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Singapore GIC raises US$250 mln through sale of Glencore convertible bonds

Posted on 30 April 2013 by VRS  |  Email |Print

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

GIC launches accelerated bookbuilding for sale of bonds

Posted on 30 April 2013 by VRS  |  Email |Print

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 draws wealth fund investors for $3 bln SPO

Posted on 30 April 2013 by VRS  |  Email |Print

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 said to draw Norway, Qatar wealth to $3.3 bln share sale

Posted on 29 April 2013 by VRS  |  Email |Print

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

Sovereign wealth funds keen on Turkish markets

Posted on 26 April 2013 by VRS  |  Email |Print

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 said to pick 3 banks for $1 bln convertible Sukuk

Posted on 25 April 2013 by VRS  |  Email |Print

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

PKR questions timing of 1MDB’s $3 bln bond issuance

Posted on 23 April 2013 by VRS  |  Email |Print

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

Galaxy Securities said to start gauging demand for initial offer

Posted on 22 April 2013 by VRS  |  Email |Print

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

Over 50 pct of Azerbaijani State Oil Fund’s investment portfolio concentrated in U.S. dollars

Posted on 19 April 2013 by VRS  |  Email |Print

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

Scepticism over US$6bln Qatari IPO

Posted on 15 April 2013 by VRS  |  Email |Print

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

Qatar SWF goes public with fund management IPO

Posted on 09 April 2013 by VRS  |  Email |Print

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

Wealth fund-backed Qatar investment firm to offer shares in May

Posted on 08 April 2013 by VRS  |  Email |Print

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

New Qatari investment fund to do IPO

Posted on 08 April 2013 by VRS  |  Email |Print

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

$12bln firm to offer shares

Posted on 08 April 2013 by VRS  |  Email |Print

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

1MDB sold US$3 bln of bonds?

Posted on 22 March 2013 by VRS  |  Email |Print

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

Azeri $34 bln fund to remake holdings after Aussie, gold

Posted on 18 March 2013 by VRS  |  Email |Print

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

Why GIC won’t provide full portfolio disclosure

Posted on 14 March 2013 by VRS  |  Email |Print

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 fund lifts Aussie debt holdings, raises BHP stake

Posted on 13 March 2013 by VRS  |  Email |Print

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 fund flees currencies tainted by stimulus addiction

Posted on 12 March 2013 by VRS  |  Email |Print

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

Norwegian oil fund dumps UK gilts

Posted on 12 March 2013 by VRS  |  Email |Print

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

Temasek-backed REIT up after Singapore IPO

Posted on 08 March 2013 by VRS  |  Email |Print

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

Investment Corporation of Dubai to offer at least one flagship asset to the public in 2014

Posted on 06 March 2013 by VRS  |  Email |Print

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

Temasek-backed Mapletree prices Singapore IPO at top

Posted on 27 February 2013 by VRS  |  Email |Print

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

India: Sovereign wealth funds lap up permits to buy bonds

Posted on 21 February 2013 by VRS  |  Email |Print

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

Abu Dhabi wealth fund keen on India infra bonds

Posted on 18 February 2013 by VRS  |  Email |Print

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

RDIF Invests in the Moscow Exchange IPO

Posted on 18 February 2013 by VRS  |  Email |Print

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

Kremlin SWF seeks China fund for Moscow Exchange’s IPO

Posted on 14 February 2013 by VRS  |  Email |Print

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

Ironbridge, GIC hire Credit Suisse to mull FleetPartners IPO

Posted on 13 February 2013 by VRS  |  Email |Print

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

China fires a warning shot at the Fed

Posted on 01 February 2013 by VRS  |  Email |Print

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

NZ Superannuation Fund to increase allocation to catastrophe bonds and ILS

Posted on 30 January 2013 by VRS  |  Email |Print

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

Yield-seeking sovereign wealth funds set to target new asset classes

Posted on 25 January 2013 by VRS  |  Email |Print

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 raises $712.5 mln from bonds as offering oversubscribed

