UBS’s $15bn rights issue to overshadow SG’s
UBS yesterday revealed first quarter net losses of Sfr12bn, caused by a further $19bn of property and related structured credit writedowns. On April 23 shareholders will vote on a Sfr15bn rights issue, which has been fully underwritten by JP Morgan, Morgan Stanley, BNP Paribas and Goldman Sachs. The deal is 50% bigger than Société Générale’s Eu5.5bn rescue rights issue in February. Will the market support the troubled Swiss bank? Read EuroWeek on Friday.
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