Bond Factsheet
UBS 6.375% Perpetual Corp (AUD)
UBS AG
Indicative
Full Lot
Bid Price 95.992
Change in Bid Price 0.028
Bid Yield (%) 7.443 %
Change in Bid Yield 0.008
Ask Price 96.389
Change in Ask Price 0.003
Ask Yield (%) 7.335 %
Change in Ask Yield 0.000
Indicative price as of 02 Oct 2026, 4:59pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
UBS AG
Guarantor
-
Announcement Date
23 Sep 2025
Issue Date
29 Sep 2025
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 3.992
Modified Duration
3.437 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.375
Coupon Type
Variable
Annual Coupon Rate
6.375
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Capital Structure
Additional Tier 1
Reference Rate
Reset Date: 29 March 2031 and every 5 years thereafter.
Reset Rate: 5-Year AUD Semi-Semi Mid-Swap Reference Rate+ Initial Margin (2.788%)
ISIN
CH1485827070
CUSIP
YK3243341
Bond Currency
AUD
Total Issue Size
1,250,000,000
Min. Investment Quantity (Nominal)
AUD 250,000
Incremental Quantity (Nominal)
AUD 1,000
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: Following the occurrence of a Trigger Event or a Viability 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 8 (Conversion).
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 obligations in respect of the Notes. The number of Ordinary Shares to be issued and delivered in respect of a Conversion shall be determined in accordance with Condition 8(c) (Conversion – Conversion Price and determination of number of Ordinary Shares).
In respect of a Conversion as a result of the occurrence of a Trigger Event only, following receipt by the Settlement Shares Depository of the Ordinary Shares, the Issuer may, in its sole discretion, appoint a placement agent acting on behalf, and for the accounts, of the Holders to conduct an offering of the Ordinary Shares to which the Holders are otherwise entitled to some or all of UBS Group AG's shareholders as more fully described in subclause (iii) of Condition 8(h) (Conversion – Procedure for delivery in respect of a Conversion). In such case, Holders may receive cash or a combination of cash and Ordinary Shares instead of the number of Ordinary Shares to which the Holders would otherwise be entitled upon Conversion.
The Notes are not convertible into Ordinary Shares at the option of the Holders at any time. Additionally, 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: AUD 57.60, subject to adjustment in accordance with Condition 8(d) (Conversion – Anti-dilution adjustment of the Conversion Price).
Trigger Event:
A "Trigger Event" will have occurred if the Issuer gives the Holders a Trigger Event Notice in accordance with Condition 7(b) (Trigger Event and Viability Event – Trigger Event Notice). The Terms and Conditions require the Issuer to give a Trigger Event Notice to Holders (within the required notice period and subject to subclause (iii) of Condition 7(b) (Trigger Event and Viability Event – Trigger Event Notice)), if the Trigger CET1 Ratio as of
the relevant Publication Date is less than the Threshold Ratio. "Threshold Ratio" means 7 per cent.
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), 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. 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
At any time during the period from (and including) the First Call Date to (and including) the First Reset Date or on any Reset Date thereafter, in whole but not in part, in the sole discretion of the Issuer and at their aggregate principal amount, together with any accrued and unpaid interest thereon to (but excluding) the relevant Redemption Date.
In each case (other than a Regulatory Event) subject to FINMA approval, if such approval is then required under applicable Swiss laws and regulations. Please see clauses (b) through (e) of Condition 6 (Redemption and Purchase) for further details.
Additional Note
A "Viability Event" will have occurred if prior to an Alternative Loss Absorption Date (if any):
(A) FINMA has notified UBS Group AG 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
(B) 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
Redemption due to a Tax Event or Regulatory Event :
Upon the occurrence of a Tax Event or a Regulatory Event at any time after the Issue Date, in whole but not in part, in the sole discretion of the Issuer and at par, together with any accrued and unpaid interest thereon to (but excluding) the relevant Redemption Date. 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). Please see Condition 1 (Definitions) for the definitions of Additional Tier 1 Capital, Going-Concern LR Requirement and Going-Concern RWA Requirement, and subclause (c)(ii) of Condition 6 (Redemption and Purchase) for the definition of Tax Event.
The Issuer is subject to the resolution regime under Swiss banking laws and regulations
If FINMA opens Restructuring Proceedings with respect to the Issuer, FINMA will have the discretion to exercise its Swiss Resolution Powers, which include the power to (i) transfer the Issuer's assets, or portions thereof, together with debt and other liabilities, or portions thereof, and contracts, to another entity, (ii) stay (for a maximum of two business days) the termination of contracts to which the Issuer is a party, and/or the exercise of rights to terminate, netting rights, rights to enforce or dispose of certain types of collateral or rights to transfer claims, liabilities or certain collateral under contracts to which the Issuer is a party, and/or (iii) partially or fully convert the debt of the Issuer into equity of the Issuer and/or partially or fully write-down the obligations of the Issuer, including, if the Notes have not already been converted pursuant to their terms, the Notes. Holders and other creditors will have no right to vote on or reject, or to seek the suspension of, any restructuring plan approved by FINMA pursuant to which it exercises such Swiss Resolution Powers in connection with Restructuring Proceedings with respect to the Issuer. Holders will have only limited rights to challenge any decision by FINMA to exercise its Swiss Resolution Powers with respect to the Issuer or to have that decision reviewed by a judicial or administrative process or otherwise.
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