UBS Group AG issued international bonds worth $3.25 billion in two tranches, both maturing Aug. 15, 2023.

The first tranche, worth $2 billion and priced at 100%, carries a coupon of 2.859% until Aug. 15, 2022, before switching to three-month U.S. dollar London Interbank Offered Rate plus 0.954%, Cbonds reported Aug. 8.

The second tranche, worth $1.25 billion and priced at 100%, carries a coupon of three-month U.S. dollar LIBOR plus 0.95%.

UBS served as a book runner for both issuances, while Euroclear Bank and Clearstream Banking SA served as depositories.