UBS stirred talk of a welter of liability management transactions from financial institutions when it announced a tender offer for up to €1 billion of four lower tier 2 deals with a total notional value of SFr7 billion ($6.2 billion) between them in mid-March.
Various bankers thought the buyback was a smart move and said that there were a large number of other financial institutions looking closely at following suit with similar moves of their own.
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