UBS

The US Senate Judiciary Committee, in a letter from Charles Grassley, asked UBS for 62 further responses in its investigation of possible links between the former Credit Suisse and Nazi accounts. UBS is working on a reply, rejects allegations by ombudsman Neil Barofsky and stresses it has already spent more than $100 million and provided over 19 million documents. The bank plans a voluntary review by the end of 2026; the stock fell intraday by about 0.63 percent to 44.36 francs. » Altro su finanzen.net

UBS criticizes a proposal by a Council of States commission that would require foreign subsidiaries to be covered by only 50 percent common equity Tier 1 (CET1), and warns of continued high costs from roughly $13 billion of additional Tier‑1 capital that would be backed by AT1 bonds. Finance Minister Karin Keller‑Sutter says she is disappointed and demands stricter rules and a 100 percent CET1 coverage; she also sees legal and practical problems in the commission’s draft. The proposal will now be debated in the Council of States and the National Council and could ultimately lead to a referendum. » Altro su handelsblatt.com

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. » Altro su finanzen.net