The securities carry a coupon of 7.500%, payable semi-annually, and have a first reset date on 19 February 2031. The bonds include, among other things, a principal loss absorption mechanism through equity conversion upon a conversion trigger event, with a trigger of 5.125% CET1 capital ratio. In addition, the bonds are callable any time in the six-month period prior to and including the first reset date or on each interest payment date thereafter. They will be issued in denominations of USD 200,000. 

The instrument has been assigned a Moody’s Ba1 (hyb) instrument rating. An application will be made for provisional admission to trading on the SIX Swiss Exchange.