While the big guns in the industry are saddled with lots of "hung" leveraged loans, smaller players may be sensing a rare opportunity. Consider UBS. It took relatively small write downs on its leveraged finance positions for the third quarter, and now aims to take advantage of its peers' pain. According to Financial News Online, it will underwrite the "largest debt package on a private equity deal by a single bank since the summer credit crisis." UBS was the only debt underwriter on Dubai International Capital's acquisition of German company Almatis in a $1.2 billion deal. We'll see how much it can actually place. The European backlog is even worse than the U.S. backlog. So the going may be tough. But it is a gutsy move.  

For more:
- here's the Financial News Online article

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