UBS Group AG stated Wednesday that it’s launching a young for senior bail-in notes price 2.75 billion euros ($2.96 billion) in mixture that had been issued final week, simply earlier than its settlement to take over rival Credit Suisse Group AG.
The Swiss financial institution
UBS,
UBSG,
stated it’s providing holders of EUR1.5 billion notes due March 2028 and EUR1.25 billion notes due March 2032 to tender their notes for money. The bonds had been issued on Friday, and the Credit Suisse deal was disclosed on Sunday.
UBS’s transfer comes after credit-rating businesses S&P Global Ratings and Moody’s Investors Service this week lowered their outlooks on the financial institution to detrimental, citing dangers arising from the Credit Suisse
CS,
CSGN,
takeover. Fitch Ratings on Tuesday additionally positioned UBS on its so-called score watch detrimental resulting from unsure implications of the deal for the financial institution’s credit score profile.
UBS stated it’s providing to buy the notes at their respective re-offer value given the distinctive company actions introduced on Sunday. The determination follows an evaluation of latest developments and is a results of UBS’s dedication to its credit score traders, the financial institution stated.
The gives begin Wednesday with an early expiration deadline on March 28 and a remaining expiration deadline on April 4, UBS stated.
Write to Adria Calatayud at adria.calatayud@dowjones.com
Source web site: www.marketwatch.com
