UBS completed a major debt buyback on September 11, 2026, repurchasing approximately $7.93 billion in legacy Credit Suisse senior notes. The operation involved nine concurrent cash tender offers across three currencies, targeting bonds with maturities up to 2033 and coupons reaching 9.016%.
The bank increased the maximum purchase consideration to roughly $5.85 billion due to higher-than-expected investor participation. The offers closed on September 10, with final settlement occurring on September 14. This move allows UBS to replace high-interest debt with new issuances at lower market rates.
This latest action follows a similar buyback in November 2025, when UBS retired about $7.7 billion in Credit Suisse debt and TLAC instruments. In total, the two operations have removed approximately $15.6 billion of obligations inherited during the March 2023 acquisition.
The strategy aligns with Swiss regulatory requirements for systemically important banks to maintain specific levels of bail-in-able debt. UBS describes the buybacks as part of its proactive financial management to optimize its balance sheet and improve overall profitability.
