UBS to buy back 5 billion Swiss francs in senior debt after revamp
February 5, 2013 5:21 PM EST
"Our actions to prudently manage the composition of our liabilities will lower interest expense in the future," UBS said in a statement.
But UBS said the move to buy back the euro, Italian lira and U.S. dollar denominated debt could lead to a tightening of its credit spreads, and as a result could incur "significant" first-quarter own credit charges.
The buyback comes alongside a 1.89 billion franc fourth-quarter net loss due to a $1.5 billion fine for rigging benchmark interest rates and charges from a restructuring plan to shed 10,000 staff.
The loss compares with a 2.078 billion franc net loss forecasts by analysts in a Reuters poll.
(Reporting By Katharina Bart, editing by Emma Thomasson)
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