Thu, Nov 27, 2014
A A A
Welcome sandeep.kottawar@wns.com
RSS

Sovereign Wealth Funds Briefing - Category | Asset Allocation more

Malaysia’s 1MDB seeks more than S$3.7 bln from energy assets IPO

Posted on 04 July 2014 by VRS  |  Email |Print

Malaysian state investor 1Malaysia Development Bhd (1MDB) is seeking to raise more than US$3 billion (S$3.7 billion) through a stock market listing of its energy assets, in what is set to be the nation’s second-biggest initial public offering (IPO).
Struggling under the burden of US$11 billion in borrowed money, 1MDB is regarded as a cross between a sovereign wealth fund and a private investment vehicle. Prime Minister Najib Razak chairs its advisory board. 1MDB, which owns 16 power and desalination plants in six countries, has appointed Deutsche Bank and Maybank as joint global coordinators for the IPO, which is slated to take place in the fourth quarter of 2014, the company said………………………………………..Full Article: Source

Luye Said to Plan Pricing of $764 Million IPO at Top End

Posted on 04 July 2014 by VRS  |  Email |Print

Luye Pharma Group Ltd., a Chinese drugmaker backed by Singapore’s sovereign wealth fund, and the company’s owners are poised to raise $764 million from a Hong Kong initial public offering, people with knowledge of the matter said.
The company, based in eastern China’s Yantai city, plans to sell shares at HK$5.92 apiece, the top end of a marketed range that started at HK$5.38, said the people, who asked not to be identified because the information is private. Luye Pharma and existing investors including GIC Pte offered 999.6 million shares in the sale, according to the company’s IPO prospectus………………………………………..Full Article: Source

Shareholders of Indonesia’s Bumi Resources approve rights issue plan

Posted on 01 July 2014 by VRS  |  Email |Print

Shareholders of PT Bumi Resources Tbk approved the Indonesian coal miner’s plan to raise 8.05 trillion rupiah ($680 million) through a rights issue to reduce its debt to sovereign wealth fund China Investment Corp (CIC).
“It has been approved. Now we implement the shareholders resolution,” company director Dileep Srivastava told reporters on Monday. Bumi, controlled by the Bakrie Group, planned to sell about 32.2 billion shares at 250 rupiah each, according to a prospectus released last week. Proceeds from the sale would be used to pay off part of the miner’s debt to CIC………………………………………..Full Article: Source

Luye Pharma, Owners Seek Up to $764 Million From Hong Kong IPO

Posted on 24 June 2014 by VRS  |  Email |Print

Luye Pharma Group Ltd., a Chinese drugmaker backed by Singapore’s sovereign wealth fund, and existing owners are seeking to raise as much as $764 million from a Hong Kong initial public offering.
The company and its investors are selling 999.6 million shares at HK$5.38 to HK$5.92 each, according to terms for the deal obtained by Bloomberg News. The shareholders include GIC Pte as well as Chinese private equity firms CDH Investments Fund Management Co. and Citic Private Equity Funds Management Co., the terms show………………………………………..Full Article: Source

Reforms open up opportunities in Chinese asset management

Posted on 23 June 2014 by VRS  |  Email |Print

China’s efforts to liberalise its currency and open its capital markets are also creating job opportunities for people in the asset management industry. This is particularly true of sales and investment management, recruiters say.
On the institutional side, investors such as the China Investment Corporation, the world’s fourth largest sovereign wealth fund, as well as the National Council for Social Security Fund, are diversifying offshore and increasingly outsourcing their portfolios to external managers………………………………………..Full Article: Source

Mubadala to convert Dh134m of Tabreed bonds into shares

Posted on 10 June 2014 by VRS  |  Email |Print

National Central Cooling Company (Tabreed) has said in a media statement that it has been notified by its bondholder, Mubadala Development Company (Mubadala), of its intention to exercise its right to convert approximately Dh134 million in mandatory convertible bonds (MCB) into shares.
The conversion of the MCB, whose issuance was approved by Tabreed’s shareholders at the annual general assembly on April 16, 2013, will result in 79.4 million new shares being issued to Mubadala and will increase Tabreed’s issued shares to approximately 738.5 million, it noted………………………………………..Full Article: Source

