BlackRock buying UBS subprime debt for $15 billion: FT

SINGAPORE (Reuters) - U.S. asset manager BlackRock Inc (BLK.N) is to buy a portfolio of subprime mortgage debt from UBS AG (UBSN.VX) for $15 billion, the Financial Times reported on its website on Tuesday, citing people familiar with the transaction.

The FT said the deal was due to be announced on Tuesday along with first-quarter results from UBS.

It said the debt would be bought by BlackRock at a 25 percent discount to its face value of $20 billion and then placed in a new fund that would be marketed to investors.

UBS would hold a minority interest in the fund, which would enable it to participate in any gains.

The FT said UBS declined to comment.

(Writing by Alan Raybould, Editing by Ian Geoghegan)