Facing $5 Billion in Paper Loss, GIC Converts UBS Notes

Posted on 03/04/2010

Singapore’s sovereign wealth fund converted its UBS notes into ordinary shares, getting hit with a paper loss of approximately US$ 5 billion. The Government of Singapore Investment Corporation allocated 11 billion CHF (US$ 10.22 billion) in mandatory convertible notes in UBS AG. The investment was used to support the Swiss financial giant during the global […]

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