A proposed constitutional amendment to issue up to $50 million in bonds to be repaid from the Alabama Trust Fund could pass the Legislature on the final day of the session Monday.
The proposal would be the latest of several moves since the economic downturn to take money from the ATF, although it would be on a smaller scale than others. The money would go to the Armory Commission of Alabama for plans, construction and maintenance of Alabama National Guard armories……………………………………Full Article: Source

A planned flotation of Doha Global Investment Company, a £7.8 billion Qatari firm backed by assets from the Gulf state’s sovereign wealth fund, has been postponed pending necessary approvals, a senior official revealed.
Qatar unveiled plans to create the investment company in February, saying its sovereign fund arm, Qatar Holding, will transfer about £2bn worth of assets into the new firm, with a similar amount raised in an initial public offering (IPO) on the Qatar Exchange………………………………………..Full Article: Source

A planned stock market listing for Doha Global Investment Co, a $12 billion Qatari investment company backed by assets from the Gulf state’s sovereign wealth fund, has been postponed, a senior bourse official said on Sunday. Qatar unveiled plans to create the investment company in February and said that sovereign fund Qatar Holding will transfer $3 billion of assets into the Doha Global, with a similar amount raised in an initial public offering (IPO) on the Qatar Exchange.
The IPO has been postponed “until all requirements and approvals from the concerned authorities are obtained”, Hussein Ali al-Abdullah, acting chairman of both Qatar Holding and the bourse, said in a statement……………………………………Full Article: Source

Malaysian sovereign wealth investor Khazanah Nasional Berhad is among six cornerstone investors planning to back China Galaxy Securities’ $1.37bn Hong Kong IPO.
Khazanah plans to commit up to $100m to the IPO after it as priced at between HK$4.99 and HK$6.77 per share. Another $260m is expected to be committed by former Khazanah portfolio company AIA, China Life Insurance, China General Technology, China Cinda Asset Management and Sino Life……………………………………Full Article: Source

State-owned Qatar Petroleum plans to offer shares in four of its units in coming years, Hussain al-Abdulla, executive board member of Qatar Holding, the investment arm of the sovereign wealth fund, said on Wednesday.
“There are four companies with QP now ready to list on Qatar Exchange,” Abdulla said. “This will be in coming years,” he later told reporters. “About 50 billion USD total,” he said, when asked about the value of the offerings………………………………………..Full Article: Source

Four companies owned by state-run Qatar Petroleum plan to sell shares to the public in the coming years as the country, home to the world’s third-largest gas reserves, seeks to build its $135 billion stock exchange.
Hussein al-Abdulla, a board member of the Qatar Investment Authority, a sovereign wealth fund, declined to identify the companies when speaking to reporters in Doha yesterday. The Qatari stock exchange, which includes 42 listings, is around a third the size of Saudi Arabia’s bourse, the Middle East’s largest, according to data compiled by Bloomberg………………………………………..Full Article: Source

Sunshine Oilsands, a developer of oil sands projects in Canada, plans to raise C$300 million (HK$2.3 billion) this year by issuing debt to fund expansion. The Hong Kong and Toronto-listed firm is 30.9 per cent owned by China Petroleum & Chemical (Sinopec), sovereign wealth fund manager China Investment Corp, and the Hong Kong asset management arms of Bank of China and China Life Insurance.
It is developing the West Ells project in northern Alberta, which is expected to produce 5,000 barrels of oil daily by October. An expansion scheduled to be commissioned early next year will double output………………………………………..Full Article: Source

Malaysian Prime Minister Najib Razak is facing calls before a weekend election to justify a $3 billion bond placement by the sovereign-wealth fund he leads, with opponents saying the deal was unnecessary and mispriced.
Goldman (GS) Sachs Group Inc. arranged the March 19 sale of 10- year debt by 1Malaysia Development Bhd., also known as 1MDB, and the notes were priced to yield 4.4 percent, 141 basis points more than sovereign Islamic dollar bonds due July 2021 were yielding at that time………………………………………..Full Article: Source

Global bond returns are low and will be low for a long time, Yngve Slyngstad, the head of Norway’s $735 billion sovereign wealth fund said on Tuesday, making it more difficult for investors to earn high enough returns.
The fund, which invests Norway’s surplus oil revenue, has to keep between 35 and 40 percent of its assets in fixed income products and has shifted away from European assets towards Asia and emerging markets………………………………………..Full Article: Source

