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Debt issued held at amortized cost
 12 Months Ended
Dec. 31, 2024
Disclosure Of Financial Liabilities [Line Items]  
Disclosure Of Debt Securities Explanatory
Note 17
 
Debt issued measured at amortized cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USD m
31.12.24
31.12.23
Short-term debt
1
30,509
38,530
Senior unsecured debt
 
133,159
147,547
of which: contributes to total loss-absorbing capacity (TLAC)
92,515
101,939
of which: issued by UBS AG standalone with original maturity greater
 
than one year
32,664
18,446
of which: issued by Credit Suisse AG standalone with original maturity
 
greater than one year
24,609
Covered bonds
8,762
5,214
Subordinated debt
15,030
17,644
of which: eligible as high-trigger loss-absorbing additional
 
tier 1 capital instruments
2
13,084
10,744
of which: eligible as low-trigger loss-absorbing additional
 
tier 1 capital instruments
1,245
1,214
of which: eligible as non-Basel III-compliant tier 2 capital
 
instruments
207
538
Debt issued through the Swiss central mortgage institutions
26,335
27,377
Other long-term debt
424
1,506
Long-term debt
3
183,709
199,288
Total debt issued measured at amortized cost
4,5
214,219
237,817
1 Debt with an original contractual maturity of less than one year,
 
includes mainly certificates of deposit and commercial paper.
 
2 For 31 December 2024, includes USD
6.9
bn (31 December 2023: USD
3.6
bn) that
are, upon the occurrence
 
of a trigger event or
 
a viability event, subject to
 
conversion into ordinary UBS
 
shares.
 
3 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.
 
4 Net of bifurcated embedded derivatives, the fair value
 
of which was not material for the periods presented.
 
5 Except
for Covered bonds (
100
% secured), Debt issued
 
through the Swiss central
 
mortgage institutions (
100
% secured) and Other long-term
 
debt (
91
% secured),
100
% of the balance was
 
unsecured as of 31 December
2024.
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 a
 
decrease
 
of USD
3.1
bn as
 
of 31
 
December 2024
 
and a
 
decrease
 
of USD
3.0
bn as
 
of 31
 
December
2023, 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 2024 pay a
 
fixed rate of interest.
›
Refer to Note 24 for maturity information
UBS Group
 
AG, together
 
with UBS
 
AG, has
 
fully and
 
unconditionally guaranteed
 
the outstanding
 
SEC-registered debt
securities of Credit
 
Suisse (USA)
 
LLC, which
 
as of 31
 
December 2024
 
consisted of
 
a single outstanding
 
issuance with
 
a
balance
 
of
 
USD
742
m
 
maturing
 
in
 
July
 
2032.
 
Credit
 
Suisse
 
(USA)
 
LLC
 
is
 
an
 
indirect,
 
wholly
 
owned
 
subsidiary
 
of
UBS Group AG. UBS Group AG
 
assumed Credit Suisse Group
 
AG’s obligations under the
 
guarantee as of 12 June
 
2023
(i.e. the date of the merger). In accordance with the guarantee, if Credit Suisse (USA) LLC fails
 
to make a timely payment
under
 
the
 
agreements
 
governing
 
such
 
debt
 
securities,
 
the
 
holders
 
of
 
the
 
debt
 
securities
 
may
 
demand
 
payment
 
from
either UBS Group AG or UBS AG, without first proceeding against
 
Credit Suisse (USA) LLC.