg\u00a0\u00bb custom_padding=\u00a0\u00bb4.6%||5%||false|false\u00a0\u00bb custom_padding_tablet=\u00a0\u00bb0px||0px|\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_row _builder_version=\u00a0\u00bb4.16″ width=\u00a0\u00bb100%\u00a0\u00bb max_width=\u00a0\u00bb1400px\u00a0\u00bb module_alignment=\u00a0\u00bbcenter\u00a0\u00bb custom_margin=\u00a0\u00bb-7px|auto||auto||\u00a0\u00bb custom_padding=\u00a0\u00bb14px||82px||false|false\u00a0\u00bb use_custom_width=\u00a0\u00bbon\u00a0\u00bb width_unit=\u00a0\u00bboff\u00a0\u00bb custom_width_percent=\u00a0\u00bb88%\u00a0\u00bb locked=\u00a0\u00bboff\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_column type=\u00a0\u00bb4_4″ _builder_version=\u00a0\u00bb4.16″ custom_padding=\u00a0\u00bb|40px||40px\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb custom_padding__hover=\u00a0\u00bb|||\u00a0\u00bb][et_pb_text admin_label=\u00a0\u00bbTitle\u00a0\u00bb _builder_version=\u00a0\u00bb4.23″ text_font=\u00a0\u00bb||||||||\u00a0\u00bb header_font=\u00a0\u00bbArial|600||on|||||\u00a0\u00bb header_text_color=\u00a0\u00bb#bfa145″ header_font_size=\u00a0\u00bb50px\u00a0\u00bb header_line_height=\u00a0\u00bb1.6em\u00a0\u00bb header_2_font=\u00a0\u00bbArial|600|||||||\u00a0\u00bb header_2_text_align=\u00a0\u00bbcenter\u00a0\u00bb header_2_text_color=\u00a0\u00bb#bfa145″ header_2_font_size=\u00a0\u00bb55px\u00a0\u00bb header_2_line_height=\u00a0\u00bb1.6em\u00a0\u00bb header_3_font=\u00a0\u00bbArial|600|||||||\u00a0\u00bb header_3_text_color=\u00a0\u00bb#bfa145″ header_3_font_size=\u00a0\u00bb55px\u00a0\u00bb header_3_line_height=\u00a0\u00bb1.6em\u00a0\u00bb header_4_font=\u00a0\u00bbArial|600|||||||\u00a0\u00bb header_4_text_color=\u00a0\u00bb#bfa145″ header_4_font_size=\u00a0\u00bb55px\u00a0\u00bb header_4_line_height=\u00a0\u00bb1.6em\u00a0\u00bb header_5_font=\u00a0\u00bbArial|600|||||||\u00a0\u00bb header_5_text_color=\u00a0\u00bb#bfa145″ header_5_font_size=\u00a0\u00bb55px\u00a0\u00bb header_5_line_height=\u00a0\u00bb1.6em\u00a0\u00bb header_6_font=\u00a0\u00bbArial|600|||||||\u00a0\u00bb header_6_text_color=\u00a0\u00bb#bfa145″ header_6_font_size=\u00a0\u00bb55px\u00a0\u00bb header_6_line_height=\u00a0\u00bb1.6em\u00a0\u00bb min_height=\u00a0\u00bb32.5px\u00a0\u00bb custom_margin=\u00a0\u00bb||||false|false\u00a0\u00bb custom_padding=\u00a0\u00bb||50px||false|false\u00a0\u00bb animation_style=\u00a0\u00bbfade\u00a0\u00bb animation_direction=\u00a0\u00bbleft\u00a0\u00bb header_font_size_tablet=\u00a0\u00bb\u00a0\u00bb header_font_size_phone=\u00a0\u00bb40px\u00a0\u00bb header_font_size_last_edited=\u00a0\u00bbon|phone\u00a0\u00bb header_2_font_size_tablet=\u00a0\u00bb\u00a0\u00bb header_2_font_size_phone=\u00a0\u00bb40px\u00a0\u00bb header_2_font_size_last_edited=\u00a0\u00bbon|phone\u00a0\u00bb header_3_font_size_tablet=\u00a0\u00bb\u00a0\u00bb header_3_font_size_phone=\u00a0\u00bb40px\u00a0\u00bb header_3_font_size_last_edited=\u00a0\u00bbon|phone\u00a0\u00bb header_4_font_size_tablet=\u00a0\u00bb\u00a0\u00bb header_4_font_size_phone=\u00a0\u00bb40px\u00a0\u00bb header_4_font_size_last_edited=\u00a0\u00bbon|phone\u00a0\u00bb header_5_font_size_tablet=\u00a0\u00bb\u00a0\u00bb header_5_font_size_phone=\u00a0\u00bb40px\u00a0\u00bb header_5_font_size_last_edited=\u00a0\u00bbon|phone\u00a0\u00bb header_6_font_size_tablet=\u00a0\u00bb\u00a0\u00bb header_6_font_size_phone=\u00a0\u00bb40px\u00a0\u00bb header_6_font_size_last_edited=\u00a0\u00bbon|phone\u00a0\u00bb header_text_shadow_style=\u00a0\u00bbpreset1″ header_2_text_shadow_style=\u00a0\u00bbpreset1″ header_3_text_shadow_style=\u00a0\u00bbpreset1″ header_4_text_shadow_style=\u00a0\u00bbpreset1″ header_5_text_shadow_style=\u00a0\u00bbpreset1″ header_6_text_shadow_style=\u00a0\u00bbpreset1″ global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=\u00a0\u00bb1″ admin_label=\u00a0\u00bbBlog Section\u00a0\u00bb _builder_version=\u00a0\u00bb4.18.0″ background_enable_color=\u00a0\u00bboff\u00a0\u00bb background_enable_image=\u00a0\u00bboff\u00a0\u00bb custom_padding=\u00a0\u00bb0px|0px|0px|||\u00a0\u00bb locked=\u00a0\u00bboff\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_row admin_label=\u00a0\u00bbCTA Button\u00a0\u00bb _builder_version=\u00a0\u00bb4.16″ custom_padding=\u00a0\u00bb|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][et_pb_column type=\u00a0\u00bb4_4″ _builder_version=\u00a0\u00bb4.16″ custom_padding=\u00a0\u00bb|||\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb custom_padding__hover=\u00a0\u00bb|||\u00a0\u00bb][et_pb_text _builder_version=\u00a0\u00bb4.23″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb text_font_size=\u00a0\u00bb15px\u00a0\u00bb text_line_height=\u00a0\u00bb1.8em\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb]<\/p>\n
\ud83d\udccc The much-anticipated AT1 bonds will be sold by UBS and it will be the first time since CS\u2019 write-down of about USD 17 billion debt. According to a person informed about the deal, there should be two tranches of perpetual bonds callable in 5 and 10 years, with prices around 10% and 10.125%, respectively. The total issued amount should hit USD 3 billion.<\/p>\n
\ud83d\udccc The market was rocked in March when Credit Suisse’s AT1s were wiped out as part of the UBS rescue package, resulting in the worst daily decline in the asset class’s history. Even though Credit Suisse stockholders were able to retain some value in the transaction, a last-minute change to Swiss legislation made it possible for the write-down to proceed. Several months of the so-called \u00ab\u00a0Switzerland penalty\u00a0\u00bb in the AT1 market saw yields rise over non-Swiss peers as investors attempted to understand how Swiss regulators would handle the instruments going forward.<\/p>\n
\ud83d\udccc However, since then, the market has somewhat recovered, with even UBS AT1s rising. With the first offers denominated in euros in June, major banks resumed calling their bonds, and the issuance of bonds has continued. The first European bank to sell an AT1 in dollars since the collapse was BNP Paribas SA. It changed the notes’ terms to ensure that, should its capital ratio drop below a certain threshold, they would convert to shares rather than be written off.<\/p>\n
Source: Bloomberg<\/p>\n
[\/et_pb_text][et_pb_image title_text=\u00a0\u00bbFF 23.11.2022″ _builder_version=\u00a0\u00bb4.19.1″ _module_preset=\u00a0\u00bbdefault\u00a0\u00bb background_enable_image=\u00a0\u00bboff\u00a0\u00bb global_colors_info=\u00a0\u00bb{}\u00a0\u00bb][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"
New AT1 Bond issue from UBS since Credit Suisse collapse\ud83d\udccc The much-anticipated AT1 bonds will be sold by UBS and it will be the first time since CS\u2019 write-down of about USD 17 billion debt. According to a person informed about the deal, there should be two tranches of perpetual bonds callable in 5 and […]<\/p>\n","protected":false},"author":9,"featured_media":6730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"footnotes":""},"categories":[73],"tags":[],"class_list":["post-6733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias"],"yoast_head":"\n