UBS to buy back outstanding bonds for up to $2.4 billion say reports

ZURICH: Swiss bank UBS said on Monday it is making a cash tender offer to buy back certain outstanding tier 2 and senior bonds for up to 2.15 billion Swiss francs ($2.4 billion) with the aim of reducing its balance sheet.

UBS said it was making the tender offer in relation to five Swiss franc, euro or pound sterling subordinated bonds and six Swiss franc,euro,Italian lira or pound sterling senior unsecured bonds.

It said the tender offer period will end on December 13, 2013,unless extended, re-opened or earlier terminated as provided in the tender offer memorandum.

($1 = 0.9063 Swiss francs)