UBS Group AG is selling its first bond from the parent company since the takeover of Credit Suisse in March, opening books on a three-part offering in dollars.
(Bloomberg) — UBS Group AG is selling its first bond from the parent company since the takeover of Credit Suisse in March, opening books on a three-part offering in dollars.
The 4.25-year, 6-year and 11-year bonds are all benchmark size, making the deal at least a total of $1.5 billion, and are all callable a year before maturity, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The offering is expected to price later Monday.
The bond sale is the first from the holding company since the government-orchestrated takeover of Credit Suisse back in March in which Credit Suisse additional tier 1 bonds were controversially wiped out. UBS sold a $3 billion, three-part offering this month through its London branch.
Meanwhile, UBS also is exploring its first additional tier 1 bond since the takeover and wipeout. Chief Executive Officer Sergio Ermotti said last month issuance may happen when “appropriate.”
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