UBS

◆ What the most senior debt bankers in the world believe about next year ◆ Who's eating Credit Suisse ◆ If a property company falls in the forest and doesn't make a sound...

In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels

When the shockwave set off by the failure of Silicon Valley Bank swept the legs from under Credit Suisse, all the talent and relationships of a big investment bank were up for grabs. UBS has tried to hang on to what it sees as the best bits — but the biggest beneficiaries are likely to be rivals. Jon Hay and David Rothnie report

Regular Swiss issuer reopens two covered bonds in last sale of 2023

UBS announced on Monday that it would redeem $2.5bn AT1 at first possible date

City of Zurich and PSP Swiss Property take advantage of diminishing supply to appeal to investors with cash still to spend

Bonds will be settled in wholesale CBDC on December 1 as part of Swiss National Bank’s tokenised asset pilot

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