UBS seeks to sell loans Credit Suisse gave to junk Italian firms

UBS Group is planning to sell its exposure to a portfolio of loans that Credit Suisse made to junk-rated Italian companies, according to people with knowledge of the matter.

The Swiss bank is seeking an exit from the revolving credit facilities for five borrowers, said the people, who asked not to be identified because they’re not authorised to speak publicly about the matter. Goldman Sachs Group is carrying out the sale on behalf of UBS, said the people.

The chunks of debt range in size from €10 million (CHF9.45 million) to €40 million and prices are indicated at par or just below, said the people. Bids for Credit Suisse’s positions are due in the first half of January, they said. …