EU FINANCIALS: UBS Group: Resolvability headlines
(UBS; A2/A-/Apos)
Credit neutral - report highlights requirement for further planning and potential legal changes to create an executable resolution. Unlikely to materially affect bondholders.
For AT1 holders this element may be relevant "FINMA believes that when the Point of Non-Viability (PONV) is met, it should also be possible to implement a solvent market exit and a forced sale of the bank (or parts thereof) in a legally certain manner as well as a restructuring" - a state intervention type sale at a PONV event is what led to CS AT1's being 0'd, but that is not to say that future legislation would result in the same outcome.
This report merely suggests the requirement for optionality and therefore offers very limited clarity.
FINMA 2025 resolution report on UBS
- FINMA believe at present UBS could be resolved
- Bank has made progress on shortcomings
- Due to rapid changes with CS being integrated into UBS, some details of the plan cannot be regarded as implementable
- Authorities might need further legal flexibility to deal with a resolution
https://www.finma.ch/en/news/2025/09/20250925-mm-resolution-bericht-ubs/
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
EGB SYNDICATION: Austria New 7-Year RAGB: Books open
- E3bln WNG of the new 7-year Sep-32 RAGB
- Guidance: MS+33 area
- Format: Reg S, Bearer, 144A eligible, CAC
- Settlement: 02 September 2025 (T+5)
- Maturity: 20 September 2032 (7Y)
- Size: EUR 3 billion (Will not grow, excluding potential issuer retention)
- Coupon: TBD, Fixed, Ann., ACT/ACT (Long 1st to 20 September 2026)
- ISIN: AT0000A3NY15
- Bookrunners: BofA / DB(DM/B&D) / Erste Group / HSBC / JPM / Raiffeisen Bank International
- Timing: Books open, today's business
From market source
GILTS: Testing the 2.75% level on the Open
A big move for Gilt on the Open, some of the calls were 90.90/91.00, it was netting at 90.87, but down 50 ticks and through session lows.
The Dec is still not front Month, but expected to be Today.
Immediate support in G Z5 is at 90.31, while the next Yield levels are still at:
- 4.800% = 89.98.
- 4.921% = 88.93.
SILVER TECHS: Bullish Outlook
- RES 4: $41.064 - 1.764 proj of the Apr 7 - 25 - May 15 swing
- RES 3: $40.285 - 1.618 proj of the Apr 7 - 25 - May 15 swing
- RES 2: $40.000 - Psychological round number
- RES 1: $39.655 - 1.500 proj of the Apr 7 - 25 - May 15 swing
- PRICE: $38.700 @ 08:03 BST Aug 26
- SUP 1: $37.282/36.216 - 50-day EMA / Low Jul 31
- SUP 2: $35.285 - Low Jun 24
- SUP 3: $33.940 - 50.0% retracement of the Apr 7 - Jul 23 bull leg
- SUP 4: $32.958 - Low Jun 2
Trend signals in Silver are unchanged and remain bullish. Prices have recently recovered off support at the 50-day EMA, now at $37.282. A clear break of the average is needed to strengthen a short-term bearish threat and allow for a deeper retracement. This would open $35.285, the Jun 24 low. For bulls, the resumption of gains opens the next objective at $39.655 a Fibonacci projection.
