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Repaying debt - a sing of strength, or a sign of weakness?

June 15, 2009

Analysis of:UBS Said to Be in Talks About Repaying Swiss State Investment | www.bloomberg.com

1. UBS' stock price has declined significantly in the past two years - a further sale of yet more stock will put additional pressure on share prices. 2. With core capital at approximately 10% (4% lower than it's comparable peer - Credit Suisse), UBS might be hoping that a market rally will buoy the common stock portion of their core capital more than the less liquid governmental preferred shares. 3.Are they looking to repay for issues relating to their peers (JPMC, MS, AXP repaying) or because there are worse risks if their stock price falls below the Swiss government's break-even point at approximately 12.5 CHF?

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