Sovereign wealth fund Government of Singapore Investment Corp. Tuesday said that it has raised US$250 million through sale of convertible bonds of Glencore International AG. The 5% guaranteed convertible bonds 2014 issued by Glencore Finance (Europe) S.A. were guaranteed by Glencore International and Glencore AG, GIC said in a statement.
GIC intends to use part of the net proceeds from the sale of the bonds to acquire ordinary shares of Glencore International………………………………………..Full Article: Source

Singaporean sovereign wealth fund GIC is seeking to swap a $250 million portion of its holding in Glencore International Plc convertible bonds into shares in the company, in a vote of confidence as the commodities trader wraps up its takeover of miner Xstrata Plc .
Just days ahead of a May 2 completion date for Glencore’s tie-up with Xstrata, GIC, a shareholder in both, said it wanted to sell part of its investment in Glencore’s 2014 bond via an accelerated bookbuild………………………………………..Full Article: Source

Sovereign wealth fund Government of Singapore Investment Corp. Tuesday said that it has raised US$250 million through sale of convertible bonds of Glencore International AG.The 5% guaranteed convertible bonds 2014 issued by Glencore Finance (Europe) S.A. were guaranteed by Glencore International and Glencore AG, GIC said in a statement.GIC intends to use part of the net proceeds from the sale of the bonds to acquire ordinary shares of Glencore International.
The Singapore sovereign wealth fund, which according to analysts manages assets worth US$300 million, had subscribed to the convertible bonds of Glencore ahead of its IPO multbillion-dollar initial public offering in 2011………………………………………..Full Article: Source

The Government of Singapore Investment Corporation (GIC) is launching an accelerated bookbuilding for the sale of Glencore Guaranteed Convertible Bonds worth US$250 million.
The Government of Singapore Investment Corporation (GIC) is launching an accelerated bookbuilding for the sale of Glencore Guaranteed Convertible Bonds worth US$250 million.These 5 per cent convertible bonds issued by Glencore Finance and guaranteed by each of Glencore International and Glencore AG will be due in 2014………………………………………..Full Article: Source

VTB Bank, Russia’s second largest lender by assets, has secured firm commitments from three sovereign wealth fund investors for its Secondary Public Offering (SPO) worth 102.5 billion rubles ($3.3 billion), the lender said on Monday.
“VTB Bank has received firm and binding commitments from a group of investors comprising existing and new shareholders, including three prominent sovereign wealth funds: Norges Bank Investment Management (the Kingdom of Norway); Qatar Holding LLC (the State of Qatar); and the State Oil Fund of Azerbaijan, SOFAZ (the Republic of Azerbaijan), to subscribe for the entire amount of the offering,” VTB said in a statement………………………………………..Full Article: Source

VTB Group (VTBR), Russia’s second-largest lender, received enough orders from investors including sovereign wealth funds in Norway and Azerbaijan to cover a $3.3 billion share sale, said a person with knowledge of the matter.
VTB got a firm commitment to buy new shares from Norges Bank Investment Management, the world’s largest sovereign fund, as well as from Azerbaijan’s State Oil Fund and other investors, said the person, who declined to be identified as the information is private. Qatar’s wealth fund has also bought shares, Prime newswire service reported late yesterday, citing an unidentified person close to the Russian state bank’s supervisory board………………………………………..Full Article: Source

A $ 500 million sukuk from Turkiye Finans this week was just the latest in a flood of international debt issues from Turkey. But the identity of the arranging banks, and the investors who bought the issue, pointed to a shift in capital markets.
Of the four banks arranging the deal for Turkiye Finans, an Islamic bank majority-owned by Saudi Arabia’s National Commercial Bank, two were based in the Gulf: NCB Capital and Dubai’s Noor Islamic Bank. And Middle Eastern investors dominated buying of the sukuk, taking 51 percent of the deal, which received just under $ 2 billion in orders………………………………………..Full Article: Source

Khazanah Nasional Bhd., Malaysia’s state investment company, selected three banks to help arrange a sale of as much as $1 billion of convertible Islamic bonds, said two people with knowledge of the matter.
The sovereign fund is working with CIMB Group Holdings Bhd., Deutsche Bank AG and Standard Chartered Plc on a potential offer, said the people, who asked not to be identified because the information is private. Khazanah could raise $500 million to $1 billion, though a final decision on whether to proceed has yet to be made, one person said………………………………………..Full Article: Source

