NEW YORK – UBS AG (UBS) plans to issue a benchmark-size, three-year sale of covered bonds to the U.S. credit markets Thursday, according to a term sheet obtained by Dow JonesNewswires.
The bonds, which are guaranteed or “covered” 100% by Swiss residential mortgages, are expected to be rated triple-A by Moody’s Investors Service and Fitch Ratings.
The deal is being issued through UBS AG’s London branch, with UBS Hypotheken AG acting as guarantor.
It is being marketed in the Rule 144a private-placement market.
UBS, Barclays Capital, HSBC, and Scotia Capital are the lead underwriters.