China returned to the euro-denominated bond market in November 2019 for the first time in 15 years, and the resulting €4bn deal was (briefly) its largest ever single foreign currency sovereign bond. UBS was a joint bookrunner and joint lead manager.
These days, UBS is not the first name that springs to mind in connection with sovereign issuance. The bank announced its exit from sovereign, supranational and agency (SSA) bond business back in 2012, as it sought to meet capital rules and reduce staff numbers. It closed its commercial paper business at the same time.
