UBS launches offer to repurchase Credit Suisse bonds

The bank issued an offer to repurchase the notes maturing in 2028 and 2032 that were recently issued

The Swiss bank UBS announced an offer to repurchase the debt securities with maturity of 2028 and 2032 issued last Friday, just a couple of days before the agreement for the acquisition of Credit Suisse, whose aggregate amount amounts to 2,750 million euros.

In this way, UBS wants to acquire the 1,500 million euros in bonds with fixed interest at 4.625% and maturing in March 2028, as well as the 1,250 million euros in debt with interest of 4.750% and maturing in March 2032, which were issued in both cases on March 17, 2023.

“The issuer offers to purchase the Notes at their respective reoffer 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 decided to launch this offering as a result of a prudent assessment of recent developments and its long-term commitment to its credit investors.

The offers will begin this Wednesday with an early expiration date of March 28, 2023, and a final expiration date of next April 4, unless extended, withdrawn or terminated at the sole discretion of the issuer.

K. Tovar

Source: Bloomberg

(Reference image source: file)

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