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Rights issues alters terms on UBS sovereign wealth sale

The Singapore and Middle East sovereign wealth funds which committed Sfr13bn (€8.3bn) in capital to UBS last December will receive slightly improved terms when their notes mature in 2010, as part of the rights issue announced today.

UBS secured funding from Singapore's Government Investment Corporation, and the Saudi Arabian Monetary Authority last December through so-called mandatory convertible notes, a type of convertible bond.

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