UBS AG (UBSN), Switzerland’s biggest bank, sold $2 billion of five-year covered bonds denominated in U.S. dollars, according to data compiled by Bloomberg.
The 2.25 percent notes were issued to yield 128 basis points more than similar-maturity Treasuries, the data show. Zurich-based UBS hired Citigroup Inc., Canadian Imperial Bank of Commerce, JPMorgan Chase & Co. and Deutsche Bank AG to help manage the sale.
UBS sold covered bonds in January, when it raised $1.5 billion from a 1.875 percent 2015 note, according to data compiled by Bloomberg. Covered bonds are backed by mortgages or public-sector loans and guaranteed by the issuer.
Mark Panday, a spokesman at the bank, declined to comment on the sale.
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