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Debt issued measured at amortized cost
 12 Months Ended
Dec. 31, 2020
Disclosure Of Financial Liabilities [Line Items]  
Disclosure Of Debt Securities Explanatory

Note 17 Debt issued measured at amortized cost

USD million31.12.2031.12.19
Certificates of deposit 15,680 5,190
Commercial paper 25,472 14,413
Other short-term debt 5,515 2,235
Short-term debt1 46,666 21,837
Senior unsecured debt that contributes to total loss-absorbing capacity (TLAC) 36,611 30,105
Senior unsecured debt other than TLAC 21,340 25,569
of which: issued by UBS AG with original maturity greater than one year2 18,464 22,349
Covered bonds 2,796 2,633
Subordinated debt 22,157 21,775
of which: high-trigger loss-absorbing additional tier 1 capital instruments 11,837 11,931
of which: low-trigger loss-absorbing additional tier 1 capital instruments 2,577 2,414
of which: low-trigger loss-absorbing tier 2 capital instruments 7,201 6,892
of which: non-Basel III-compliant tier 2 capital instruments 543 540
Debt issued through the Swiss central mortgage institutions 9,660 8,574
Other long-term debt 3 4
Long-term debt3 92,566 88,660
Total debt issued measured at amortized cost4 139,232 110,497
1 Debt with an original contractual maturity of less than one year. 2 Issued by the legal entity UBS AG. Based on original contractual maturity without considering any early redemption features. As of 31 December 2020, 100% of the balance was unsecured (31 December 2019: 100% of the balance was unsecured). 3 Debt with an original maturity greater than or equal to one year. The classification of debt issued into short-term and long-term does not consider any early redemption features. 4 Net of bifurcated embedded derivatives, the fair value of which was not material for the periods presented.

The Group uses interest rate and foreign exchange derivatives to manage the risks inherent in certain debt instruments held at amortized cost. In some cases, the Group applies hedge accounting for interest rate risk as discussed in item 2j in Note 1a and Note 25. As a result of applying hedge accounting, the life-to-date adjustment to the carrying amount of debt issued was an increase of USD 2,401 million as of 31 December 2020 and an increase of USD 1,099 million as of 31 December 2019, reflecting changes in fair value due to interest rate movements.

Subordinated debt consists of unsecured debt obligations that are contractually subordinated in right of payment to all other present and future non-subordinated obligations of the respective issuing entity. All of the subordinated debt instruments outstanding as of 31 December 2020 pay a fixed rate of interest.

The table below shows the residual contractual maturity of the carrying amount of debt issued, split between fixed-rate and floating-rate based on the contractual terms, and does not consider any early redemption features. The effects from interest rate swaps, which are used to hedge various fixed-rate debt issuances by changing the repricing characteristics into those similar to floating-rate debt, are also not considered in the table below.

›Refer to Note 24 for maturity information on an undiscounted cash flow basis

Contractual maturity of carrying amount
USD million202120222023202420252026–2030ThereafterTotal 31.12.20Total 31.12.19
UBS Group AG1
Non-subordinated debt
Fixed-rate 1,856 3,894 4,086 5,522 5,355 12,864 0 33,578 27,306
Floating-rate 1,001 2,638 2,251 0 0 0 0 5,890 6,012
Subordinated debt
Fixed-rate 0 0 0 0 0 0 14,413 14,413 14,344
Subtotal 2,857 6,532 6,337 5,522 5,355 12,864 14,413 53,881 47,662
UBS AG2
Non-subordinated debt
Fixed-rate 40,886 5,813 4,224 0 386 0 1,309 52,618 33,696
Floating-rate 12,007 1,155 1,175 0 962 0 0 15,299 13,119
Subordinated debt
Fixed-rate 0 2,053 0 2,693 335 2,663 0 7,744 7,431
Subtotal 52,893 9,022 5,398 2,693 1,684 2,663 1,309 75,661 54,247
Other subsidiaries3
Non-subordinated debt
Fixed-rate 1,152 928 1,038 1,106 1,211 3,580 674 9,690 8,588
Subtotal 1,152 928 1,038 1,106 1,211 3,580 674 9,690 8,588
Total 56,902 16,482 12,774 9,321 8,250 19,106 16,397 139,232 110,497
1 Comprises debt issued by the legal entity UBS Group AG. 2 Comprises debt issued by the legal entity UBS AG. 3 Comprises debt issued by subsidiaries of UBS AG.
UBS AG  
Disclosure Of Financial Liabilities [Line Items]  
Disclosure Of Debt Securities Explanatory

