![]() Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. ![]() You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. As far as is known, UBS has the largest exposure among European banks to U.S. Fitch also rated the fewest ABX subprime bonds - only 200 of the 400 rated by Moody’s and S&P - meaning it was the “most conservative” when assessing new deals in 2005, 2006, and 2007.During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The 4 billion writedown announced by UBS (UBS) on Jan. A rating of Caa2 or CCC is eight levels below investment grade.Īccording to Bloomberg, Fitch was rated the most accurate also because it doesn’t have AAA ratings on any securities tracked by ABX indexes that UBS expects to default, while Moody’s has 35 ranked the equivalent Aaa and S&P has 24 with top ratings, the report said. Morgan said they now expected UBS to write down 18.5 billion francs in total assets in the first quarter, compared with their previous estimate for 15 billion in writedowns, as. Both Fitch and Standard & Poor’s tag 57% of the bonds with equivalent rankings, according to a report from the New York-based analysts yesterday. Moody’s assigns Caa2 or lower ratings to just 12% of the 292 bonds underlying benchmark Markit ABX indexes that UBS analysts expect to default, Bloomberg reports. ![]() And given UBS’s dismal experience with write-downs, we may want to defer judgment. This may well turn out to be the case but unless and until the defaults happen it is simply not accurate to say that one is more accurate than the other. However, by “least accurate,” they mean Fitch’s ratings are more in agreement with UBS’s expectations of defaults than Moody’s. According to Bloomberg, UBS analysts say “ Moody’s Investors Service is the least accurate assessor of the risks of subprime-mortgage securities among the three largest credit-rating companies, while Fitch Ratings is the best.” One part of UBS that does seem to be working well is the wall between its analysts and the rest of the business. More worryingly, banks’ comments about trading conditions in March do not hint yet at an imminent recovery. While our view has been that the market has overplayed the extent of the problems for many European banks, the next few weeks are likely so see some painful first quarter earnings announcements.” Unless the markets continue to slide again, that is.”ĬreditSights is not so sure the banks have touched bottom: “Presumably the market is betting that we are reaching the peak of the write-downs and is also buoyed by UBS’s rights issue. UBS announced an emergency capital injection of SFr13bn (£5.6bn) from Singapore and the Middle East to protect its core private banking business after it shocked the market yesterday with an. That suggests they are comfortable with UBS’s numbers, which should be somewhat reassuring to investors. UBS Group AG has offered to buy Credit Suisse for up to 1 billion, with the Swiss government planning to change the countrys laws to bypass a shareholder vote on the transaction, the Financial Times reported on Sunday. “They demanded an “aggressive” valuation as part of their due diligence of UBS, according to Daniel Zuberbuehler, director of the Swiss Federal Banking Commission. The Economist takes heart in the fact that JPMorgan, Morgan Stanley, BNP Paribas and Goldman Sachs, are fully underwriting UBS’s accompanying SFr15 billion share issue. ![]() It’s a strange world in which a $19-billion dollar write-down is seen as good news, but UBS’s ( NYSE: UBS) “pre-announcement” of the same has many believing financial stocks have hit bottom and the worst of the damage is behind them.
0 Comments
Leave a Reply. |