UBS announces equity conversion provision for almost $5 bln in AT1 debt

ZURICH, May 13 (Reuters) - UBS on Monday said almost $5 billion worth of Additional Tier 1 (AT1) bonds, a form of debt, have been made available for equity conversion following a decision by shareholders of the Swiss bank last month.

The bank said as of May 10, four outstanding AT1 issuances made since November 2023 had been captured by the changes, comprising three worth a total of $4.5 billion and a further one with a value of 650 million Singapore dollars ($480 million).

"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," UBS said in a statement. ($1 = 1.3542 Singapore dollars) (Writing by Dave Graham; Editing my Noele Illien)