By Douwe Miedema and John O'Donnell 51 minutes ago LONDON/FRANKFURT (Reuters) - Embattled Swiss bank UBS (UBSN.VX) is close to buying back billions of dollars in bond debt whose value collapsed during the global financial crisis, a source familiar with the situation told Reuters.The report followed an announcement late last night from Citigroup (C.N) and Merrill Lynch (MER.N) that they would buy back almost $20 billion such debt between them.
"The rumors that they are close to a settlement are not unfounded," the source said.
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