Deals & Cases

10/22/2019

On October 11, 2019, UBS Group AG was successfully substituted for UBS Group Funding (Switzerland) AG as issuer under all 34 outstanding additional tier 1 instruments and bail-in bonds (collectively, the Notes) issued by UBS Group Funding (Switzerland) AG and with an aggregate principal amount of approximately USD 40 bn. In connection with this issuer substitution, all rights and obligations of UBS Group Funding (Switzerland) AG under the Notes, as well as under the related internal loan agreements pursuant to which the net proceeds received from the issuance of the Notes were onlent to subsidiaries of UBS Group AG were transferred to UBS Group AG.


Homburger advised UBS with respect to all regulatory and transactional aspects of Swiss law. The Homburger team included partners Benedikt Maurenbrecher, Stefan Kramer (both Banking and Finance | Capital Markets) and Stefan Oesterhelt (Tax), as well as counsel Lee Saladino, associate Olivier Baum (both Banking and Finance | Capital Markets) and paralegal Ganna Goncharova (Banking and Finance).