UBS Group seeks to redeem an outstanding $2 billion Tier 1 capital instrument.
On Monday, UBS announced its intention to redeem an additional Tier 1 bond (ISIN CH0400441280) with a total outstanding amount of $2.0 billion, on January 31, of next year, which is the first callable date, according to a statement.
The AT1 security was issued on January 31, 2018, and is listed on the SIX Swiss Exchange.
UBS said the decision underscores its long-standing call policy, of carefully evaluating all relevant factors, including the market environment, economic costs, business growth, and funding plans, as well as the current and future regulatory value of the capital instrument.
