UBS top for covered bonds

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UBS is arranging more covered bonds than its competitors for the first time in at least 15 years even after the bank scaled back its fixed income business and focused on wealthy clients.

UBS underwrote $9.4bn of new issues this year, almost double the $4.8bn it arranged in the same period of 2013, according to data compiled by Bloomberg.

The bank leaped ahead of UniCredit, Barclays, BNP Paribas and Deutsche Bank, the top four arrangers last year, the data show.

UBS is among European lenders retreating from debt-related businesses to comply with regulatory demands for larger capital buffers. The lender, which announced 10,000 job cuts in 2012, is shifting its focus to arranging debt sales as it seeks to boost profitability and reduce risk-weighted assets.

To access the complete Bloomberg News article hit the link below:

UBS Climbs to Top of Covered Bond Rankings for First Time

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