Client Associate

Niederer Kraft Frey has advised Swiss medtech company SpineArt on refinancing and upsizing its syndicated credit facilities. The deal totals CHF 50 million and USD 31.5 million, with UBS Switzerland serving as mandated lead arranger, agent and security agent. SpineArt specialises in advanced spine surgery solutions and operates subsidiaries in the US, Spain and France. The company partners with surgeons and hospitals across more than 60 countries. The refinancing aligns with SpineArt's announcement that its Baguera C cervical disc received FDA approval for one and two contiguous levels, expanding market access in the United States. The NKF legal team was led by Jacques Bonvin, working alongside Andrea Wuerzner, Marc Vogelsang and Boris Catzeflis.

UBS Group has attracted merger interest from several major foreign banks, according to a Swiss newspaper report on 27 September. The discussions are linked to stricter capital requirements imposed on Switzerland's largest bank following its absorption of Credit Suisse. Switzerland mandated that UBS hold substantially more capital, which reduces returns on lending and investment. The bank currently achieves a 10.67% return on equity. A merger with a foreign partner or redomiciling could move UBS beyond Swiss regulatory reach. The report contains no named counterparties, terms, or confirmation from UBS. Any combination would require regulatory clearance across multiple jurisdictions. Switzerland previously treated the Credit Suisse takeover as a state matter, suggesting government involvement would be likely. The speculation itself carries risks, particularly for private banking clients who value stability and may move assets to competitors during uncertainty.

UBS has raised its price target for Valero Energy Corporation from $355 to $450, maintaining a "Buy" rating. The revised target implies nearly 17% upside and exceeds the stock's all-time high of $393 reached earlier this month. Valero has more than doubled in value since the beginning of 2026, gaining over 133%, driven by strong global refining margins. Ongoing disruptions have curtailed refining capacity worldwide, tightening supplies of gasoline, diesel, and jet fuel. UBS believes Valero is well-positioned as refining margins remain elevated. The company's disciplined capital allocation and high shareholder returns support the outlook. Valero returned $2.6 billion to shareholders in Q2, up sharply from $695 million year-over-year. However, the stock's valuation may already reflect extraordinary market conditions, and any decline in refining margins could trigger a pullback.