Posted on 25 January 2013 by VRS  |  Email |Print

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

Foreign stocks boost Alaska Permanent Fund

Posted on 23 January 2013 by VRS  |  Email |Print

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 lures state funds in biggest mideast IPO since 2008

Posted on 17 January 2013 by VRS  |  Email |Print

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

CIC eyes real assets, flags global risks

Posted on 16 January 2013 by VRS  |  Email |Print

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 fund may cut US debt holdings

Posted on 16 January 2013 by VRS  |  Email |Print

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

CIC chief hopes to cut treasury purchases

Posted on 15 January 2013 by VRS  |  Email |Print

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

Allocations for assets of Azerbaijan’s Oil Fund exempted from taxes

Posted on 19 December 2012 by VRS  |  Email |Print

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

Sovereign wealth funds: Money Moves (Video)

Posted on 04 December 2012 by VRS  |  Email |Print

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

Norway’s other investment strategy: Buy pre-IPO (Video)

Posted on 04 December 2012 by VRS  |  Email |Print

Cristina Alesci reports on the largest sovereign wealth funds under management. She speaks with Deirdre Bolton on Bloomberg Television’s “Money Moves.”.………………………………………Full Article: Source

Samruk-Energy planning $680 mln Eurobond placement

Posted on 30 November 2012 by VRS  |  Email |Print

Kazakhstan’s JSC Samruk-Energy plans to place $680 million in Eurobonds, according to the prospectus, which is in Interfax’s possession. Established in 2007, Samruk-Energy is part of the sovereign wealth fund Samruk-Kazyna. Its activities include producing, distributing and selling electricity and heat, as well as producing steam coal.
The lion’s share of these Eurobonds will be placed on the Irish Stock Exchange (ISE), and at least 20% will be placed on the Kazakhstan Stock Exchange (KASE)………………………………………..Full Article: Source

Abu Dhabi’s IPIC to raise $2.9 bln in bonds

Posted on 30 November 2012 by VRS  |  Email |Print

Abu Dhabi’s International Petroleum Investment Co. (IPIC) plans to raise about $2.9 billion in bonds. IPIC is seeking to attract fixed income investors so that it can leverage and finance more energy investments and projects. IPIC continues to invest and buy into refinery, liquefied natural gas developments, and other assets in the hydrocarbon value chain.
IPIC plans to sell $750 million in 3-year bonds and 2-part 1.65 billion in euro-denominated ($2.4 billion) debt maturing in 5.5 years and 10.5 years. The IPIC is owned by the Emirate of Abu Dhabi. Since 2012, the government of Abu Dhabi has made six equity contributions to IPIC totaling US$ 3.5 billion, the latest in 2008. To date, IPIC has not paid any dividends to the government………………………………………..Full Article: Source

Azerbaijan buys Australian government bonds

Posted on 28 November 2012 by VRS  |  Email |Print

Azerbaijan, the Caspian nation best known for its caviar and petroleum, is buying Australian government bonds, joining a growing list of sovereign investors acquiring debt Down Under in a trend that has seen the Aussie dollar labelled a potential safe-haven currency by the International Monetary Fund.
The former Soviet republic’s $33bn sovereign-wealth fund - the State Oil Fund of the Republic of Azerbaijan, or Sofaz - said it quietly started buying Australian bonds in July, at a time when market data show the Aussie dollar gained 3.4% in value over the month………………………………………..Full Article: Source

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Azerbaijan’s wealth fund latest to buy Australian government bonds

Posted on 27 November 2012 by VRS  |  Email |Print

Azerbaijan, the Caspian nation best known for its caviar and petroleum, is buying Australian government bonds, joining a growing list of sovereign investors acquiring debt Down Under in a trend that has seen the Aussie dollar labelled a potential safe-haven currency by the International Monetary Fund.
The former Soviet republic’s $US33 billion ($31.5 billion) sovereign-wealth fund—the State Oil Fund of the Republic of Azerbaijan, or Sofaz—said it quietly started buying Australian bonds in July at a time when market data show the Aussie dollar gained 3.4 per cent in value over the month………………………………………..Full Article: Source

