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Sovereign Wealth Funds Briefing - Category | Asset Allocation more

Norway’s fund lost 2pct on government bonds amid Japanese slump

Posted on 12 August 2013 by VRS  |  Email |Print

Norway’s sovereign wealth fund, the world’s largest, said it lost 2 percent on its government bond holdings in the second quarter as the value of its Japanese securities and inflation-linked debt declined.
“The rise in yields meant that most fixed-income sectors produced a negative return for the quarter,” the fund said in a statement today. “Uncertainty in fixed-income markets also increased.”……………………………………….Full Article: Source

Neiman Marcus selects banks for IPO

Posted on 07 August 2013 by VRS  |  Email |Print

Neiman Marcus Group Inc. hired banks to work on an initial public offering, said people familiar with the matter, after the luxury retailer spent the summer exploring a sale to a sovereign wealth fund.
Neiman reached out to sovereign-wealth funds in an effort to find an outright buyer for the luxury retail chain to no avail, one of the people said. The retailer held discussions with the Qatar Investment Authority about buying the chain or possibly acquiring only Neiman’s Bergdorf Goodman department stories, but the two sides couldn’t agree on terms, this person said………………………………………..Full Article: Source

$1bln NSIA: Infrastructure, future generation get lion shares

Posted on 05 August 2013 by VRS  |  Email |Print

The Nigeria Sovereign Wealth Fund Authority (NSIA) has officially allocated the $1 billion take-off grant into three sectoral areas. The three areas are stabilisation fund, which got $200 million or 20 per cent allocated to it; infrastructure fund, $325million or 32.3 per cent and the future generation fund, $325 million or 32.5 per cent, while the balance of $150 million or 15 per cent will be kept to be used to top up each of the ring funds as opportunity arises.
The Minister of Finance and Coordinating Minister of the Economy, Dr Ngozi Okonjo-Iweala, disclosed this on Thursday in Abuja while paying an assessment visit to the NSIA headquarters, the custodian of the Sovereign Wealth Fund………………………………………..Full Article: Source

China sovereign fund added stocks, cut bonds

Posted on 29 July 2013 by VRS  |  Email |Print

China Investment Corp. significantly increased its public equities holdings while cutting those of fixed-income securities and cash, a strategy that helped the $575 billion sovereign-wealth fund post a 10.60% return on its global portfolio last year compared with a 4.3% loss in 2011.
CIC said in its 2012 annual report released Friday that public equities made up 32.0% of its global portfolio at the end of last year, up from 25% at the end of 2011. Long-term and “absolute return” assets, which include direct investments in non-public companies as well as private equity and hedge funds, together accounted for 45.1% of its portfolio, up from 43.0%………………………………………..Full Article: Source

India may draw SWFs to invest in infrastructure bonds

Posted on 25 July 2013 by VRS  |  Email |Print

Apparently, the government of India may permit a direct line of investment for sovereign wealth funds to invest in in tax-free infrastructure bonds. Sovereign funds have expressed interest in India and desire allocating to investments that provide substantial yield. Several large state-owned institutions have had infrastructure bond-issuances in which cash has yet to be spent.
Bonded by red tape, many large-scale infrastructure projects are clogged up, preventing further cash disbursements. The Indian finance ministry reprimanded several projects for leaving bond-issued funds sitting in bank deposits………………………………………..Full Article: Source

India: Sovereign wealth funds to get access to tax-free infra bonds

Posted on 24 July 2013 by VRS  |  Email |Print

The government is set to allow a direct line of investment for sovereign wealth funds (SWFs) in the tax-free infrastructure bonds as part of measures to shore up forex reserves and stem rupee slide.
The government may also ask state-owned infra finance firm such as IIFCL, PFC, IRFC and IREDA to raise funds overseas in larger quantum. “Some sovereign wealth funds have shown interest in picking up a substantial chunk in infrastructure bonds of state-owned entities….we are looking at how this can be worked out,” a senior finance ministry official told ET………………………………………..Full Article: Source

Alaska SWF’s single-family investment attempts to go public

Posted on 22 July 2013 by VRS  |  Email |Print

Historically, the single-family rental business was in the realm of private and individual investors. Times have changed as institutional investors seek out opportunities to increase yield for themselves and clients. Firms like the Blackstone Group and Colony Capital allocated massive amounts of capital to the single-family property market.
In July 2012, up in Juneau, the Alaska Permanent Fund Corporation (APFC) allocated US$ 600 million to pursue a single-family property investment strategy. At the time, the strategy was introduced by Jay Willoughby, the incoming chief investment officer. Under the special opportunity silo of the APFC’s asset allocation, the Alaskan sovereign fund partnered with American Homes 4 Rent………………………………………..Full Article: Source

Large part of Azerbaijan’s State Oil Fund investment portfolio concentrated in US dollars

