UBS is offering to buy back $2.75 billion in bonds issued two days before the Credit Suisse takeover

Swiss bank UBS announced this Wednesday an offer to repurchase debt securities maturing in 2028 and 2032 issued last Friday — just days before the purchase agreement Credit Suisse—, the total amount of which is EUR 2,750 million.

In this way, and taking into account the changes in the entity’s situation resulting from the integration announced on Sunday, UBS offers to repurchase 1,500 million euros in bonds with a fixed interest rate of 4.625% maturing in March 2028, as well as 1,250 million euros of debt with with interest of 4.750% and maturity in March 2032, which in both cases were issued on March 17, 2023.

“The issuer is offering to purchase the bonds at their re-offer price in light of the exceptional corporate actions announced on March 19, 2023, shortly after the issue date,” Switzerland’s largest bank said. In this regard, UBS indicated that it decided to launch this offer as a result of a prudent assessment of recent events and its long-term commitment to its credit investors.

The offers will begin this Wednesday and will have an early expiration date of March 28th and a final expiration date of the following April 4th, unless extended, withdrawn or terminated at the issuer’s sole discretion.