GIC bets big on Chinese debt

Posted on 09 June 2014 by VRS  |  Email |Print

Singapore sovereign wealth fund GIC is making waves in the Asian debt markets with a series of unusually big investments in bonds from China.
According to market sources, in recent weeks, GIC has bought US$700m of unrated 4.7% bonds due 2019 from computer maker Lenovo, a US$400m 2019 private placement from property developer Vanke, and a HK$2bn (US$258m) 3.2% 2020 note from internet group Tencent Holdings………………………………………..Full Article: Source

Dream issue fizzles for Khazanah

Posted on 09 June 2014 by VRS  |  Email |Print

Hard-to-please Malaysian sovereign wealth fund Khazanah Nasional pulled its US$500m exchangeable sukuk last Wednesday, even though the book was covered within the range and highly aggressive terms were available.
In a message to investors, Khazanah said the book was well oversubscribed within two hours of launch, with orders from more than 50 high-quality investors, but said price sensitivity prevented it from achieving its pricing objectives. The deal had traded below par in the grey market, indicating subdued demand………………………………………..Full Article: Source

Green Dragon Gas: GIC signs up for second slice of bond

Posted on 06 June 2014 by VRS  |  Email |Print

Singapore’s sovereign wealth fund has fully subscribed for the second tranche of AIM-listed Green Dragon Gas’s convertible bond facility. The second chunk of the convertible bond, worth US$50mln, has been issued to GIC Private Limited.
It has a 7% coupon, a 36-month maturity, and can be converted at US$9.34 a share, equivalent to 558p a share. That is a premium to the current share price, which is just shy of 500p. Earlier this week, GIC converted the first tranche into 5.78mln shares early at a price of US$6.06 each………………………………………..Full Article: Source

1MDB says its debt poses no significant risk to Malaysia

Posted on 06 June 2014 by VRS  |  Email |Print

1MDB (1Malaysia Development Bhd) has dismissed reports that its debt poses significant risk to the sovereign rating and stability of Malaysia. In a rare response to media reports, 1MDB said in a statement posted on its website yesterday that as a limited liability company, 1MDB poses limited liability risks to the government as its shareholder.
The government guarantees RM5.8 billion of the group’s total loans, on which 1MDB has significant interest cover. 1MDB has never missed any payment schedule. “All of 1MDB’s debts are backed by the group’s operational assets, with healthy cash flows and strong growth potential beyond their finite life,” the statement said………………………………………..Full Article: Source

Malaysia’s Khazanah cancels $750 mln bond fundraising on unfavorable pricing-IFR

Posted on 06 June 2014 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd has canceled plans to sell up to $750 million worth of U.S. dollar-denominated bonds, after failing to reach its price targets from two hours of book building, IFR reported.
Khazanah, in a note to investors seen by Reuters, said it received solid market support for the bond with over 50 high-quality investors participating, but decided not to proceed with the deal as it missed specific pricing objectives………………………………………..Full Article: Source

Khazanah to sell up to US$750 million of exchangeable bonds

Posted on 05 June 2014 by VRS  |  Email |Print

Malaysian state investor Khazanah Nasional Bhd plans to sell up to US$750 million (RM2.4 billion) worth of US dollar-denominated bonds, exchangeable into shares, to raise funds for general corporate purposes.
Khazanah will sell US$500 million (RM1.6 billion) of bonds maturing in five years and an additional US$250 million (RM809 million) worth in the event of exceptional demand, the fund said in a term sheet seen by Reuters on Wednesday………………………………………..Full Article: Source

