UBS launches tender offers for two series of just-issued bail-in notes

By Marisa Wong

Los Angeles, March 22 – UBS Group AG is inviting holders of its €1.5 billion 4.625% fixed-rate notes due March 2028 (ISIN: CH1255915006) and €1.25 billion 4.75% fixed-rate notes due March 2032 (ISIN: CH1255915014) to tender their notes for cash, according to a Wednesday press release.

Both series of senior bail-in notes were issued on March 17. UBS said that while it has been in compliance with all of its obligations relating to the notes since the issue date, it is offering to purchase the notes at their respective reoffer price in light of the exceptional corporate actions announced on March 19, shortly after the issue date. UBS had announced plans to acquire Credit Suisse.

The issuer said it is carrying out the tender offers “as a result of a prudent assessment of these recent developments and [its] long-term commitment to its credit investors.”

The purchase price is 99.932 for the 2028 notes and 99.518 for the 2032 notes.

The early expiration deadline for the offers is March 28.

Final expiration is April 4.

The investment bank and financial services company is based in Zurich and Basel, Switzerland.

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