Exclusive: UBS brings back CMS-linked notes to Chinese market

After several years of limited activity around the CMS market in China, UBS has launched a new series of non-principal-protected CMS-linked structures – the two tranches which have a tenor of nine months and use a European digital put option were sold to an onshore corporate client. Denominated in US dollars and Chinese yuan, respectively, they were offered under the Qualified Domestic Institutional Investor (QDII) scheme, which allow eligible Chinese domestic institutions and fund manage