UBS buys back billions in legacy assets, PANDION seeks buyers - Börse Express
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Almost eight billion dollars in one go: UBS is digging deeper than ever into its coffers to free itself from its Credit Suisse legacy assets. While the Swiss major bank cleans up its balance sheet, Partners Group is struggling with a share near multi-year lows, Zurich Insurance is caught in a trade dispute over an iron ore trader, PANDION is pushing ahead with its insolvency process - and POET Technologies is trying to keep its growth story alive at a trade fair in Shenzhen. UBS is buying back Credit Suisse bonds worth 7.9 billion dollars. It is the largest step to date to reduce the debt burden inherited from the acquisition of its former rival. The corresponding legacy assets on the books have thus fallen to around 29 billion dollars - at the state-brokered takeover in 2023, it was still about 90 billion. The current buyback is part of a pattern of aggressive balance sheet management. In a separate tender offer, UBS had previously increased the maximum purchase volume from 4 to 5.85 billion dollars after bondholders had tendered securities totaling 7.93 billion dollars. Nine different bond series in dollars, pounds, and euros are affected. Parallel to debt reduction, capital is being returned to shareholders. At the end of July, UBS announced a new share buyback program of 3 billion dollars, supported by a quarter with better-than-expected assets in wealth management and...
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