UBS Group said on Wednesday it would buy back 2.75 billion euros ($2.96 billion) worth of debt it sold just days ago in a bid to boost confidence among bondholders rattled by its $3 billion rescue of rival Credit Suisse.
The bonds were sold on March 9 and their repurchase by UBS highlights the lender’s efforts to shore up sentiment since its government-backed rescue of Credit Suisse on Sunday.
UBS is buying back the bonds at the price at which they were sold rather than at market prices, compensating investors after a sell-off this week. “They’re trying to be friendly to investors who purchased just before the mess,” said Jerome Legras, head of research at Axiom Alternative Investments.
UBS in a statement said it was buying back a 1.5 billion-euro 4.625% fixed-rate note due March 2028 and a 1.25 billion-euro 4.750% fixed rate note due March 2032.
Published in The Express Tribune, March 23rd, 2023.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
-(1)1717678110-0/Kendrick-(1)-(1)1717678110-0-270x192.webp "kendrick lamar s not like us allegedly banned from select houston establishments")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