Parti Keadilan Rakyat (PKR) has questioned why $3 billion (RM9.1 billion) worth of bonds was issued by 1Malaysia Development Berhad (1MDB) three working days before the dissolution of parliament.
“The International Financing Review Asia (IFR Asia) said that the bond issuance was completed on March 29,” said PKR Investment and Trade chief Wong Chen at a press conference at PKR headquarters. He said this was a key issue on the “big questionable financial act” by caretaker Prime Minister Datuk Seri Najib Razak, who is the chairman of 1MDB and the caretaker Finance Minister………………………………………..Full Article: Source

China Galaxy Securities Co., a brokerage controlled by the country’s sovereign wealth fund, started gauging demand today for a $1.5 billion initial share sale in Hong Kong, two people with knowledge of the matter said.
The company, based in Beijing, aims to start trading early next month, said the people, asking not to be identified because the information is private. Founded in January 2007, Galaxy Securities is controlled by Central Huijin Investment Ltd., a unit of China Investment Corp., according to the brokerage’s website………………………………………..Full Article: Source

As of the first quarter, around 51.32 percent of the total volume of the investment portfolio of the Azerbaijani State Oil Fund (SOFAZ) are in U.S. dollars ($17.53 billion), SOFAZ said. As of Jan.-March, the total amount of SOFAZ investment portfolio amounted to over $34.15 billion or 99.5 percent of total volume of assets.
Around 38.81 percent of the investment portfolio are concentrated in euro (over 10.33 billion euro), 4.82 percent — in British pounds sterling (about 1.08 billion pounds sterling), 1.37 percent — Turkish Lira, 0.62 percent — Australian Dollars, 0.29 percent — Russian Rubles, 0.5 percent — Azerbaijani Manat. The rest part of the portfolio (2.76 percent) is concentrated in gold……………………………………..Full Article: Source

The Qatar Investment Authority, the Gulf country’s sovereign wealth fund, is planning an IPO of a new US$12bn investment fund in what would be one of the largest ECM deals in the region. But with the sale of shares set to be restricted to investors based in the country, bankers are sceptical that the Qatari market has the capacity to absorb a deal of this magnitude.
The Doha Global Investment Co fund is scheduled to list on the Qatar Exchange in May with a free-float of 50%, suggesting a deal size of US$6bn, which would make it one of the largest IPOs in the EMEA region in the recent past. However, given Qatar’s small population and the size of its stock market, observers doubt that the the deal will go through in its present form………………………………………..Full Article: Source

The Qatari Sovereign Wealth Fund-backed Doha Global Investment Company is to offer shares to the public in May, as part of a plan to share the tiny Gulf state’s assets with local citizens and institutions.
The Qatari investment firm will have a total capital of QR45 billion ($12.36 billion), half of which will be in the form of paid-up capital, according to a statement from Hussain Ali Al Abdulla, chairman of Qatar Exchange’s board. The other half will be owned by the private sector, giving Qatari institutions and individuals the chance to invest around the world alongside the state………………………………………..Full Article: Source

A new 8 billion pounds Qatari investment firm, backed by assets from the sovereign wealth fund, will offer shares to the public in May as part of plans by the tiny Gulf state to share its riches with local citizens and institutions.
Doha Global Investment Co, will have a total capital of 8.1 billion pounds, 50 percent of which will be in the form of paid-up capital, according to a statement from Hussain Ali Al Abdulla, chairman of Qatar Exchange’s board………………………………………..Full Article: Source

A new sovereign wealth fund backed Qatari investment fund worth US$12 billion would undertake an initial public offering by May. This is part of the Gulf kingdom’s plan to share its wealth with its citizens and institutions.
The fund is Doha Global Investment Co and would have a total capitalization of Eur9.6 billion, where 50% would be paid up capital. This was confirmed by Hussain Ali Al Abdulla, the chairman of Qatar Exchange’s board of directors………………………………………..Full Article: Source

