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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Market

GIC converts UBS notes, faces $5 bln paper loss

Posted on 05 March 2010

From Reuters: Singapore’s biggest sovereign wealth fund, GIC, said it converted its UBS notes into ordinary shares, suffering a paper loss of about $5 billion.

The Government of Singapore Investment Corp had invested 11 billion Swiss francs ($10.22 billion) in mandatory convertible notes in UBS to support the Swiss bank during the financial crisis……………………………………..Full Article: Source

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