UBS Group AG has initiated cash tender offers for up to $8 billion in debt originally issued by Credit Suisse Group AG, as part of its post-merger capital optimization strategy. The offers, managed by UBS Investment Bank, include nine separate series denominated in multiple currencies, with a total expected aggregate consideration of approximately $6 billion if all eligible notes are tendered.
The tender program comprises three "Any and All" series totaling about $3.7 billion in principal, alongside six "Maximum Purchase" series totaling roughly $11.3 billion. Among the targeted notes are £750 million of 7.375% securities due 2033, $697 million of 6.442% notes due 2028, and $2.25 billion of 4.282% notes due 2028. The offers are not subject to minimum tender requirements or financing conditions, according to UBS.
Holders of accepted notes will receive payment calculated using a fixed spread over the yield of specified reference securities, in addition to accrued and unpaid interest. The 9.016% notes due 2033 carry the highest acceptance priority among the Maximum Purchase series. The tender period closes on September 10, 2026, at 5:00 p.m. Eastern time, with settlement expected on September 14, 2026.
UBS stated the initiative aims to manage funding costs and optimize its total loss-absorbing capacity following the June 2023 merger with Credit Suisse. The offers are structured to reduce interest expense while aligning with the bank’s capital management framework.
