UBS: Many hands...

UBS appears to have had enough of humble pie. For a group forced by huge credit errors to beg from shareholders, the Swiss bank looks pretty demanding on the terms. It wants its rights issue to raise SFr16bn, about SFr1bn more than it originally signalled. And it is offering its new shares at a relatively small discount of 32%. The three UK banks raising money, Bradford & Bingley, HBOS and Royal Bank of Scotland, are offering their stock at reductions of 45% plus. But UBS’s call may not be as to...