UBS just pulled off its biggest single move to shed the financial baggage it inherited when it swallowed Credit Suisse in 2023. The bank repurchased $7.93 billion in principal amount of legacy Credit Suisse senior notes through nine concurrent cash tender offers, settling on September 14.
The numbers behind the buyback
The tender offers launched on September 2 and concluded on September 10, with UBS initially setting a maximum purchase consideration that it later upsized to approximately $5.85 billion. Strong investor participation drove that increase, suggesting bondholders were eager to cash out of legacy Credit Suisse paper.
The repurchased notes spanned multiple currencies: US dollars, euros, and British pounds. Maturities stretched as far out as 2033, and some carried coupons as high as 9.016%.
This latest buyback follows a $7.7 billion tender UBS conducted in November 2025, bringing the cumulative total of retired Credit Suisse debt to roughly $15.6 billion. The result: UBS’s legacy Credit Suisse debt now sits at approximately $29 billion, down from the $90 billion starting point.