Investment Corporation of Dubai raises $1 billion from sukuk, bond issue

Posted on 28 May 2014 by VRS  |  Email |Print

The Dubai Government’s principal investment arm, the Investment Corporation of Dubai, has successfully priced a $1 billion sukuk and bond issue, strengthening the fund’s capacity to invest amid a rising market.
The ICD made the announcement on Tuesday for the dual tranche issue comprising six-year $700 million sukuk and 10-year $300 million conventional bonds. The sukuk profit rate was set at 3.508 per cent per annum while the coupon for the conventional bonds was 4.625 per cent. The dual tranche offering was very well received globally and generated a substantial order book that was more than three times oversubscribed………………………………………..Full Article: Source

Demand stampede for Investment Corporation of Dubai bonds

Posted on 28 May 2014 by VRS  |  Email |Print

Bonds sold earlier this month by the Investment Corporation of Dubai (ICD) sparked demand three times in excess of what was offered, signalling that investors have put debt woes behind them as the UAE’s economy flourishes.
ICD’s sale, the first for the Dubai government investment giant, also comes amid renewed interest in emerging market debt, an asset class that has been battered by the tapering of the US Federal Reserve’s monetary stimulus and political and economic instability in countries such as Russia, Brazil and Indonesia………………………………………..Full Article: Source

If ECB pumps, we buy: China wealth fund

Posted on 26 May 2014 by VRS  |  Email |Print

The chairman of China’s massive sovereign wealth fund has said that monetary easing in the euro zone would be “good news” and open up market opportunities.
China Investment Corporation (CIC), which is responsible for managing some of the country’s massive currency reserves, was founded in 2007 and has $575 billion of assets under management, according to the Sovereign Wealth Fund Institute, and is the fourth-largest wealth fund of its kind in the world………………………………………..Full Article: Source

Dubai’s ICD Tightens Price Guidance Ahead Of $1bn Debut Bond

Posted on 16 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai (ICD), the state-owned fund which holds stakes in some of the emirate’s top companies, has tightened price guidance ahead of its debut bond and sukuk issue later on Wednesday, a document from lead arrangers said.
Revised guidance earmarks the sukuk with a six year lifespan to price in the range of 155-165 basis points over midswaps, while the conventional bond offering of 10 years duration is due to come in the range of 200-210 bps over the same benchmark, the document said………………………………………..Full Article: Source

Dubai’s ICD sets initial price guidance on benchmark bond offering

Posted on 14 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai (ICD), the state-owned fund which holds stakes in some of the emirate’s top companies, has given initial pricing guidance for its debut debt capital markets transaction, lead arrangers said on Tuesday.
The fund has earmarked to issue an Islamic bond with a six-year lifespan at a price in the area of 175 basis points over midswaps and a conventional bond offering of 10 years duration in the area between 200 and low-200s over the same benchmark, a document from arranging banks said………………………………………..Full Article: Source

Libyan Investment Authority’s post-Gaddafi plans revealed

Posted on 12 May 2014 by VRS  |  Email |Print

Thanks to exhaustive efforts by Deloitte – at least the fourth big advisory name to work for the LIA, following Ernst & Young, Mercer and KPMG – Breish can now state with confidence that the fund has $66 billion in assets, roughly half of it invested in a legacy of direct equity stakes in some 550 companies worldwide, and the other half in a mixture of equities, alternatives, bonds and cash.
Breish’s first priority is to find the staff to manage this money properly, he tells Euromoney in a wide-ranging interview. The CEO must be Libyan, “for obvious reasons,” he says, although not everyone agrees with that caveat. “If we have a highly successful Spanish coach of the national football team [Javier Clemente, who just helped Libya win the African Nations Championship, the team’s first international title], why can’t we have a foreign head of the LIA?” asks one Libyan banker. “Why can’t we just get the best person?”……………………………………….Full Article: Source

Dubai fund ICD’s financial results disclosed as it readies bond sale

Posted on 09 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai’s revenue rose 18 percent in the first half of 2013, the fund said in financial results made available before its debut bond offering.
The fund, which holds stakes in some of the emirate’s top companies, had revenue of 91.2 billion dirhams ($24.8 billion) for the six months ending June 30, 2013, compared with 77.3 billion dirhams in the same period in 2012, according to a prospectus for the bond sale obtained by Reuters………………………………………..Full Article: Source

