UBS buys back $3-billion bonds in bid to boost investor confidence

UBS Group said on Wednesday it would buy back 2.75 billion euros ($2.96 billion) worth of debt it sold just days ago, seeking to boost confidence among investors rattled by its $3-billion rescue of rival Credit Suisse at the weekend. 

UBS is buying the bonds at the price at which they were sold rather than at market prices, which compensates investors after the sell-off earlier this week.

The bonds in question are senior unsecured bail-in notes that were sold on March 9: a 1.5 billion-euro fixed-rate note due March 2028 and a 1.25 billion-euro fixed rate note due March 2032, UBS said.