Bond Factsheet
UBS 5.750% Perpetual Corp (SGD)
UBS Group AG
Indicative
Full Lot
Bid Price 102.350
Change in Bid Price 0.075
Bid Yield (%) 4.862 %
Change in Bid Yield 0.027
Ask Price 103.100
Change in Ask Price 0.100
Ask Yield (%) 4.584 %
Change in Ask Yield 0.036
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
UBS Group AG
Guarantor
-
Announcement Date
15 Feb 2024
Issue Date
21 Feb 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 2.879
Modified Duration
2.616 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.750
Coupon Type
Variable
Annual Coupon Rate
5.750
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 21 Aug 2029 and every 5 years thereafter
Reset Rate: 5Y SORA OIS rate + Initial Margin (2.776%)
ISIN
CH1325807860
CUSIP
ZD0675557
Bond Currency
SGD
Total Issue Size
650,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
Corporate
Bond Sector
Financials
Bond Sub Sector
Banks
Issuer Credit Rating (S&P/ Fitch)
***/ A+
Bond Credit Rating (S&P/ Fitch)
***/ BBB
Shariah Compliant
No
Exchange Listed
Others
Loss Absorption
Contingent Write-down
Following the occurrence of a Trigger Event or a Viability Event prior to the occurrence of a Conversion Capital Availability Event, a Contingent Write-down will occur and the full principal amount of the Notes will automatically and permanently be written-down to zero on the applicable Write-down Date. If a Trigger Event or a Viability Event occurs prior to the occurrence of a Conversion Capital Availability Event, then as of the relevant Write-down Date:
(i) the full principal amount of, and any accrued and unpaid interest (whether or not due and payable) on, each Note will automatically be written down to zero and the Notes will be cancelled;
(ii) the Holders will be automatically deemed to have irrevocably waived their right to receive, and will no longer have any rights against the Issuer with respect to repayment of the aggregate principal amount of, and payment of any accrued and unpaid interest on, the Notes written down as described in subclause (a) of Condition 8 (Contingent Write-down); and
(iii) all rights of any Holder for payment of any amounts under or in respect of the Notes (including, without limitation, any amounts arising as a result of, or due and payable upon the occurrence of, an Event of Default) will become null and void, irrespective of whether such amounts have become due and payable prior to the date of the relevant Trigger Event Notice or Viability Event Notice, as the case may be, or the Write-down Date.
Conversion Capital Availability Event
Will have occurred on the first date after the Issue Date on which an amendment to the Articles of Association of UBS Group AG is registered in the main register (Hauptregister) of the Commercial Register (Handelsregister) of the Canton of Zurich as a result of which the conversion capital (Wandlungskapital) provided for in the Articles of Association meets or exceeds the Minimum Conversion Capital Availability Amount. Please see Condition 9 (Conversion) of the Terms and Conditions of the Notes set out in the Preliminary Prospectus for further details, including the definition of Minimum Conversion Capital Availability Amount . Conversion
If no Trigger Event or Viability Event has occurred prior to the occurrence of a Conversion Capital Availability Event, then, following the occurrence of a Trigger Event or a Viability Event on or after the occurrence of a Conversion Capital Availability Event, a Conversion will occur and each Note will be redeemed on the applicable Conversion Date by the delivery of new fully paid Ordinary Shares to the Settlement Share Depository on behalf of the Holders and the cancellation of any accrued and unpaid interest on the Notes (whether or not due and payable), as more particularly described in Condition 9 (Conversion).
Conversion Price
Upon the occurrence of a Conversion Event, as at the date on which the relevant Trigger Event Conversion Notice or Viability Event Conversion Notice is published, each Holder shall be deemed to have accepted, and hereby accepts and agrees, to the conversion of its holding of Notes into Ordinary Shares at the Conversion Price in effect on the date of such Trigger Event Conversion Notice or Viability Event Conversion Notice, as the case may be, as described in Condition 9(c) (Conversion – Conversion Price and determination of number of Ordinary Shares).
The Conversion Price per Ordinary Share on the Issue Date will be SGD [TBD]*, which is equivalent to a price of CHF [TBD]* per Ordinary Share translated into Singapore dollars at an exchange rate of CHF 1.00 = SGD [TBD]* [(rounded to [TBD]* decimal places)]* and then rounded to two decimal places.
Deferral Interest Payment
If any payment of interest scheduled to be made on any Interest Payment Date is not made in full pursuant to clause (i) or (ii) of Condition 5(i) (Interest – Cancellation of interest; prohibited interest) of the Terms and Conditions of the Notes set out in the Preliminary Prospectus, UBS Group AG shall not, directly or indirectly: (a) recommend to holders of Ordinary Shares that any dividend or other distribution in cash or in kind (other than in the form of Ordinary Shares) be paid or made on any Ordinary Shares; or (b) redeem, purchase or otherwise acquire any Ordinary Shares other than as a Permitted Transaction, in each case unless and until either (x) the interest payment due and payable on the Notes on any subsequent Interest Payment Date has been paid in full (or an amount equal to the same has been paid in full to a designated third party trust account for the benefit of the Holders prior to payment by the trustee thereof to the Holders on such subsequent Interest Payment Date) or, if earlier (y) all outstanding Notes have been cancelled in accordance with the Terms and Conditions set out in the Preliminary Prospectus. Please see Condition 5(i) (Interest – Cancellation of interest; prohibited interest) of the Terms and Conditions of the Notes set out in the Preliminary Prospectus for further details. Please see Condition 1 (Definitions) of the Terms and Conditions of the Notes set out in the Preliminary Prospectus for the definition of Permitted Transaction.
Non-cumulative
Accordingly, if any payment of interest (or part thereof) is not made in respect of the Notes by virtue of Condition 5(i) (Interest – Cancellation of interest; prohibited interest), then the right of the Holders to receive the relevant interest payment (or part thereof) will be extinguished (and shall not accumulate) and the Issuer will have no obligation to pay such interest payment (or part thereof), whether or not future interest payments on the Notes are paid. The cancellation or non-payment of any interest amount will not constitute a default for any purpose (including, without limitation, Condition 13 (Events of Default)) on the part of the Issuer or entitle any action to be taken by Holders and Holders shall have no right thereto, whether in a winding-up, dissolution or liquidation of the Issuer or otherwise.
Issuer Call
First Call Date: 21-Aug-2029
Additional Note
A Regulatory Event will have occurred if any of the Notes ceases to be eligible in full to be (A) treated as Additional Tier 1 Capital, and/or (B) counted towards either the Going-Concern LR Requirement or the Going-Concern RWA Requirement (or both). Subject to the conditions to redemption outlined in the Terms and Conditions of the Notes set out in the Preliminary Prospectus, including, in the case of a Tax Event, FINMA approval. See Condition 1 (Definitions) and Condition 6 (Redemption and Purchase) of the Terms and Conditions of the Notes set out in the Preliminary Prospectus for further details
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