UBS

UBS has for the first time issued a panda bond in China’s interbank market. The five‑year bond totals 2 billion yuan and was issued with a 1.78 percent coupon, the lowest yield so far for a five‑year panda bond by a foreign financial institution. The transaction was more than three times oversubscribed and is the first Swiss bank issuance in this market. UBS says access to the onshore bond market diversifies funding sources and increases the efficiency and flexibility of its funding profile. » More on finanzen.net

Former UBS and Credit Suisse chief Oswald Grübel backs Finance Minister Karin Keller-Sutter and considers the demand for an additional roughly 20 billion Swiss francs of equity for UBS justified. He argues that a large bank is not purely private because the state would have to provide liquidity in a crisis, and he disagrees that this would weaken the financial centre. Grübel calls the separation of the international unit in a crisis unrealistic, criticises the former CS management, and sees the decline in importance of the Swiss financial centre also rooted in the banks’ expansion strategies abroad. » More on finanzen.net

The Council of States' Commission for Economic Affairs and Levies has postponed the vote on changes to UBS's capital rules and will continue deliberations on 31 August. The government's proposal would require UBS to hold about 20 billion US dollars in additional core capital. The postponement prolongs uncertainty over the final design of the regulation and delays a political signal to the bank. » More on de.investing.com