(Bloomberg) -- UBS Group AG is asking its bankers to rethink the way they discuss some sustainable products in public following advice from its lawyers...
-- UBS Group AG is asking its bankers to rethink the way they discuss some sustainable products in public following advice from its lawyers, according to people familiar with the matter.One City’s Plan to Re-Link a Neighborhood That Robert Moses Divided
The alternative language that lawyers are coming up with is replacing shorthand descriptions that have become the norm in the market. For example, in the case of debt-for-nature swaps — which are intended to help governments refinance debt and then put savings toward conservation — lawyers at UBS are asking bankers to instead refer to the products as Country Debt Conversion With Associated Sustainable Development Goal Funding, according to one of the people familiar with the matter.
Typically, banks in the nascent market for such deals have tended to refer to them as debt conversions in client-facing documents. Before its takeover by UBS, Credit Suisse referred to a 2022 deal with Barbados as a debt-conversion-for-marine-conservation, a label it used again for a subsequent 2023 deal for Ecuador.
UBS Chairman Colm Kelleher said in April that the bank prioritizes its own sustainability framework over Credit Suisse’s, given what he referred to as its “broader application across sectors and generally stronger risk mitigants.” In connection with its takeover of Credit Suisse, UBS appointed Beatriz Martin to oversee sustainability, which she’ll combine with her existing role as head of non-core and legacy operations.
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UBS Group AG Sustainable Products Credit Suisse Debt-For-Nature Swaps Product Labels Financial Firms
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