BlackRock eyes infrastructure debt market

Posted on 26 November 2012 by VRS  |  Email |Print

BlackRock is to launch its first foray into the global infrastructure debt market. Investors say the entry into the market by BlackRock, the giant fund manager with $3.67tn under management, will encourage other asset managers, pension funds and even sovereign wealth funds to invest in infrastructure.
The Kuwait Investment Authority, the world’s oldest sovereign wealth fund and one of the biggest globally, has signalled that it will invest in this market. But it wants to see big groups, such as BlackRock, and pension funds launch operations first………………………………………..Full Article: Source

Abu Dhabi fund manager sees fixed income opportunity

Posted on 20 November 2012 by VRS  |  Email |Print

Abu Dhabi fund manager Invest AD is launching its first fixed income fund, breaking from its historical focus on equity products, with the aim of taking advantage of opportunities in region’s debt markets.
The fund, launched on Monday, will be managed by Dilawer Farazi, who joined the firm from Man Group’s GLG Partners in April and target corporate and sovereign debt in the Middle East and Africa. The Luxembourg-domiciled fund was seeded with $25m from Invest AD and will focus on US dollar-denominated debt………………………………………..Full Article: Source

Abu Dhabi’s Invest AD launches Mideast, Africa bond fund

Posted on 20 November 2012 by VRS  |  Email |Print

Abu Dhabi-based asset manager Invest AD launched a new Middle East and Africa focused on fixed income fund on Monday, seeking to tap potential for significant returns in the fast-growing emerging markets.
Despite a recent rally on emerging market bonds globally, where yields on some regional bonds fell to historic lows, many are still undervalued relative to the underlying credit quality of issuers, analysts say………………………………………..Full Article: Source

Abu Dhabi asset manager targets Africa

Posted on 15 November 2012 by VRS  |  Email |Print

The fund manager spun out of Abu Dhabi’s sovereign wealth fund is launching an African equities fund together with Moroccan bank Attijariwafa, seeking to take advantage of Africa’s “economic emergence”. Abu Dhabi-based Invest AD has signed a memorandum of understanding with Attijariwafa that will see the two launch an equity fund and help each other source new business.
The firms will jointly seed the African equities fund, which will be co-managed by Invest AD and Attijariwafa’s fund management unit, Wafa Gestion………………………………………..Full Article: Source

Potash exports grip challenged in China’s bond deal: Commodities

Posted on 14 November 2012 by VRS  |  Email |Print

China’s loan to potash billionaire Suleiman Kerimov should give the world’s biggest buyer of the crop nutrient its first access to the global suppliers who dominate fertilizer makers.
The China Investment Corp. sovereign wealth fund last week agreed to buy bonds from the investor and his partners that they can repay in 2014 with a 12.5 percent stake in OAO Uralkali, the world’s largest potash producer. The deal underscored a contest for potash assets two weeks after Israeli Prime Minister Benjamin Netanyahu said Potash Corp. of Saskatchewan Inc. (POT) had proposed buying Israel Chemicals Ltd. (ICL) to usurp Uralkali………………………………………..Full Article: Source

China fund, VTB Capital invest in Kerimov’s Uralkali

Posted on 12 November 2012 by VRS  |  Email |Print

Billionaire Suleiman Kerimov and his partners in OAO Uralkali (URKA), the largest potash producer, sold bonds to China’s sovereign wealth fund and VTB Capital that can be exchanged for shares valued at about $3.2 billion.
Chengdong Investment Corp., a unit of CIC International Co., and Moscow-based VTB Capital bought bonds from the shareholders that mature in 2014 and are exchangeable into a 14.5 percent stake in Uralkali, the fertilizer producer said today in a statement. Uralkali had a market value of about $22 billion as of yesterday’s close………………………………………..Full Article: Source

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