What's Going On With Banking Giant UBS Stock Today?

UBS Group AG UBS disclosed that additional tier 1 (AT1) bonds worth ~$5 billion have been made available for equity conversion following a decision by shareholders last month.

UBS said, “As a result, as from such date, these instruments are subject to equity conversion (and no longer subject to write-down) upon the occurrence of a trigger event or a viability event.” 

The Swiss bank said that the decision covers four outstanding AT1 issuances made since November 2023, two worth $1.75 billion each, one with $1 billion, and one more with a value of S$650 million (~$480 million).

Last week, the Swiss bank reported first-quarter FY24 sales of $12.74 billion, beating the consensus of $12.02 billion, and EPS of $0.52 beating the consensus of $0.24.

The bank anticipates to complete the merger of UBS AG and Credit Suisse AG on May 31, subject to remaining regulatory approvals. 

According to Benzinga Pro, UBS has gained over 54% in the past year. Investors can gain exposure to the stock via Avantis International Equity ETF (AVDE) and American Century ETF Trust Avantis Responsible International Equity ETF (AVSD).

Also Read: UBS Group Eyeing West? Plans New Office In Menlo Park, Hires Barclay’s Lynch, Silicon Valley Expansion In Sight: Report

Price Action: UBS shares are up 0.72% at $29.92 at the last check Monday.

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