Keine Entspannung bei UBS und der Hypothekenkrise, frisches Kapital wird benötigt:
“UBS remains very cautious about the net new money outlook in the near term,” added the world’s top manager of assets.
UBS last week said it’s going to sell $22 billion of subprime and Alt-A U.S. residential-mortgage-backed securities to BlackRock for $15 billion, with UBS providing the fund manager an $11.25 billion loan in the process.
But as the subprime troubles cool down, others have sprung up. UBS’s exposure to auction-rate securities, used mostly in municipal financing, increased to 11 billion francs ($10.7 billion) from 6 billion francs during the first quarter.
UBS said its loss-making positions in real estate markets outside the U.S. “could increase,” the Swiss bank said in the prospectus.
All told, UBS has taken about $19.2 billion in write-downs and losses to an $82.6 billion portfolio of securities tied mostly to the U.S. housing market.
MarketWatch.com, UBS warns of losses to international real estate
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