A new $12 billion Qatari investment firm, backed by assets from the sovereign wealth fund, will offer shares to the public in May as part of plans by the Gulf state to share its riches with local citizens and institutions. Doha Global Investment Co, will have a total capital of 45bn riyals ($12.36bn), 50 per cent of which will be in the form of paid-up capital, according to a statement from Hussain Ali Al Abdulla, chairman of Qatar Exchange’s board.
Qatar unveiled plans to create the investment firm in February and said its sovereign fund arm, Qatar Holding, will transfer $3bn worth of assets into the new firm, with a similar amount raised in an initial public offering on the Qatar Exchange. Qatar Holding owns stakes in high-profile global firms such as German sports car maker Porsche and British bank Barclays and has been one of the most aggressive investors globally in recent years………………………………………..Full Article: Source

1Malaysia Development Bhd, the state investment company also known as 1MDB, sold US$3 billion of dollar-denominated bonds on March 19, said a person with knowledge of the transaction. The securities are long-dated, said the person who asked not to be named as the information is private. 1MDB chief financial officer Azmi Tahir declined to comment on the matter.
The Kuala Lumpur-based company has RM10.8 billion of notes outstanding, according to data compiled by Bloomberg. This is the second dollar-denominated offer by the sovereign-wealth fund. It sold US$1.75 billion of 10-year debt to yield 5.99 per cent in May 2012. The securities were rated Aa3 by Moody’s Investors Service, the fourth-highest investment grade………………………………………..Full Article: Source

Azerbaijan’s State Oil Fund is weighing expansion into new currencies to reflect the impact of faster growing economies after starting to buy Australian dollars and gold last year, its chief investment officer said.
With $34.1 billion in assets on Jan. 1, equivalent to almost 50 percent of the Caspian Sea nation’s economy, the fund, known as Sofaz, has broadened its mandate to keep as much as 5 percent of its assets in Australian dollars, Russian rubles and Turkish lira, Israfil Mammadov said in a March 13 interview in the capital, Baku………………………………………..Full Article: Source

Sovereign wealth funds (SWFs) hold a major advantage over central banks in that they don’t have to worry too much about asset liquidity – and yet some do not exploit this benefit, says Ng Kok-Song, chairman of investments at Singapore’s biggest state fund.
Being able to invest in illiquid assets and for the very long term – and hence being able to act at appropriate times in contrarian fashion – can help improve returns significantly, he notes…………………………………Full Article: Source

Norway’s sovereign wealth fund, the world’s largest, almost doubled its investments in Australian bonds and equities last year, boosting sovereign debt fourfold and adding provincial debt securities.
The 4.08 trillion kroner ($715 billion) Government Pension Fund Global held 18.1 billion kroner of Australian federal government securities as of Dec. 31, according to a report released on March 8, up from 4.11 billion kroner a year earlier……………………………………….Full Article: Source

Norway’s $713 billion sovereign wealth fund is turning away from the world’s biggest currencies and their debt-laden governments as policy makers undermine their exchange rates through unprecedented stimulus measures.
The Government Pension Fund Global, the world’s largest wealth fund, cut its holdings in French and U.K. government bonds by almost half last year as it raised its share of government bonds in emerging-market currencies to 10 percent of its fixed-income holdings by adding investments in Turkey, Russia and Taiwan………………………………………..Full Article: Source

The Norwegian oil fund, one of the world’s biggest investors, dumped almost half of its holdings in UK gilts last year amid concerns about mounting Government debt levels and money printing.
Norges Bank Investment Management, which has $713bn of assets and is the biggest sovereign wealth fund in the world, said it sold down its holding in UK debt from 110bn Kroner (£12.9bn) at the end of 2011 to just 60bn Kroner at the end of 2012………………………………………..Full Article: Source

Mapletree Greater China Commercial Trust rose as much as 10.2 percent in its debut Thursday, underscoring demand from yield-hungry investors after the Temasek-backed trust raised $1.3 billion in Singapore’s biggest real estate investment trust (REIT) offering.
The trust, which is backed by Singapore state investor Temasek Holdings Pvt Ltd, rose to S$1.025 ($0.82) in early trading, compared with a 0.1 percent decline in the benchmark Straits Times Index. The REIT consists of office and retail developments in the Chinese mainland and in Festival Walk, an up-market shopping center in Hong Kong’s Kowloon district………………………………………..Full Article: Source

