Business Context and Reporting Period
This Form 6-K filing by UBS Group AG and UBS AG, dated April 28, 2020, reports on consolidated capital instruments and Total Loss-Absorbing Capacity (TLAC)-eligible senior unsecured debt as of March 31, 2020. The document details the treatment of these instruments under the Swiss Systemically Relevant Bank (SRB) framework, distinguishing between "going concern" and "gone concern" requirements effective from January 1, 2020.
Key Financial Metrics
The filing provides a detailed breakdown of regulatory capital and eligible debt instruments in USD millions as of March 31, 2020. It does not report operational metrics such as revenue, profit, cash flow, or margins.
| Category | Amount (USD Millions) |
|---|---|
| Total Additional Tier 1 Capital | 15,225 |
| High-trigger loss-absorbing AT1 | 12,761 |
| Low-trigger loss-absorbing AT1 | 2,464 |
| Total Tier 2 Capital | 7,551 |
| Low-trigger loss-absorbing Tier 2 | 7,017 |
| Non-Basel III-compliant Tier 2 | 534 |
| Total TLAC-eligible Senior Unsecured Debt | 34,153 |
Material Changes
The filing text does not provide comparative data for the prior period (e.g., Q4 2019 or Q1 2019) to calculate material changes in outstanding amounts or recognized regulatory capital. The document notes that eligibility criteria for gone concern requirements were revised under the Capital Adequacy Ordinance issued in November 2019, effective January 1, 2020.
Guidance, Outlook, and Risks
This document is a regulatory disclosure of capital structure and does not contain management commentary, financial guidance, or outlook. It references the "Capital management" section of the First Quarter 2020 report and the 2019 Annual Report for broader context on capital requirements. A standard notice to investors states that the document is for information purposes only and not a solicitation to buy or sell securities.
Investor Verification Checklist
- Verify the full First Quarter 2020 report for operational results (revenue, profit, cash flow) which are not included in this filing.
- Review the "Capital management" section of the Q1 2020 report for details on new capital requirements effective January 1, 2020.
- Confirm the specific terms and conditions of the listed capital instruments via the "Bondholder information" section on the UBS investor website.
- Note that TLAC-eligible debt amounts are presented as amortized face amounts including accrual yield and are not adjusted for own credit-related gains/losses.