One plus one equals two. But it was clear from the beginning that this simple arithmetic wouldn’t apply to the forced merger between Credit Suisse and UBS. This is particularly evident in the issuance business for franc bonds.

According to Bloomberg data, Credit Suisse and UBS together held a market share of 49,3 percent in 2022—prior to the emergency takeover. By 2024, UBS was involved as lead bookrunner in only 27 percent of the issued volume.

From 50 to 24 Percent

The decline continued in the first half of 2025: with a market share of 24 percent, UBS now lags significantly behind the earlier combined level of the two big banks.

A significant part of this development can be attributed to a structural shift in the consortium of mortgage bond issuers. As Finanz und Wirtschaft (FuW) reported on Wednesday (behind a paywall), both UBS and Credit Suisse were previously part of the Pfandbriefbank of Swiss Mortgage Institutions—a tightly knit consortium with a rotating bookrunning mandate.

Half of the Decline Due to Structural Reasons

Following the merger, the balance within this group shifted; UBS’s combined volume is now lower than that of the two banks before the takeover. The result: UBS is structurally attributed fewer transactions—which directly affects its market share statistics.

According to FuW’s calculations, about half of the decline compared to the 2022 level can be explained by this structural change.

CS Takeover Yields No Gains

On top of that, cantonal banks have significantly increased their own bond issuance in the first half of 2025—further impacting UBS’s market share.

Bottom line: UBS has gained nothing from the CS acquisition in the Swiss franc bond issuance business. Its current market share is about where it was in 2022—if not slightly lower.

Unclear Counterstrategy

Meanwhile, competitors are gaining momentum: Zürcher Kantonalbank and Raiffeisen, as well as international players like Deutsche Bank and BNP Paribas, have expanded their market share.

It remains unclear whether and how UBS intends to respond to this trend. So far, there has been no word in the market about strategic initiatives or targeted investments in the issuance business.