The Swiss investment bank UBS sold €1 billion of subordinated bank capital in an attempt to expand on institutional market, the company said.

The transaction, aimed at institutional investors, is the first large deal on the european market since Societe Generale sold €1 billion in January.

“Although yield spreads are off their tightest levels, these are still very attractive levels for the bank to raise capital. While some of the retail-targeted deals have suffered lately, the institutional market remains open and well-bid,” said Henrik Raber head of European syndicate at UBS.