UBS sells first AT1 bonds since Credit Suisse takeover

UBS started selling Additional Tier 1 (AT1) bonds on Wednesday for the first time since it took over Credit Suisse, in a further sign that confidence has returned after the merger rocked the market for risky bank debt in March. A surge in AT1 bond yields that followed raised concern about the future of an asset introduced after the 2008 financial crisis to act as shock absorbers if bank capital levels fell below a certain threshold. UBS, Switzerland's largest bank, said it would provide additional information about its bond issue when the offering was completed.