Investment Corp of Dubai to Sell First Dollar Bonds Amid Rebound

Posted on 07 May 2014 by VRS  |  Email |Print

Investment Corporation of Dubai, the emirate’s main state-owned holding company, may sell its first dollar bonds this month, according to a person familiar with the deal, as the city’s real-estate market and economy rebound.
ICD, as the company is called, will hold meetings with fixed-income investors starting from May 8 that will be arranged by Citigroup Inc., Dubai Islamic Bank PJSC (DIB), Emirates NBD Capital Ltd., HSBC Holdings Plc and Standard Chartered Plc (STAN)……………………………………….Full Article: Source

Investment Corporation of Dubai picks banks for potential bond

Posted on 07 May 2014 by VRS  |  Email |Print

State-owned fund Investment Corporation of Dubai has mandated banks for a potential US dollar bond, according to a source.
ICD, has appointed Citigroup, Dubai Islamic Bank, Emirates NBD Capital, HSBC and Standard Chartered to a arrange a series of fixed income investor meetings in Asia, the Middle East and Europe starting on May 8………………………………………..Full Article: Source

SOFAZ reacquires all primary issue of bonds of Southern Gas Corridor CJSC

Posted on 07 May 2014 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ has reacquired the total volume of primary issue of bonds of the Southern Gas Corridor Closed Joint Stock Company (CJSC). This was announced by the broker of the acquirer — INVESTAZ Company on May 6.
The unsecured, interest-bearing, registered, and non-certificated bonds, the prospectus of which was recently registered by Azerbaijan’s State Committee for Securities, are worth over $917.32 million. Some 9,173,208 bonds, each with a nominal value of $100, will be placed at Baku Stock Exchange………………………………………..Full Article: Source

Norway raise exposure to Korean bond market

Posted on 06 May 2014 by VRS  |  Email |Print

Investors from Norway held Korean won-denominated bonds worth 5.4 trillion won ($5.25 billion) as of end-March, up 4.7 percent from the end of last year, according to the financial watchdog.
The Norwegian sovereign fund Government Pension Fund Global has increased its investment in bonds sold by Asian countries, including South Korea, since the second half of 2012 as such debts have higher yields………………………………………..Full Article: Source

Malaysia Sovereign Wealth-Fund Seeks Debt

Posted on 02 May 2014 by VRS  |  Email |Print

1Malaysia Development Bhd, the Malaysian state fund that came under fire for bonds it arranged through Goldman Sachs a couple of years ago, is back in the market to raise funds.
Also known as 1MDB, the company requested fresh proposals for financing from bankers, according to people familiar with the matter, to refinance a 6.17 billion ringgit ($1.89 billion) syndicated bridge that must be paid by May 22. 1MDB’s financing also is urgent because of the delay in its initial public offering—of US$1.5 billion—to later this year, which could have raised funds that go toward paying off debt………………………………………..Full Article: Source

Khazanah mulls selling US$1b sukuk?

Posted on 02 May 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s sovereign wealth fund, is considering selling as much as US$1 billion of dollar-denominated exchangeable Islamic bonds, said four people with knowledge of the deal.
The state-owned entity, which was the first in the Shariah- compliant industry to sell such debt in 2006 and also pioneered the issuance of yuan sukuk, is currently choosing banks for the potential offer, said the people who asked not to be identified because the details are private. The notes would be exchangeable into shares of companies controlled by Khazanah, they said……………………………………….Full Article: Source

Kazakhstan’s state wealth fund plans sell-offs, debt issues

Posted on 30 April 2014 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund has drawn up a privatisation programme, planning to sell off state-controlled assets in the oil and gas, nuclear and railway industries worth around $10 billion by 2020. Companies within Samruk-Kazyna also plan to borrow about $8 billion on domestic and foreign markets in the next two years to help fund their projects, the fund’s Financial Director Nurlan Rakhmetov told Reuters in an interview.
Samruk-Kazyna manages nearly 600 assets worth around $100 billion. Its assets include national oil and gas company KazMunaiGas, state uranium company Kazatomprom and state railway company Kazakhstan Temir Zholy………………………………………..Full Article: Source

