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Tuesday, 16 May 2017

Singapore's GIC faces US$4bn loss on UBS bet | Reuters

Singapore's GIC faces US$4bn loss on UBS bet | Reuters:

"Singapore sovereign wealth fund GIC Private Limited is facing a loss in excess of US$4bn on its emergency investment in Swiss bank UBS Group nine years ago, according to IFR calculations. GIC cut its stake in UBS on Monday evening, selling 93m shares at SFr16.10 each to bring in SFr1.5bn. The sale was conducted by UBS as sole bookrunner and wrapped up in two and a half hours. The bank accidentally announced the sale ahead of the market close when it had been due to launch. UBS's ECM bankers were already talking to investors through a wall-crossing exercise so the deal was not too disrupted."



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