Debt issued held at amortized cost

12 Months Ended

Dec. 31, 2023

Disclosure Of Financial Liabilities [Line Items]

Disclosure Of Debt Securities Explanatory

Note 17 Debt issued measured at amortized cost

USD m

31.12.23

31.12.22

Short-term debt

1

38,530

29,676

of which: Credit Suisse

1,245

Senior unsecured debt 

147,547

59,965

of which: contributes to total loss-absorbing capacity (TLAC)

101,939

42,073

of which: issued by UBS AG standalone with original maturity greater than one year

18,446

17,892

of which: issued by Credit Suisse AG standalone with original maturity greater than one year

24,609

Covered bonds

5,214

0

Subordinated debt

17,644

16,017

of which: eligible as high-trigger loss-absorbing additional tier 1 capital instruments

10,744

9,882

of which: eligible as low-trigger loss-absorbing additional tier 1 capital instruments

1,214

1,189

of which: eligible as low-trigger loss-absorbing tier 2 capital instruments

0

2,422

of which: eligible as non-Basel III-compliant tier 2 capital instruments

538

536

Debt issued through the Swiss central mortgage institutions

27,377

8,962

Other long-term debt

1,506

Long-term debt

2

199,288

84,945

of which: Credit Suisse

3

45,640

Total debt issued measured at amortized cost

4,5

237,817

114,621

1 Debt with an original contractual maturity of less than one year, includes mainly certificates of deposit and commercial paper. 2 Debt with an original contractual 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. 3 Refer to Note 2 for more information about the acquisition of the Credit Suisse Group. 4 Net of

bifurcated embedded derivatives, the fair value of which was not material for the periods presented. 5 Except for Covered bonds, Debt issued through the Swiss central mortgage institutions and Other long-term

debt,

100

% of the balance was unsecured as of 31 December 2023.

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 26. As a result of applying hedge accounting, the life-to-date adjustment to the carrying amount of

debt issued was a decrease of USD

3.0

bn as of 31 December 2023 and a decrease of USD

6.1

bn as of 31 December

2022, 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. Materially all the subordinated

debt instruments outstanding as of 31 December 2023 pay a fixed rate of interest.

›

Refer to Note 24 for maturity information