Troubled 1MDB to raise RM15 bln through public offering

Posted on 28 April 2014 by VRS  |  Email |Print

Malaysia’s troubled sovereign fund, 1Malaysia Development Bhd (1MDB), is planning to raise US$4.6 billion (RM15 billion) in what analysts say will be Asia’s biggest public offering of this year, the Edge Review reported.
According to the report, 1MDB is hoping to ease its crippling debt burden by listing its power-generation assets through an initial public offering (IPO) scheduled for November. Cornerstone investors will include state-owned entities from Abu Dhabi (20%) and Qatar-based investor groups (5%)………………………………………..Full Article: Source

Samruk-Kazyna head on forthcoming IPOs and privatization plans

Posted on 16 April 2014 by VRS  |  Email |Print

Umirzak Shukeyev, Head of Samruk-Kazyna Sovereign Wealth Fund, announced a list of companies to run IPOs in 2014-2016 and unveiled plans to privatize some state-owned companies. “In 2014 plans are there to float 10% minus one share in Kazakhstan Electricity Grid Operating Company (KEGOC) and 75% in Mangistau Distribution Company. 100% in the Atyrau thermal power plant, 75.6% in Temirzhol Zhondeu, 51% in Temirzhol Energo, 49% in Semser Security; 51% in Lokomotiv-2030, 50% in Zhambyl regional power plant will be offered through auctions”, Shukeyev said.
According to Shukeyev, 10% minus one share in Samruk-Energo, up to 49% in KazTransGasAimak and KazTransGas-Almaty, 49% in Transtelecom, and 10% minus one share in KazTemirTrans will be floated in 2015. “Shares in 14 companies, including Eurasia-Air and KazMortransFlot owned by KMG will be offered through auctions”, he elaborated………………………………………..Full Article: Source

$1.3 billion to finance Toxic Assets Fund of Kazakhstan

Posted on 16 April 2014 by VRS  |  Email |Print

$1.3 billion will be allocated out of the National Oil Fund to finance the Toxic Assets Fund, the country’s Minister of Economic Affairs Yerbolat Dossayev told a briefing April 14. The vehicle will be buying out toxic assets from the country’s banks. Regulating rules will be formulated by July 1, 2014.
The toxic assets fund under the National Bank of Kazakhstan was launched in April 2012. Mid-February 2014 at the extended government sitting Kazakhstan’s President Nursultan Nazarbayev commissioned banks’ heads to reduce the share of NPLs “in any possible ways” to 15% of their portfolio by 2015 and further to 10% by 2016………………………………………..Full Article: Source

Angolan wealth fund buys fixed income but no project investments yet

Posted on 11 April 2014 by VRS  |  Email |Print

Angola’s $5 billion sovereign wealth fund, sub-Saharan Africa’s second-biggest, has this year made its first investments by buying fixed income securities but is yet to start financing infrastructure projects, its chairman said.
Africa’s biggest oil producing nation after Nigeria set up the FSDEA fund in 2012 to invest foreign exchange reserves and finance economic diversification and infrastructure but it has been criticised for making a slow start………………………………………..Full Article: Source

Angolan wealth fund buys fixed income but no project investments yet

Posted on 10 April 2014 by VRS  |  Email |Print

Angola’s $5 billion sovereign wealth fund, sub-Saharan Africa’s second-biggest, has this year made its first investments by buying fixed income securities but is yet to start financing infrastructure projects, its chairman said.
Africa’s biggest oil producing nation after Nigeria set up the FSDEA fund in 2012 to invest foreign exchange reserves and finance economic diversification and infrastructure but it has been criticized for making a slow start………………………………………..Full Article: Source

