UBS repurchased $7.9bn of legacy Credit Suisse bonds in the largest reduction of
inherited debt since its 2023, government‑brokered takeover, completing a tender
on Friday. Legacy debt on UBS’s books now stands at about $29bn, down from
roughly $90bn at the time of the acquisition. UBS said the tender is part of
proactive management of its funding and total loss‑absorbing capacity and aims
to optimise interest expense. The bank twice raised the tender cap this week —
from $2.0bn to $4.0bn and then to $5.9bn — ahead of the $7.9bn purchase, which
accelerates repayment of debt that has been shrinking via maturities.
