UBS Hits 17-Year High as Lawmakers Float Capital Compromise
Summarize this article with:
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A group of influential Swiss lawmakers proposed watering down the capital demands that the country wants to impose on UBS Group AG, sending shares to a 17-year high.The senior legislators presented recommendations that would allow UBS to use a kind of junior debt known as AT1 bonds instead of equity to meet potentially fresh capital requirements envisioned by the Swiss government. They also floated the idea to continue letting it use at least some of its software and tax credits to count toward the capital demands, though they also included a rule that would place a cap on investment banking growth.