Kazakhstan’s state wealth fund plans sell-offs, debt issues

Posted on 04 April 2014 by VRS  |  Email |Print

Kazakhstan’s sovereign wealth fund has drawn up a privatisation programme, planning to sell off state-controlled assets in the oil and gas, nuclear and railway industries worth around $10 billion by 2020.
Companies within Samruk-Kazyna also plan to borrow about $8 billion on domestic and foreign markets in the next two years to help fund their projects, the fund’s Financial Director Nurlan Rakhmetov told Reuters in an interview………………………………….Full Article: Source

China Huiyuan to issue $150 mln bonds to Temasek

Posted on 27 March 2014 by VRS  |  Email |Print

China Huiyuan Juice Group Ltd will issue $150 million worth of convertible bonds to a unit of Singapore state investor Temasek Holdings (Pvt) Ltd, as China’s top pure fruit juice producer aims to expand its investor base.

Huiyuan said it will issue the bonds due 2019 to Temasek’s Baytree Investments (Mauritius) Pte Ltd. Temasek will indirectly hold 7.68 percent of the enlarged share capital of Huiyuan on full conversion of the bonds………………………………..Full Article: Source

Bahrain fund Mumtalakat plans no bonds in 2014, to pay off small loan

Posted on 19 March 2014 by VRS  |  Email |Print

Bahraini sovereign fund Mumtalakat has no current plans to tap the debt capital markets in 2014 and will pay off a small loan facility due later in the year, its chief executive said on Tuesday.
One of the smaller sovereign wealth funds in the Gulf region, Mumtalakat had $7.1 billion of assets under management at the end of September. It holds stakes in 40 firms in the kingdom’s non-oil sector, including Bahrain Telecommunications Co (Batelco) and Aluminium Bahrain (Alba)………………………………………..Full Article: Source

Azerbaijan’s successful debut sovereign Eurobond placement shows investors’ confidence

Posted on 19 March 2014 by VRS  |  Email |Print

Azerbaijan’s successful debut sovereign Eurobond placement amid the market situation in the region reflects investors’ confidence in the balanced management of oil revenues, head of the IMF mission on Article IV of the Articles of Agreement of the International Monetary Fund Raja Almarzoqi said in Baku on March 17.
“The aim is to consolidate the budget, that is, to reduce dependence on oil revenues by further decline in transfers from the State Oil Fund of Azerbaijan (SOFAZ),” he said. “The state budget revenue generated by the private sector must increase. All this will create a strong buffer for the national economy in case of oil price decrease.”……………………………………….Full Article: Source

U.S. investors buy 47 pct of Azerbaijani bonds

Posted on 14 March 2014 by VRS  |  Email |Print

Azerbaijan raised $1.25bn in its first international bond sale on March 10, and investors from the U.S. purchased 47 percent of Azerbaijan’s sovereign Eurobonds. The news was announced by Azerbaijani Finance Ministry on March 12.
The strong sovereign balance sheet, with sovereign assets held in Azerbaijan’s state oil fund SOFAZ, reached 49 percent of GDP at the end of 2013, the report said. The 2014 budget calls for a reduction in reliance on oil revenues in the form of transfers from SOFAZ………………………………………..Full Article: Source

Taiwan sovereign fund would help asset revitalization

Posted on 10 March 2014 by VRS  |  Email |Print

An SWF can give fresh impetus to the local economy and increase the nation’s influence on the global economy and finance. There are quite a few examples of how an SWF can work to raise a nation’s political and economic clout and boost national income. There are more than 30 such funds in the world today.
Besides the more famous ones in Brunei, Kuwait, Norway and Singapore, mainland China in September 2007 used some of its foreign exchange reserves to set up China Investment Corp. France also set up an SWF in the wake of the 2008 financial crisis out of considerations of national economic security………………………………………..Full Article: Source

FG secures fresh $350mln Eurobond facility for NBET

Posted on 10 March 2014 by VRS  |  Email |Print

As part of efforts to further strengthen the Nigerian Bulk Electricity Trading Plc (NBET), otherwise known as the Bulk Trader, the federal government has secured a fresh $350 million Eurobond facility to boost its operations.
Okonjo-Iweala, who is Chairman of the Board of NBET, informed that the $350 million facility has been given to the Sovereign Wealth Fund (SWF) to manage on behalf of the bulk trader. According to her, the decision was informed by the need to manage the facility in a way that the federal government can repay the loan by investing the money………………………………………..Full Article: Source

