CapLaw-2026-66

On 27 August 2026, UBS AG successfully completed its inaugural Panda Bond issuance. The RMB 2 billion 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 People‘s Bank of China.