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Hard to predict stock price movement! Get the name but loss in cash, so ofsetting each other is still considered break even.......No problem.
nickyng ( Date: 05-Mar-2010 15:02) Posted:
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nOt lOng agO sOmeOne iN THiS fOrum said.
GIC alwasys made the wrOng decisiOns.
there are nOt gOOd iN their investments
SINGAPORE: The Government of Singapore Investment Corp (GIC) said Friday
that it has converted its UBS notes into ordinary shares, suffering a paper loss
of about US$5 billion.
GIC had invested 11 billion Swiss francs (about US$10.22 billion) in mandatory convertible notes in UBS to support the Swiss bank during the financial crisis.
GIC did not provide more details.
Last month, a filing that GIC made to the US Securities and Exchange Commission showed the original conversion price would be 47.7 Swiss francs, two-thirds more than UBS's last share price of 15.86 francs.
GIC had earned about two billion francs from a nine per cent coupon over the last two years, which partially compensated for the sharp erosion in UBS' share price.
The filing had said GIC would exchange the mandatory convertible notes for 230.7 million ordinary UBS shares on March 5.
GIC would have a stake of 6.6 per cent in UBS after conversion, making it the Swiss bank's biggest shareholder.
GIC had invested 11 billion Swiss francs (about US$10.22 billion) in mandatory convertible notes in UBS to support the Swiss bank during the financial crisis.
GIC did not provide more details.
Last month, a filing that GIC made to the US Securities and Exchange Commission showed the original conversion price would be 47.7 Swiss francs, two-thirds more than UBS's last share price of 15.86 francs.
GIC had earned about two billion francs from a nine per cent coupon over the last two years, which partially compensated for the sharp erosion in UBS' share price.
The filing had said GIC would exchange the mandatory convertible notes for 230.7 million ordinary UBS shares on March 5.
GIC would have a stake of 6.6 per cent in UBS after conversion, making it the Swiss bank's biggest shareholder.