GPIF needs wage-based return goal, less bond focus: Panel

Posted on 07 March 2014 by VRS  |  Email |Print

The world’s largest pension fund should look to beat wage growth when setting investment goals and no longer needs to focus on domestic bonds given quickening inflation, a Japanese government advisory panel said.
The 128.6 trillion yen ($1.26 trillion) Government Pension Investment Fund should seek yearly returns of 1.7 percent plus the rate of pay increases for workers, according to a draft report from the committee formed to help the health ministry decide on economic assumptions for investment targets………………………………………..Full Article: Source

Consider future fund to price qantas: Mark Carnegie

Posted on 03 March 2014 by VRS  |  Email |Print

Former Qantas shareholder activist Mark Carnegie has called on the ­government to consider the Future Fund to price any debt guarantee it considers for the ailing airline and warned against propping up companies at below ­market rates.
In an interview with the Nine Network’s Financial Review Sunday , Mr Carnegie, who was part of a ­consortium with former Qantas executives Geoff Dixon and Peter Gregg that tried to shake up the airline’s strategy a year ago, said the debate needed to be shifted beyond whether the government props up the national carrier………………………………………..Full Article: Source

1MDB to sell $729mln sukuk

Posted on 19 February 2014 by VRS  |  Email |Print

Malaysian sovereign wealth fund 1Malaysia Development Bhd (1MDB) plans to sell 2.4bn ringgit ($728.49mn) worth of Islamic bonds to finance the relocation of defence units from land marked for government development project Bandar Malaysia.
Bandar Malaysia Sdn Bhd, a unit of 1MDB Real Estate Sdn Bhd, said in a statement to the central bank yesterday that it will issue one- to 10-year sukuk by private placement to unnamed buyers. AmInvestment Bank Bhd is advising on the sale of the sukuk, which will not be rated by credit-rating firms………………………………………..Full Article: Source

Future Fund to boost real assets, slice alternatives

Posted on 04 February 2014 by VRS  |  Email |Print

The $96.5 billion Australian sovereign wealth fund has outlined its mission to enlarge the “tangible” allocation in its portfolio, cutting exposure to listed equities, cash, and alternatives.
In its portfolio round-up of 2013, the Future Fund’s executive outlined plans to turn its current allocation into a “mature portfolio”. In a bar chart, it showed this transition would mean a reduction to various previously core asset classes and an increase to just real assets………………………………………..Full Article: Source

Tender for energy plant hits snag: 1MDB

Posted on 03 February 2014 by VRS  |  Email |Print

A power plant tender that sovereign wealth fund 1 Malaysia Development Bhd (1MDB) is keen to win before a US$2 billion IPO of its power assets has been delayed after bids came in too close to call, government sources said.
1MDB, chaired by Prime Minister Najib Razak, has begun the process of choosing underwriters for what is likely to be one of Southeast Asia’s largest initial public offerings of the year. It is expected to bundle 15 power plants it bought over a two-year shopping spree in a bid to capitalise on growing electricity demand in Malaysia, the Middle East and South Asia, financial sources say………………………………………..Full Article: Source

Uncertainties in power tender cast shadow on 1MDB IPO

Posted on 31 January 2014 by VRS  |  Email |Print

A power plant tender that sovereign wealth fund 1Malaysia Development Bhd (1MDB) is keen to win before a US$2bil (RM6.69bil) initial public offering (IPO) of its power assets has been delayed after bids came in too close to call, Government sources said.
1MDB has begun the process of choosing underwriters for what is likely to be one of South-East Asia’s largest IPOs of the year. It was expected to bundle 15 power plants it bought over a two-year shopping spree in a bid to a capitalise on growing electricity demand in Malaysia, the Middle East and South Asia, financial sources said………………………………………..Full Article: Source

