Bond Factsheet
UBS 5.600% Perpetual Corp (SGD)
UBS Group AG
Indicative
Full Lot
Bid Price 102.108
Change in Bid Price 0.050
Bid Yield (%) 4.879 %
Change in Bid Yield 0.016
Ask Price 102.608
Change in Ask Price 0.050
Ask Yield (%) 4.712 %
Change in Ask Yield 0.016
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
18 Jun 2024
Issue Date
24 Jun 2024
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.215
Modified Duration
2.870 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.600
Coupon Type
Variable
Annual Coupon Rate
5.600
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 21 Dec 2029 and every 5 years thereafter
Reset Rate: 5Y SORA OIS rate + Initial Margin (2.634%)
ISIN
CH1357852636
CUSIP
YX8324601
Bond Currency
SGD
Total Issue Size
675,000,000
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
Conversion upon a Trigger Event or a Viability Event
If the Issuer has given a Trigger Event Notice or a Viability Event Notice in accordance with Condition 7 (Trigger Event and Viability Event), then:
(i) each Note shall, subject to and as provided in this Condition 8, be redeemed and settled (the "Conversion") on the applicable Conversion Date by (x) the delivery of new fully paid Ordinary Shares to the Settlement Share Depository on behalf of the Holders, and (y) the cancellation of any accrued and unpaid interest on the Notes (whether or not due and payable); and
(ii) receipt by the Settlement Share Depository of such number of Ordinary Shares as is required to satisfy in full its obligation to deliver Ordinary Shares in respect of the Conversion on the applicable Conversion Date shall be a good and complete discharge of the Issuer's (and, if UBS Group AG is not the Issuer, UBS Group AG's) obligations in respect of the Notes.
In the case of the Ordinary Shares to be delivered upon Conversion, as from the applicable Share Creation Date for such Ordinary Shares, there is no provision for the reconversion of such Ordinary Shares into Notes.
Conversion Price:
SGD [TBD], subject to adjustment in accordance with Condition 8(d) (Conversion – Anti-dilution adjustment of the Conversion Price).
Trigger Event:
A "Trigger Event" will occur if the Issuer gives the Holders a Trigger Event Notice in accordance with Condition 7(b) (Trigger Event and Viability Event – Trigger Event Notice).
A Trigger Event Notice is required to be given to Holders (within the required notice period) if the Trigger CET1 Ratio as of the relevant Publication Date is less than the Threshold Ratio (i.e., 7.00 per cent.).
Viability Event:
A "Viability Event" will have occurred if prior to an Alternative Loss Absorption Date (if any):
(i)FINMA has notified the Issuer in writing that it has determined a conversion or write-down, as applicable, of Holders' claims in respect of the Notes and all other capital instruments issued by, or other capital obligations (whether qualifying fully or partially for capital treatment) of, any member of the Group that, pursuant to their terms or by operation of law, are capable of being converted into equity or written down at that time, is, because customary measures to improve the Group Holding Company's capital adequacy are at the time inadequate or infeasible, an essential requirement to prevent the Group Holding Company from becoming insolvent, bankrupt, unable to pay a material part of its debts as they fall due or unable to carry on its business; or
(ii) customary measures to improve the Group Holding Company's capital adequacy being at the time inadequate or infeasible, the Group Holding Company has received an irrevocable commitment of direct or indirect extraordinary support from the Public Sector (beyond customary transactions and arrangements in the ordinary course) that has, or imminently will have, the effect of improving the Group Holding Company's capital adequacy and without which, in the determination of (and as notified in writing by) FINMA, the Group Holding Company would have become insolvent, bankrupt, unable to pay a material part of its debts as they fall due or unable to carry on its business.
For the avoidance of doubt, it is understood that a Viability Event may occur irrespective of whether or not a Trigger Event has occurred or whether any of the conditions to the issuance of a Trigger Event Notice have been met.
Deferral Interest Payment
The Issuer may, in its sole discretion, elect to cancel all or part of any payment of interest on the Notes (including, for the avoidance of doubt, any related Additional Amounts) that is otherwise scheduled to be paid on an Interest Payment Date. In addition, the Issuer will be prohibited from making payments of interest on the Notes (including, for the avoidance of doubt, any related Additional Amounts) on an Interest Payment Date in the circumstances described in subclause (ii) of Condition 5(i) (Interest – Cancellation of interest; prohibited interest).
Interest payments in respect of the Notes will be 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 12 (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.
Restrictions following failure to pay Interest (Contractual Dividend Stopper)
If on any Interest Payment Date any scheduled payment of interest is not made in full pursuant to subclause (i) or (ii) of Condition 5(i) (Interest – Cancellation of interest; prohibited interest), the Issuer shall not, directly or indirectly: (a) recommend to Shareholders 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 (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. Please see Condition 5(i) (Interest – Cancellation of interest; prohibited interest) for further details. Please see Condition 1 (Definitions) for the definition of Permitted Transaction.
Issuer Call
Subject to clause (e) of this Condition 6, the Issuer may elect, in its sole discretion, to redeem the Notes, in whole but not in part, on the First Call Date or any Interest Payment Date thereafter at their aggregate principal amount, together with any accrued and unpaid interest thereon to (but excluding) the relevant Redemption Date.
First Call Date:21 December 2029
Additional Note
In the event of the implementation of any new, or amendment to or change in the interpretation of any existing, laws or components of National Regulations, in each case occurring after the Issue Date, that alone or together with any other law(s) or regulation(s) has, in the joint determination of UBS Group AG and FINMA, the effect that clause (c) of this Condition 7 could cease to apply to the Notes without giving rise to a Regulatory Event, then the Issuer shall give notice to the Holders in accordance with Condition 14 (Notices) no later than five Business Days after such joint determination stating that such provisions will cease to apply from the date of such notice (the "Alternative Loss Absorption Date"), and from the date of such notice, such provisions will cease to apply to the Notes.
Redemption due to a Regulatory Event
Subject to clause (e) of this Condition 6, upon the occurrence of a Regulatory Event at any time after the Issue Date, the Issuer may elect, in its sole discretion, to redeem the Notes, in whole but not in part, on the relevant Redemption Date at their aggregate principal amount, together with any accrued and unpaid interest thereon to (but excluding) such Redemption Date.
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