• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

UBS stocks PLUNGE

ezez11

Alfrescian
Loyal
UBS stocks plunge
Bank says exposure to Lehman is under US$300 million

ZURICH - SHARES in UBS, Switzerland's biggest bank and one of the worst-hit by the subprime crisis, plunged more than 20 per cent on Tuesday the aftermath of the collapse of US investment bank Lehman Brothers.

At 3.13 pm, the stock was down 20.15 per cent at 16.05 Swiss francs, as it became the top loser on the Swiss stock market, which was 3.9 per cent in negative territory.

Bank Helvea analyst Peter Thorne said UBS had sufficient capital but perhaps enough to calm investors' nerves.

'UBS has the capital to keep on going, but the logic doesn't play a role in the current market situation,' he said.

UBS has written down some 42.5 billion dollars on its subprime-related assets.

For its second quarter, it posted a net loss of 358 million Swiss francs (S$473 million).

Separately, UBS said that it has exposure worth less than 300 million dollars (S$430.8 million) to US investment bank Lehman Brothers, which filed for bankruptcy in a dramatic collapse.

'UBS confirms that its direct and counterparty exposures to Lehman Brothers, net of hedges, are now substantially closed out.

'UBS does not expect the total cost of closing out its exposures to Lehman to exceed 300 million dollars,' UBS said in a statement. -- AFP
 
Z

Zombie

Guest
At 3.13 pm, the stock was down 20.15 per cent at 16.05 Swiss francs, as it became the top loser on the Swiss stock market, which was 3.9 per cent in negative territory.


Is GIC still holding the CHF11B mandatory convertible notes with minimum conversion price of CHF51.48?

Holding loss [(51.48 - 16.05) / 51.48] x 11B = CHF7.57B
= S$9.71B (exchange rate now) :eek:
 
Top