Last call to sign up for the session this afternoon.

[UBS]
You’re invited
Virtual Event: UBS 2024 AT1 Outlook- Getting out of rates shadow?
[cid:image002.png@01DA21D1.E0022790]
Tuesday, 28 November 2023
08:30 GMT / 16:30 HK & Singapore

[cid:image003.png@01DA21D1.E0022790]https://ibevents.ubs.com/Registration/EventAccess?id=41378
To say that 2023 has been a watershed year for AT1 asset class is probably an understatement. The year started with a strong January rally which petered out by early February. By mid-March following the Credit Suisse AT1 write-down event, the very survival of the AT1 asset class was (once again) questioned. But (once again) AT1 market has come back faster than expected with BBVA and Bank of Cyprus reopening the EUR AT1 primary in June and BNP reopening the USD benchmark market in August. But the market has run out of momentum in Sept and October, which the desk believes had everything to do with macro and nothing to do with European bank fundamentals.

And while macro developments will remain unpredictable on this call we aim to put things in perspective.

•      Q3 2023 results have proved that European financials fundamentals remain strong

• While banks have increased their provisioning levels, asset quality continues to remain strong and have hardly seen any deterioration so far
• We will also discuss latest trading flows as well as our favourite bond structures and issuers.
• We will distribute a slide deck in advance of the call on Tuesday 28 November 2023

Please join us to hear about our conclusions and our preferred strategies to position in AT1 credit for 2024. Please also see the latest (September 2023) edition of the UBS AT1 Coco Databasehttps://neo.ubs.com/shared/d2WgjhM2WmhDY6U.

Speakers
Russell Bowler, Head of EMEA FIG Credit Trading, UBS
Ivan Zubo, Financials Desk Analyst, Credit Trading, UBS

The discussion will be moderated by Ivan Zubo, Financials Desk Analyst, Credit Trading, UBS

Please register using the link above. Once you have registered, you will receive a confirmation with the joining link to access the event on the day.

We look forward to seeing you there, virtually!

Get in touch
Desk Analyst
Ivan Zubo
Tel. +44 207 9016068
[-]
Email<mailto:ivan.zubo@ubs.com?subject=You’re%20invited:%20UBS%202024%20AT1%20Outlook%20>

EMEA Access
Mandip Lally
Tel. +44 207 9016566
[-]
Email<mailto:mandip.lally@ubs.com?subject=You’re%20invited:%20UBS%202024%20AT1%20Outlook%20>

Event Marketing
Sarah Fayrfax
Tel. +44-20-7567 1310
[-]
Email<mailto:%20sarah.fayrfax@ubs.com?subject=You’re%20invited:%20UBS%202024%20AT1%20Outlook%20>
[Text Description automatically generated]http://www.ubs.com/knowledgenetwork
[cid:image006.gif@01DA21D1.E0022790]
Visit our website at www.ubs.com/investmentbankhttp://www.ubs.com/investmentbank
[cid:image007.gif@01DA21D1.E0022790]

This communication is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates (“UBS”), is intended for the recipient in conjunction with a UBS event only, and is strictly not for further distribution without the consent of UBS.

Products and services in this communication may not be available for residents or institutions of certain jurisdictions. Transactions in foreign securities for the account of a US person must be effected through UBS Securities LLC.

Neither UBS nor any of its directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this communication or reliance upon any information contained or at an any UBS event.

When you receive an invitation to a UBS event (including, but not limited to, invitations to participate in UBS corporate access events, UBS analyst marketing events, UBS conferences, UBS field trips, UBS expert events) you agree not to copy, revise, amend, create a derivative work of, or in any way commercially exploit the UBS event. You further agree not to pass along, disclose or forward the invitation from UBS , or information regarding the UBS event to which it relates, to any third party for any purpose, without the prior written consent of UBS. The restrictions set out in this communication apply all invitations to UBS events that you may receive, irrespective of the means through which they are communicated to you. Please inform UBS if your organization’s internal policies do not permit you to accept an invitation to a UBS event. UBS assumes otherwise that your participation an event is in compliance with your organization’s policies and that any necessary internal notifications have been made by you.

UBS seeks to comply with applicable laws, regulations and policies concerning the entertainment of public officials and government employees (including those of state-owned entities). If the rules or policies applicable to your agency allow you to participate in this event, and you would like to attend, please contact your UBS Salesperson for more information about our registration procedures. Please inform your UBS Salesperson if your agency’s rules or policies require you to pay all or any part of the costs of attending this event, as alternative arrangements may need to be made. You will also be responsible for any reporting obligations to departments/agencies external to your agency. Any presentations, webinars, speeches, discussions, or other means by which information is displayed or communicated, which are provided at UBS events, including those attended in person or virtually (together “Content”) are provided for general information purposes only. The views and opinions expressed in any Content are those of the respective speakers and may not be the same as those held by UBS. Such views and opinions are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep current the information contained in Content, and past performance is not necessarily indicative of future results. Any Content has not been prepared with regard to the specific investment objectives, financial situation or particular needs of any specific audience or participant. The participant should not construe Content as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendation. No representation or warranty, either express or implied, and including the warranties of merchantability and fitness for a particular purpose, is provided in relation to the accuracy, completeness or reliability of Content, nor is it intended to be a complete statement or summary of the events or developments referred to in this presentation. It should not be regarded by participants as a substitute for the exercise of their own judgment. UBS is under no obligation to update or keep Content current or up-to-date, and past performance is not necessarily indicative of future results.

