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UBS AG issues USD 2 billion 7.25% Tier 2 subordinated loss-absorbing notes due 2022
On February 22, 2012, UBS AG announced the issuance of USD 2 billion 7.25% Tier 2 subordinated notes with a maturity of 10 years.
The notes constitute a novel loss-absorbing instrument, providing for a full write-down if UBS AG's CET 1 capital falls below 5% of its RWA, and qualify both as tier 2 capital under Basel III standards and as progressive capital component under the new Swiss capital adequacy rules.
Homburger advised UBS on all regulatory and transactional aspects as to Swiss law. The Homburger team comprised partners Benedikt Maurenbrecher (Financial Services), Peter Riedweg and Stefan Oesterhelt (both Tax) and Daniel Daeniker (Corporate | M&A and Financial Services), as well as counsel Eduard De Zordi and associates Stefan Kramer and Lee Saladino (all Financial Services).
For more information please visit www.homburger.ch