By Adria Calatayud
UBS Group AG said Wednesday that it is launching a tender for senior bail-in notes worth 2.75 billion euros ($ 2.96 billion) in aggregate that were issued last week, just before its agreement to take over rival Credit Suisse Group AG. The Swiss bank said it is offering holders of EUR1.5 billion notes due March 2028 and EUR1.25 billion notes due March 2032 to tender their notes for cash. The bonds were issued on Friday, and the Credit Suisse deal was disclosed on Sunday. UBS's move comes after credit-rating agencies S&P Global Ratings and Moody's Investors Service this week lowered their outlooks on the bank to negative, citing risks arising from the Credit Suisse takeover. Fitch Ratings on Tuesday also placed UBS on its so-called rating watch negative due to uncertain implications of the deal for the bank's credit profile. UBS said it is offering to purchase the notes at their respective re-offer price given the exceptional corporate actions announced on Sunday. The decision follows an assessment of recent developments and is a result of UBS's commitment to its credit investors, the bank said. The offers start Wednesday with an early expiration deadline on March 28 and a final expiration deadline on April 4, UBS said. Write to Adria Calatayud at adria.calatayud@dowjones.com