UBS raised $750mn via a Perpetual non-call 5Y (PerpNC5) AT1 bond at a yield of 3.875%, 37.5bp inside initial guidance of 4.25% area. The bonds have expected ratings of BB/BBB. The coupon is fixed until the call date/reset date of June 1, 2026. If the bonds are not called, the coupon resets to the 5Y US Treasury yield + 309.8bp. The bonds are callable at every coupon date thereafter. The bonds were priced 43.5bp over their 5.125% Perps callable in July 2026 that yield 3.44% in the secondary markets. The 5.125% Perps have a reset of 485.5bp over the 5Y US Treasury yield.