Deals & Cases

UBS Switzerland AG Swiss Covered Bond Program

19 October 2023 – On 6 October 2023 UBS Switzerland AG has established a CHF 20 bn program for the issuance of Covered Bonds issued by UBS Switzerland AG and guaranteed by UBS Hypotheken Schweiz AG. The Covered Bonds issued under the program will be indirectly backed by a portfolio of mortgages from UBS Switzerland AG’s domestic mortgage pool.

On 18 October 2023, UBS Switzerland AG successfully closed its inaugural issuance of Covered Bonds under the program in an aggregate principal amount of CHF 820 million, consisting of CHF 350 million Covered Bonds with a coupon of 1.820% due October 2026 and CHF 470 million Covered Bonds with a coupon of 2.035% due October 2033. The Covered Bonds are governed by Swiss law, have been provisionally admitted to trading on SIX Swiss Exchange and application for definitive admission to trading and listing will be made.

Walder Wyss advised UBS AG as Sole Arranger and Initial Dealer in respect of all transactional, regulatory and tax aspects of Swiss law in relation to the Covered Bond Program and the inaugural issuance. The Walder Wyss team was jointly led by Johannes Bürgi (Partner, Finance/Capital Markets) and Roger Ammann (Managing Associate, Finance/Capital Markets) and included Thomas Meister (Partner, Tax) and Mathis Meier (Trainee Lawyer, Finance/Capital Markets).