UBS Group AG has executed its largest debt buyback since acquiring Credit Suisse in 2023, purchasing $7.9 billion of Credit Suisse bonds. This move is part of UBS's strategy to shrink the substantial debt load inherited from its crosstown rival. The acquisition was announced on Friday, September 11, 2026, according to Bloomberg data.
This buyback significantly reduces UBS's legacy debt. At the time of the government-brokered takeover in 2023, UBS's debt stood at approximately $90 billion. Following this latest transaction, the legacy debt on UBS's books has decreased to around $29 billion, representing a substantial reduction in the inherited liabilities.
UBS had initially announced offers to purchase outstanding notes, which were subsequently upsized. The offers expired on September 10, 2026, with the settlement date expected to be September 14, 2026. The total consideration for the notes included an accrued coupon payment in addition to the principal amount. The offers were conditional on various factors, including a maximum purchase consideration.
Initially, the maximum purchase consideration for some offers was set at $2 billion, which was later increased to $4 billion on September 9, 2026. Ultimately, the maximum purchase consideration was further raised to $5,849,096,719.81. The aggregate principal amount of notes validly tendered and accepted for purchase reached $7,933,623,300.
This debt management initiative is part of UBS's proactive approach to funding and total loss-absorbing capacity, aiming to optimize interest expenses. Despite these buybacks, UBS intends to continue issuing senior unsecured liabilities in major currency markets, independently of these offers.
