Homburger advised UBS AG on the establishment of its Panda Bond program and its inaugural issuance thereunder

On August 27, 2026, UBS AG successfully completed its inaugural Panda Bond issuance. The RMB 2 bn 5-year bonds were issued with a coupon rate of 1.78%, representing (as of August 27, 2026) both the lowest coupon rate and the tightest spread over China Development Bank benchmark achieved for a 5-year Panda Bond issued by a foreign financial institution. It also marked the first Panda Bond issuance by a Swiss financial institution in China. The offering of the bonds in the Chinese interbank bond market was approved by the Peopleʼs Bank of China.

Homburger advised UBS AG with respect to all transactional and tax aspects of Swiss law, as well as arbitration matters, in relation to both the inaugural Panda Bond issuance and establishment of the Panda Bond program under which the bonds were issued. The Homburger team was led by Stefan Kramer (Capital Markets) and included Lee Saladino and Daniel Hulmann (both Capital Markets), Stefan Oesterhelt (Tax), as well as Balz Gross and Dilber Devitre (both Arbitration).