Homburger advised UBS Group AG and UBS AG on their offers to repurchase various series of outstanding debt securities in an aggregate principal amount of USD 7.7 bn

On November 10, 2025, (i) UBS Group AG successfully completed its all-cash tender offers with respect to five series of bail-inable (TLAC) bonds that were originally issued by Credit Suisse Group AG, and (ii) UBS AG, acting through its Stamford branch, successfully completed its all-cash tender offers with respect to two series of senior unsecured notes that were originally issued by Credit Suisse AG, acting through its New York branch. UBS Group AG accepted tenders with respect to four series of such bail-inable (TLAC) bonds in an aggregate principal amount of USD 5.55 bn, and UBS AG, acting through its Stamford branch, accepted tenders in respect of both series of senior unsecured notes in an aggregate principal amount of USD 2.12 bn.

The TLAC bonds repurchased by UBS Group AG were eligible to count towards UBS Group AG’s Swiss gone-concern requirement, governed by Swiss law and admitted to trading and listed on the SIX Swiss Exchange, and the notes repurchased by UBS AG, acting through its Stamford branch, were SEC-registered, governed by the laws of the State of New York and not admitted to trading or listed on any regulated trading venue.

Homburger advised UBS Group AG and UBS AG with respect to all regulatory and transactional aspects of Swiss law. The Homburger team was led by Benedikt Maurenbrecher and Stefan Kramer and included Olivier Baum and Lee Saladino (all Capital Markets), as well as Stefan Oesterhelt (Tax).