UBS lifts its legacy Credit Suisse bond tender cap to $5.85 billion after $7.93 billion was offered up

UBS has raised the size of its tender for legacy Credit Suisse debt after demand from bondholders ran well past the original cap. The maximum purchase consideration went from $4.0 billion to $5.85 billion, following $7.93 billion of aggregate principal validly tendered across nine series. The offer expired September 10, 2026, with settlement scheduled for September 14.

The instruments involved need to be named precisely, because this is the keyword space where the 2023 writedown gets mistakenly attached to unrelated paper. All nine series are senior notes, fixed-rate-reset or fixed-to-floating senior and senior callable issues with coupons between 2.125% and 9.016%. None are Additional Tier 1 or other bail-in instruments. The bonds were originally issued by Credit Suisse Group AG and assumed by UBS when the merger completed on June 12, 2023, so describing them as Credit Suisse bonds is accurate as to origin, not as to the current obligor.

The tender spans three currencies, with the dollar-equivalent total struck at stated conversion rates of $1.35158 to the pound and $1.16126 to the euro. That is why the headline figure should be read as a dollar equivalent of a multi-currency book rather than a dollar-denominated total, and why the loosely rounded "$8 billion" framing that circulated does not match either the tendered $7.93 billion or the accepted amount.

Mechanically this is liability management on debt UBS already carries, not new absorption of Credit Suisse obligations. Retiring legacy paper at a set cap simplifies the funding stack and removes series that no longer fit the combined bank's issuance program. Worth noting for anyone reconciling figures across coverage: UBS ran a separate, larger tender in November 2025 with an $8.6 billion cap that accepted $7.67 billion, and the two are easy to conflate. What to watch is the accepted allocation across the nine series at settlement, which shows which parts of the legacy curve UBS actually wanted to retire.