One of China’s biggest state-owned companies has shut UBS out of advising on a large bond deal amid widening fallout from remarks about swine fever by one of the Swiss bank’s top economists.
China Railway Construction Corporation has decided not to hire UBS on a dollar-bond sale after comments last week by Paul Donovan, chief economist at UBS Global Wealth Management, about pigs in China, according to people familiar with the situation.
UBS had won a mandate on the bond sale of $500m-$1bn by the Chinese group, but was removed as of Monday morning, the people said.
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