UBS

The Italian Ministry of Economy and Finance has cashed in on a dramatic rebound in MPS since its recapitalisation a year ago

Sovereign gets second largest book ever despite political hubbub

Swiss pharma company navigates a difficult market to pay a negative to zero new issue premium

Investors pounce on Société Générale and UBS sales after yields rise, then rates rally to soothe fears

◆ SocGen and especially UBS garner huge demand for high yielding AT1s ◆ Red-hot interest suggests more European banks could issue in subordinated Yankees ◆ HSBC and BBVA raise $2.75bn in tier two

A swift combination of the UK investment banking teams of UBS and Credit Suisse shows the rapid progress that has been made, as CEO Sergio Ermotti looks ahead to a ‘pivotal 2024’

Kiwi sub-sovereign sacrifices size to price tight

Flavour and fragrance company capitalises on investor demand to take size at a tight price

◆ Deal marketed at a price to sell ◆ Structure suggests UBS is optimising funding volume ◆ Reluctance to buy Swiss AT1s remains but fixed income markets are recovering

Higher rates are powering an equilibrium in the AT1 market that may tempt even the most unlikely of issuers to come to the market

Name recognition helps bank go against the grain to tighten pricing

Former IB co-CEO to join as vice-chair of corporate and investment bank