In 2013 the Oil Fund of Azerbaijan allocated AZN 372.6 million for the construction of “STAR” Oil Refinery Complex

Posted on 29 January 2014 by VRS  |  Email |Print

In 2013 the State Oil Fund of Azerbaijan (SOFAZ) allocated 3.02% of its expenditures for the construction of “STAR” Oil Refinery Complex in Turkey. According to the Fund, its allocations for this complex constructed by the SOCAR (the State Oil Company of Azerbaijan) made up AZN 372.6 million last year.
Budget revenues of the Oil Fund in 2013 reached AZN 13,600.5 million, while budget expenditures constituted AZN 12,302.7 million. As a result, the SOFAZ budget was executed with the surplus of AZN 1,297.8 million Over the last year the assets of the Oil Fund grew from $34129.4 million up to $35877.5 million………………………………………..Full Article: Source

Khazanah’s asset portfolio surges to record with KLCI’s rally

Posted on 21 January 2014 by VRS  |  Email |Print

Khazanah Nasional Bhd., Malaysia’s state investment company, said the value of its holdings climbed to a record last year as local share prices surged. The net asset value of Khazanah’s investments rose 19 percent to 103.5 billion ringgit ($31 billion) at the end of 2013 from 86.9 billion ringgit a year earlier, the Kuala Lumpur-based fund said.
It outperformed an 11 percent gain in the benchmark FTSE Bursa Malaysia KLCI Index, which closed at a record on Dec. 30………………………………………..Full Article: Source

Malaysia fund invites IPO pitches

Posted on 16 January 2014 by VRS  |  Email |Print

Malaysian sovereign-wealth fund 1Malaysia Development Bhd. has invited banks to pitch for a mandate to advise it on an over US$1 billion initial public offering, in what is tipped to be one of the largest such deals in Southeast Asia so far this year.
The banks have been asked to submit their bids for a role on the deal by the end of this month, people with knowledge of the process said Wednesday, adding that the planned offering is slated to take place in the first half of this year. The sovereign-wealth fund plans to list its energy assets, including those it bought in a controversial debt-fueled acquisition a couple of years ago, the people said………………………………………..Full Article: Source

Temasek may offer bonds to retail investors

Posted on 08 January 2014 by VRS  |  Email |Print

Temasek Holdings, Singapore state investor, is examining ways of selling its highly sought-after bonds to Singapore retail investors, the investment agency said on Tuesday.
Stephen Forshaw, Temasek’s managing director of corporate affairs, said it is looking at how to make it “practical and efficient” for the firm to offer bonds to such investors………………………………………..Full Article: Source

Norway to refrain from fx buying for wealth fund in January

Posted on 02 January 2014 by VRS  |  Email |Print

Norway’s central bank will not sell Norwegian crowns in January to buy foreign exchange for the country’s sovereign wealth fund, the bank said on Monday on its page, extending its December practice.
Last month the central bank said it would refrain from buying foreign exchange that would have enabled the fund to invest money in foreign stocks and bonds. The fund invests Norway’s revenues from oil and gas production for future generations. It is the world’s largest sovereign wealth fund………………………………………..Full Article: Source

Sovereign wealth funds shun Indian tax-free bonds

Posted on 30 December 2013 by VRS  |  Email |Print

A volatile rupee, the lack of any specific tax advantage and unattractive interest rates have ensured that not even one issue has been subscribed by these wealth funds. Sovereign wealth funds have shunned tax-free bonds issued by state-run Indian companies and financial institutions despite the government’s attempts to woo these foreign funds in the numerous overseas road shows by finance minister P. Chidambaram.
A volatile rupee, the lack of any specific tax advantage and unattractive interest rates have ensured that not even one issue has been subscribed by these wealth funds, according to officials from these financial institutions and merchant bankers………………………………………..Full Article: Source

banner
November 2014
M T W T F S S
« Oct    
 12
3456789
10111213141516
17181920212223
24252627282930