UBS launches SARON-based Swiss franc mortgages, phases out LIBOR

ZURICH (Reuters) - UBS Group on Monday launched floating-rate mortgage loans tied to the new Swiss money market reference rate SARON, phasing out loans linked to the standard LIBOR rate that is being abandoned next year after manipulation scandals.More products based on the Swiss Average Rate Overnight (SARON) will follow this year and next, Switzerland's biggest bank said in a statement. It is no longer offering Swiss mortgages based on the London Interbank Offered Rate (LIBOR).In 2017, about..