Any Content that made available (by whatever means) by UBS is provided on condition that recipients or viewers (including those viewing Content in person or virtually) will not copy, distribute, share or further reproduce any or all of the Content in any way without UBS’s prior consent.

Please be aware that photography and filming may take place during a UBS event held in person. By attending such an in person event, you consent to being photographed and filmed, as well as to UBS’s right to use the photographs and/or recordings for our internal and/or external communication purposes. Any UBS event held virtually (including virtual discussions, presentations and webinars) may be recorded and the recording may be distributed or otherwise made available online on the UBS website or other UBS digital channels or streams as long as UBS determines to serve the overall information and training purpose for intended participants and/or UBS clients.

Registering for a UBS event held virtually constitutes an agreement for attendance, and does not a contract for consultancy or advice. By registering and logging on to a UBS event held virtually, you acknowledge and agree that (i) personally identifiable information of participants may be heard, seen, read, collected, or used by UBS as the organizer and other participants; (ii) any communication or information transmitted during the event, such as voice, live instant messaging, and displaying names of those intervening and any Content are available to the event audience and are also recorded for UBS’s further promotion and information purposes; (iii) UBS may further use the information available in relation to the event such as invitee lists, attendee logs, Content and the any recording; and (iv) UBS may contact you via telephone and/or e-mail, including for its own marketing purposes.

In the context of the event, we collect and process the following personal information: name, email, company, dietary requirements, business interests and video production data (“Personal Data”).

We collect and process your Personal Data for the purpose of engaging in prospecting and business development and / or protecting and enhancing the UBS brand, specifically to manage the event and (video) record it (the “Purpose”).

Your Personal Data may be shared with and processed by UBS Group companies, third parties or service providers globally to carry out the Purposes. If Personal Data is transferred abroad, it may no longer be protected by your local laws (e.g., banking secrecy, financial privacy, other client confidentiality provisions and data protection laws may not necessarily provide an equivalent or comparable level of protection, when compared to the rights provided under laws that apply to your relationship with UBS) and may fall under foreign regulations that allow the Personal Data to be passed to relevant local authorities or other third parties.

For more information about how UBS processes your data including how we protect your data, your rights in respect of your data and contact details of the Group DP Office, please refer to our Privacy Statementhttps://www.ubs.com/global/en/legal/privacy.html.

If you have any questions about the processing of your Personal Data, please contact dpo-uk@ubs.com<mailto:dpo-uk@ubs.com?subject=UBS%20Access%20Event>.

If you are in a country that does not have a dedicated privacy notice on the pages linked above, by accepting the terms set out in this disclaimer, you consent to the processing of your Information as set out above.

By registering to this event, you consent to the processing of your Personal Data as outlined above.

Please apply requisite security measures and take all reasonable steps in accordance with good industry practice to defend yourself against fraud or cyber-attacks, including, but not limited to updating your computer systems and security software on a continuous basis (e.g. by installing recommended security patches, observing customary technical security measures, in particular the installation of up-to-date firewalls and antivirus programs). The use of e-mail can involve substantial risks – for example, information can be intercepted, corrupted, lost, destroyed, arrive late or be incomplete. E-mails can also contain corrupted files, viruses, links or other destructive or deceptive items that could harm or interfere with your computer or device. E-mails could also be sent by people who try to trick, mislead or deceive others into sharing information, particularly personal or financial information, under false pretences. By allowing UBS to contact you by e-mail, you understand that communications sent via e-mail are not secure or error-free, and accept the risks that come with communicating with UBS via e-mail. You also accept and agree that UBS has no liability or responsibility for any loss or damage resulting from the use of e-mails or for any losses that you might suffer as a result of communicating with UBS via e-mail.

If you would like to cease receiving such materials by e-mail but wish to continue receiving such materials by post, please reply to the sender by e-mail. If you would like to cease receiving all materials or have any requests in relation to such materials, please contact your UBS representative.

© UBS 2023. All rights reserved.
UBS Europe SE, a subsidiary of UBS AG, Bockenheimer Landstraße, 2-4 OpernTurm, 60306 Frankfurt am Main.
UBS AG London Branch, 5 Broadgate, London EC2M 2QS.
UBS AG, Aeschenvorstadt 1, 4051 Basel, Switzerland / Bahnhofstrasse 45, 8001 Zurich, Switzerland;
www.ubs.com/investmentbankhttps://neo.ubs.com/r/7/?id=h259ca537,4553295a,45532f28

[cid:image008.png@01DA21D1.E0022790]

Sean Aw
Credit Sales

UBS AG
9 Penang Road
Singapore 238459

Tel: +65 64958320
Mobile: +65 91787946

www.ubs.comhttp://www.ubs.com/