Since its government-backed rescue of Credit Suisse, UBS has seen the value of its shares and bonds gyrate wildly
The bonds in question are senior unsecured bail-in notes that were sold on March 9: a €1.5-billion 4.625 per cent fixed-rate note due March 2028 and a €1.25-billion 4.750 per cent fixed rate note due March 2032, UBS said in a statement.at the weekend, UBS has seen the value of its shares and bonds gyrate wildly.
The yield on its 7 per cent additional tier dollar bond jumped to a record 29.8 per cent at one point on Tuesday, from below 10 per cent just a week ago, according to Tradeweb data.AT1s are a different form of bail-in debt that sent shock waves through markets this week when Credit Suisse’s AT1s were written down to zero as part of its rescue, meaning those bondholders got nothing while equity holders at least got the value of the share offer.
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