Santander, UBS dive in to Reg S market with sub deals

Santander and UBS both took to the Reg S market on Thursday to sell subordinated debt to dollar hungry European and Asian investors.
UBS brought in $7.7bn of orders for its $2.5bn tier two deal, which completed the bank’s programme to raise Sfr9bn of loss absorbing capital. The deal was structured with a 5% common tier equity one trigger, at which point principal is written down. UBS was sole bookrunner on
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