UBS has just given BlackRock an $11.25bn loan to pay $15bn for Alt-A assets worth $22bn. I guess they trust BlackRock more than Alt-A and this crystallises a loss and allows them to move on. It feels quite off-balance-sheet to me.
UBS has just given BlackRock an $11.25bn loan to pay $15bn for Alt-A assets worth $22bn. I guess they trust BlackRock more than Alt-A and this crystallises a loss and allows them to move on. It feels quite off-balance-sheet to me.