UBS’s first sale of an AT1 bond since it completed its forced merger with Credit Suisse in June has seen huge demand, according to the bank and analysts.
The bank was seeking to raise $3.5bn in two tranches — one callable in five years at 10%, and the second in 10 years at 10.125%. Within the first day of marketing the new bond, there was more than $26bn in interest from traders.
