European banks have finally tired of waiting for regulatory clarity on their future capital requirements, and they have been bringing forward capital securities issues in greater numbers. A popular tactic has been to target the well-heeled end of the retail market, with a particular eye on Asia. That plays to UBS's strategic preoccupation with wealth management as well as its investment banking skills, and the bank's debt capital markets (DCM) team has led a goodly proportion of these recent deals.
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