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.
A logo of the Swiss bank UBS is seen on the Paradeplatz in Zurich, Switzerland March 21, 2023. REUTERS/Denis Balibouse/File PhotoMarch 22 - UBS Group
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. UBS shares and bonds have seesawed this week as investors assess the impact of the Credit Suisse deal.UBS bonds also tumbled, with Additional Tier 1 , a different form of bail-in debt, taking a big hit in particular on Monday after Credit Suisse's AT1s were written down to zero as part of its rescue.
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