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Bond Market News
UBS AT1 Holders Breathe a Sigh of Relief
April 24, 2026
UBS Group publicly pushed back against the Swiss government’s proposed banking regulations, which would increase its capital requirements by ~$20bn. However, the Federal Council confirmed it would not proceed with previously proposed adjustments to Additional Tier 1 (AT1) capital instruments for the time being, seen as a welcome news for holders of UBS’s AT1 bonds. Investors were particularly concerned about earlier proposals that would have imposed stricter tests on coupon payments and call decisions for these bonds. The government’s decision to set those changes aside removed what had been a persistent overhang on UBS’s AT1 bonds in recent months. Fund managers viewed the outcome as broadly favorable. The absence of any AT1-specific changes was seen as the best possible result for bondholders, removing coupon and call tail risks, as per analysts. UBS is one of the world’s largest AT1 issuers with over $20bn of such instruments outstanding. An international review of AT1 structures is ongoing, though the longer-term regulatory picture remains uncertain.
Its recently issued 7% Perp was stable at 101.7, yielding 6.75%
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