Thames Water has appointed UBS as lead advisor to raise the $6.57bn in debt and equity finance required to construct the Thames Tideway Tunnel, the so-called 'Super Sewer'.
39 million tonnes of untreated sewage overflows into London's River Thames each year from the city’s Victorian sewerage system.
The Thames Tideway Tunnel is a major new sewer, that will help tackle the problem of overflows from the capital’s Victorian sewers and will protect the River Thames from increasing pollution for at least the next 100 years.
UBS is understood to have been selected to lead the effort to raise the funding because its top-rated infrastructure team has significant experience getting major projects through to successful completion.
In the meantime, The Wall Street Journal reports that, according to its sources, Guy Phillips, UBS’s long-time New York-based head of global consumer and retail investment banking, is to take a new role in wealth management arm. A formal announcement is expected some time Monday.
Finally, Reuters reports that The Swiss National Bank (SNB) isn't yet satisfied with steps taken by big banks Credit Suisse and UBS towards boosting capital, the central bank's vice chairman was quoted as saying on Friday.
'Credit Suisse has caught up. We encourage both banks to continue to bolster capital', SNB vice chairman Jean-Pierre Danthine told Swiss business newspaper Finanz und Wirtschaft in an interview published on its website.
'Until we've reached this goal, I can't say I'm satisfied', he said.
'Super Sewer' source - The Financial Times