UBS has lost a lead role on a U.S. dollar bond deal for state-backed China Railw...
HONG KONG - UBS has lost a lead role on a U.S. dollar bond deal for state-backed China Railway Construction Corp, just days after a Chinese outcry over a senior UBS economist’s use of “pig” in connection with Chinese food price inflation.
On Monday, a spokesman at Chinese infrastructure giant CRCC confirmed it had dropped the Swiss banking giant from the deal, but did not give a reason. “Does this matter? It matters if you are a Chinese pig. It matters if you like eating pork in China,” Donovan said in comments some took offence at because of a perceived reference to people, not livestock.The fierce outcry has taken many other western banks by surprise. In at least two Wall Street institutions bankers said their colleagues were discussing which words they should avoid following the UBS pig furor.
The row comes as global investment banks are gearing up for a push into China following rule changes that now allow them to control their securities joint ventures.
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