08:39 AM EDT, 05/13/2024 (MT Newswires) -- (Updates with additional information on the AT1 bond in second and third paragraph)

UBS (UBS) said Monday that roughly $5 billion worth of Additional Tier 1 bonds have been made available for equity conversion.

The decision passed by the bank's shareholders last month takes effect starting May 10. It encompasses four outstanding AT1 issuances since November 2023, three of which total $4.5 billion and another valued at 650 million Singapore dollars ($480 million).

The company said that as a result, as from such date, these instruments are subject to equity conversion upon the occurrence of a trigger event or a viability event.

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