UBS Lands Big Bond Buyback in Credit Suisse Cleanup

UBS has completed its largest debt buyback yet, repurchasing $7.93 billion in notes as part of its ongoing cleanup after acquiring Credit Suisse in 2023.

The bank's cash tender offer increased the amount it was willing to spend from $4 billion to around $5.85 billion.

This move aims to reduce UBS' legacy debt by buying back nine series of bonds across US dollar, euro, and British pound markets.

These repurchased notes mainly mature between 2028-2033, which helps smooth out UBS' future repayment schedule rather than having a large cluster of maturities at once.

Bloomberg estimates the legacy Credit Suisse debt on UBS' books has already fallen to about $29 billion from roughly $90 billion at the takeover.