UBS plans to buy back debt

Investment bank UBS yesterday said it will buy back a chunk of its own debt in a bid to shrink its balance sheet. The group said it will spend €1.75bn (£1.45bn) in cash to buy back five subordinated bonds and six senior unsecured bonds.“This transaction is consistent with our proactive approach to reducing our balance sheet and future interest expense while maintaining our strong liquidity, funding and capital position,” it said.