Note 17 Debt issued measured at amortized cost

USD million31.12.2031.12.19
Certificates of deposit 15,680 5,190
Commercial paper 25,472 14,413
Other short-term debt 5,515 2,235
Short-term debt1 46,666 21,837
Senior unsecured debt 18,483 22,356
of which: issued by UBS AG with original maturity greater than one year2 18,464 22,349
Covered bonds 2,796 2,633
Subordinated debt 7,744 7,431
of which: low-trigger loss-absorbing tier 2 capital instruments 7,201 6,892
of which: non-Basel III-compliant tier 2 capital instruments 543 540
Debt issued through the Swiss central mortgage institutions 9,660 8,574
Other long-term debt 3 4
Long-term debt3 38,685 40,998
Total debt issued measured at amortized cost4 85,351 62,835
1 Debt with an original contractual maturity of less than one year. 2 Issued by the legal entity UBS AG. Based on original contractual maturity without considering any early redemption features. As of 31 December 2020, 100% of the balance was unsecured (31 December 2019: 100% of the balance was unsecured). 3 Debt with an original maturity greater than or equal to one year. The classification of debt issued into short-term and long-term does not consider any early redemption features. 4 Net of bifurcated embedded derivatives, the fair value of which was not material for the periods presented.

UBS AG uses interest rate and foreign exchange derivatives to manage the risks inherent in certain debt instruments held at amortized cost. In some cases, UBS AG applies hedge accounting for interest rate risk as discussed in item 2j in Note 1a and Note 25. As a result of applying hedge accounting, the life-to-date adjustment to the carrying amount of debt issued was an increase of USD 761 million as of 31 December 2020 and an increase of USD 574 million as of 31 December 2019, reflecting changes in fair value due to interest rate movements.

Subordinated debt consists of unsecured debt obligations that are contractually subordinated in right of payment to all other present and future non-subordinated obligations of the respective issuing entity. All of the subordinated debt instruments outstanding as of 31 December 2020 pay a fixed rate of interest.

The table below shows the residual contractual maturity of the carrying amount of debt issued, split between fixed-rate and floating-rate based on the contractual terms, and does not consider any early redemption features. The effects from interest rate swaps, which are used to hedge various fixed-rate debt issuances by changing the repricing characteristics into those similar to floating-rate debt, are also not considered in the table below.

›Refer to Note 24 for maturity information on an undiscounted cash flow basis

Contractual maturity of carrying amount
USD million202120222023202420252026–2030ThereafterTotal 31.12.20Total 31.12.19
UBS AG1
Non-subordinated debt
Fixed-rate 40,886 5,813 4,224 0 386 0 1,309 52,618 33,696
Floating-rate 12,007 1,155 1,175 0 962 0 0 15,299 13,119
Subordinated debt
Fixed-rate 0 2,053 0 2,693 335 2,663 0 7,744 7,431
Subtotal 52,893 9,022 5,398 2,693 1,684 2,663 1,309 75,661 54,247
Other subsidiaries2
Non-subordinated debt
Fixed-rate 1,152 928 1,038 1,106 1,211 3,580 674 9,690 8,588
Subtotal 1,152 928 1,038 1,106 1,211 3,580 674 9,690 8,588
Total 54,045 9,950 6,437 3,798 2,895 6,243 1,983 85,351 62,835
1 Comprises debt issued by the legal entity UBS AG. 2 Comprises debt issued by subsidiaries of UBS AG.