Dubai expects to offer at least one flagship asset to the public as early as next year to stimulate investment and shore up its role as a global trade hub, a senior government official told Reuters.
Mohammad Al Shaibani, chief executive of the Investment Corporation of Dubai (ICD), told Reuters that Dubai had a plan to deal with debts maturing in coming years and would not see a repeat of the 2009 debt crisis. He declined to provide specifics………………………………………..Full Article: Source

A real estate investment trust backed by Temasek Holdings Pvt Ltd has priced its Singapore IPO at S$0.93 each, the top of the indicative range, a source briefed on the matter told Reuters on Tuesday. The IPO would raise about US$1.3 billion (S$1.6 billion), in the city-state’s biggest REIT offering.
Mapletree Greater China Commercial Trust, with retail developments in mainland China and in Festival Walk, an up-market shopping centre in Hong Kong’s Kowloon district, had offered units in the trust in S$0.88 to S$0.93 range…………………………………..Full Article: Source

Sovereign wealth funds and endowments lapped up permits to buy Indian government and corporate bonds as the signs of macro-economic stability are getting stronger and the returns, at least in rupee terms, remain higher than peers.
The Securities & Exchange Board of India received bids for .Rs34,984 crore of corporate bonds where the auctioned amount was Rs 26,925 crore, with total investors at 49. “The auctions are an indication of appreciation of yield pick-up available here,” said Parthasarthy Mukherjee, president, treasury and international business, Axis Bank…………………………………..Full Article: Source

Government of India bonds to be issued specifically for funding big ticket infrastructure projects have attracted the interest of the world’s largest sovereign wealth fund, the Abu Dhabi Investment Authority, which has a corpus of over $600 billion.
“The Abu Dhabi Investment Authority has shown interest to invest in the government of India (infra) bonds,” a senior commerce ministry official, who is part of the high-level task force on investment with UAE, said………………………………………..Full Article: Source

The Russian Direct Investment Fund (RDIF) announces that it has invested in the initial public offering (IPO) of the Moscow Exchange and secured leading international investment funds to co-invest in the IPO.
The investment is part of a long-term strategy to promote the development of Russian capital markets and broaden the international appeal of the Moscow Exchange. Prior to the IPO, through its co-investment model, RDIF also attracted other investors to the Exchange; the European Bank of Reconstruction and Development (EBRD), Cartesian Capital, BlackRock and China Investment Corporation (CIC)………………………………………..Full Article: Source

The Kremlin’s sovereign wealth fund is seeking to bring China’s $480 billion counterpart into the Moscow Exchange’s initial public offering as an anchor investor, three people with knowledge of the matter said.
Chengdong Investment Corp., a unit of CIC International Co., may get as much as 25 percent of the shares being offered in the IPO, which the Moscow Exchange plans to complete tomorrow, said the people, who asked not to be identified because the information isn’t public………………………………………..Full Article: Source

Australian private equity firm Ironbridge Capital and Government of Singapore Investment Commission have appointed Credit Suisse to consider exit options including an initial public offering of their co-owned leasing and fleet management business FleetPartners, Ironbridge joint chief executive officer Greg Ruddock told Deal Journal Australia.
“It’s been a great asset for us, and there’s plenty of growth opportunities left so we’re in no hurry to sell it,” Mr. Ruddock said on Wednesday………………………………………..Full Article: Source

The tension between Central Banks that we noted continues to worsen. This time it was China and the EU, not just Germany, that fired warning shots at the US Fed. A senior Chinese official said on Friday that the United States should cut back on printing money to stimulate its economy if the world is to have confidence in the dollar.
Asked whether he was worried about the dollar, the chairman of China’s sovereign wealth fund, the China Investment Corporation, Jin Liqun, told the World Economic Forum in Davos: “I am a little bit worried.” “There will be no winners in currency wars. But it is important for a central bank that the money goes to the right place,” Li said………………………………………..Full Article: Source

Here’s some more evidence of the increasing interest that large pension funds are showing in the catastrophe bond, insurance-linked securities and reinsurance-linked investment space. The New Zealand Superannuation Fund, a fund for the state-run retirement benefit (pension) available to all working New Zealanders, already has an allocation to cat bonds in its alternative investment portfolio but is considering increasing it further.
We wrote about the NZ$20 billion plus pension funds allocation to the ILS space back in 2010 here and here. The allocation to catastrophe insurance-linked securities currently amounts to approximately NZ$260m which the pension fund places with U.S. ILS fund manager Elementum Advisors, and we assume the investment continues to be managed by that firm………………………………………..Full Article: Source

