Singapore's main sovereign wealth fund will today incur an unrealised loss of about SFr5.5bn ($5.1bn) on a SFr10.97bn investment in UBS, the troubled Swiss bank which has received a series of emergency cash injections.
The Government of Singapore Investment Corp, which manages assets of more than $300bn, declined to comment on the paper loss, but has said it plans to hold on to the UBS shares.
GIC's investment in UBS was in the form of a mandatory convertible bond paying a 9 per cent coupon for two years, which expires today.
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