diff --git a/observability/cluster_observability_operator/cluster-observability-operator-release-notes.adoc b/observability/cluster_observability_operator/cluster-observability-operator-release-notes.adoc
index fba501b0fc7f..8316f1a041d2 100644
--- a/observability/cluster_observability_operator/cluster-observability-operator-release-notes.adoc
+++ b/observability/cluster_observability_operator/cluster-observability-operator-release-notes.adoc
@@ -24,6 +24,26 @@ The following table provides information about which features are available depe
 | 1.1+          | 4.18+              | ✔                     | ✔         | ✔                     | ✔          | ✔
 |===
 
+[id="cluster-observability-operator-release-notes-1-2-1_{context}"]
+== {coo-full} 1.2.1
+
+[id="cluster-observability-operator-1-2-1-bug-fixes_{context}"]
+=== Bug fixes
+
+* Before this update, an old version label matcher was kept during the Operator version 1.2 upgrade. This caused Perses dashboards to become unavailable. With this release, the version label is removed and Perses dashboards are correctly reconciled.
+
+// [id="cluster-observability-operator-1-2-1-new-features-enhancements_{context}"]
+// === New features and enhancements
+
+// Dev preview, so cannot be documented yet
+//* This release improves the functionality and ease of maintenance of Perses dashboards, through the reuse of variable selector and time range selection components. (link:https://issues.redhat.com/browse/COO-871[COO-871])
+
+// Dev preview, so cannot be documented yet
+//* Role-based access control (RBAC) has been added to Perses dashboards in {product-title}. (link:https://issues.redhat.com/browse/COO-870[COO-870])
+
+// Moved to COO 1.3.0
+// * This release adds support for OTEL formatted logs in the troubleshooting UI plugin (link:https://issues.redhat.com/browse/COO-365[COO-365]) and Korrel8r (link:https://issues.redhat.com/browse/COO-357[COO-357])
+
 [id="cluster-observability-operator-release-notes-1-2_{context}"]
 == {coo-full} 1.2