Low yields in traditional asset classes are prompting powerful sovereign wealth funds to reassess their asset allocation, according to Patrick Thomson, global head of Sovereigns at JP Morgan Asset Management.
Speaking at the Davos economic forum, Thomson said the very low level of yields in asset classes historically used by sovereign and central bank investors - 10-year US Treasury yields are currently trading below 2% - is leading to a readjustment of portfolios. Sovereign wealth fund assets are now thought to stand at around $5trn………………………………………..Full Article: Source

Olam International Ltd. (OLAM), the commodity supplier targeted by short-seller Carson Block, raised $712.5 million from a bond sale that it said was oversubscribed. Kewalram Singapore Ltd. and Temasek Holdings Pte, the two largest shareholders, took up all of their entitlement of bonds and warrants, the trading company said yesterday in a statement.
Olam, the world’s second-largest rice trader, said last month that it planned to sell $750 million in bonds and as much as $500 million in warrants to address any “lingering doubts” about its finances………………………………………..Full Article: Source

The easing of fears over the European debt crisis and the state of China’s economy led to a boost in foreign stocks held by the Alaska Permanent Fund Corp. Officials with the corporation that oversees Alaska’s oil wealth portfolio says the fund ended the second quarter of the fiscal year with a return of 2.7 percent.
The corporation says the fund is up 7.3 percent for the year, and had a value Dec. 31 of $43.7 billion………………………………………..Full Article: Source

Asiacell Communications PJSC, the Iraqi telecom operator planning the Middle East’s biggest initial share sale since 2008, has received commitments from sovereign-backed funds, according to the deal’s organizer.
Institutional investors from the Persian Gulf, Europe and the U.S. have registered orders, said Shwan Ibrahim Taha, chairman of Rabee Securities in Baghdad, the sole arranger of the initial public offering. “Some of these funds are sovereign backed,” he said in an e-mailed answer to questions yesterday without naming any of the funds………………………………………..Full Article: Source

China Investment Corporation is eyeing greater exposure to manufacturing, property and real-asset investments, says chairman and chief executive Lou Jiwei. Much of the investment by China’s sovereign wealth fund last year was into public stock and bond markets, but in 2013 it plans to allocate more directly to real assets and property.
China Investment Corporation (CIC) sees a “slow recovery” taking place this year, said Lou Jiwei, chairman and chief executive of the $400 billion fund, speaking at the Asian Financial Forum in Hong Kong this week………………………………………..Full Article: Source

China’s sovereign wealth fund, which has more than 480 billion in assets, could cut holdings of US Treasury Bonds as they are becoming a less attractive investment, state media said Tuesday.
The Shanghai Securities News quoted Lou Jiwei, chairman of sovereign wealth fund manager China Investment Corp (CIC), as telling a conference in Hong Kong on Monday that the US economic recovery had made other investments appealing………………………………………..Full Article: Source

China’s sovereign wealth fund hopes to reduce its reliance on purchases of U.S. Treasurys and boost investments in other assets as the U.S. economic recovery makes U.S. government debt less attractive, the Shanghai Securities News reported Tuesday, citing the fund’s head.
The report cited China Investment Corp. Chairman Lou Jiwei as telling a conference in Hong Kong that the fund would like to add more stocks to its portfolio. He didn’t provide a definite time frame for any investment shift, merely saying that over the long run the attractiveness of U.S. debt would diminish………………………………………..Full Article: Source

The Parliamentary Economic Policy Committee is considering today a bill on amendments to the Tax Code of Azerbaijan, the largest since 2009. Deputy Tax Minister Natig Amirov says that the bill proposes the amendments relating to the taxation of the operations of the State Oil Fund of Azerbaijan (SOFAZ).
“In accord with the amendments the finances directed for SOFAZ assets are exempted from income tax. The SOFAZ is also exempted from payment of VAT for import of physical gold purchased for placement of their assets,” Amirov said………………………………………..Full Article: Source

On today’s “Money Moves,” Bloomberg News puts the focus on alternative assets and places where investors are putting their money outside of the traditional stock and bond markets.……………………………………….Full Article: Source