Posted on 19 July 2013 by VRS  |  Email |Print

Some 47.7 percent of total investment portfolio of Azerbaijan State Oil Fund is concentrated in dollars ($16.46 billion), the Fund reported on Wednesday. According to the report on results for January-June, total volume of investment portfolio of Azerbaijan State Oil Fund was estimated at $34.52 billion, or 99.5 percent of assets’ total volume.
Some 40.8 percent of Fund’s investment portfolio is concentrated in euro (10.78 billion euros), 5.1 percent- in British Pound Sterlings (approximately 1.16 billion pounds), 1.3 percent- in Turkish liras, 0.6 percent- in Australian dollars, and 1.9 percent in Russian rubles. The remaining part of the portfolio (2.6 percent) is concentrated in gold………………………………………..Full Article: Source

SOFAZ testing waters in asset diversification

Posted on 18 July 2013 by VRS  |  Email |Print

The US$ 34.1 billion State Oil Fund of Azerbaijan (SOFAZ) embarked on a path to diversify asset holdings. From 2011 to 2012, SOFAZ’s assets grew by 14.5%. The Central Asian sovereign fund expanded their investment policy to permit investments in gold bullion and institutional real estate. Up to 5% of SOFAZ’s assets can be allocated to gold.
With regard to institutional real estate, SOFAZ made a number of property transactions in major European cities. Some notable purchases include 78 St. James Street in London and the Actor Gallery in Moscow………………………………………..Full Article: Source

Nigeria sells $Ibln bonds - Okonjo Iweala

Posted on 04 July 2013 by VRS  |  Email |Print

The Minister of Finance, Mrs Ngozi Okonjo-Iweala, said on Wednesday that Nigeria returned to the capital market after two years of absence and sold $1 billion dollar bond with ease. Okonjo-Iweala said this in Abuja while briefing newsmen on the recently concluded road show in Europe and U.S. to float the billion dollar bond.
The Director-General, Debt Management Office (DMO), Dr Abraham Nwankwo said Nigeria’s decision to transfer from using Excess Crude Account (ECA) to Sovereign Wealth Fund helped to portray the country in good light………………………………………..Full Article: Source

Reflection on Angola’s sovereign wealth fund investment policy

Posted on 24 June 2013 by VRS  |  Email |Print

Angola’s US$ 5 billion Fundo Soberano de Angola (FSDEA) has released their investment policy. The sovereign fund’s asset allocation mix will support three criteria: preservation of capital, long-term return maximization and infrastructure development.
The fifty percent allocation to cash, fixed income and G-7 stocks is modeled after the first criterion. The other 50% is open-ended with an opportunistic lens including investing domestically in Angolan prospects like the hotel industry. The sovereign fund has endowment-like characteristics to it, as well as a stabilization function……………………………………….Full Article: Source

China sovereign fund buys ETFs as stock market slides

Posted on 24 June 2013 by VRS  |  Email |Print

Central Huijin Investment Ltd, China’s state-owned investment company, said late on Thursday it recently bought exchange-traded funds and will continue to do so.
China’s stock market hit six-month lows on Thursday amid a worsening cash squeeze, worries over economic growth and prospects of the U.S. Federal Reserve slowing the pace of monetary stimulus………………………………………..Full Article: Source

Future Fund boosting EM exposure, expertise - Asset Owners

Posted on 24 June 2013 by VRS  |  Email |Print

Australia’s Future Fund plans to selectively raise its exposure to emerging markets, pointing to the expansion of that universe. It is also looking to make more direct investments into private equity - to the extent that it can, given that it must use external managers to run all its portfolios.

The A$85 billion ($78.1 billion) sovereign wealth fund has thus far concentrated most of its asset allocation in developed markets, but that is changing………………………………………..Full Article: Source

China sovereign fund buys ETFs as stock market slides

Posted on 21 June 2013 by VRS  |  Email |Print

Central Huijin Investment Ltd, China’s state-owned investment company, said late on Thursday it recently bought exchange-traded funds and will continue to do so. China’s stock market hit six-month lows on Thursday amid a worsening cash squeeze, worries over economic growth and prospects of the U.S. Federal Reserve slowing the pace of monetary stimulus.
Huijin, a unit of China’s $500 billion sovereign wealth fund , has already been buying mainland-traded shares in China’s top four banks as well as Everbright Bank and New China Life Insurance………………………………………..Full Article: Source

Malaysia’s 1MDB plans US$1bln IPO

Posted on 19 June 2013 by VRS  |  Email |Print

Sovereign wealth fund 1Malaysia Development Bhd (1MDB) plans to raise about $1 billion through a public listing of its power assets in Malaysia next year, according to Dow Jones Newswires. Sovereign wealth fund 1Malaysia Development Bhd (1MDB) plans to raise about $1 billion through a public listing of its power assets in Malaysia next year, according to Dow Jones Newswires.
The proposed initial public offering is the latest in a string of announced or rumoured listings that could return Malaysia to the ranks of top regional IPO markets. The funds raised through the share sale will help pay off some of the debts of the Malaysian investment company, Dow Jones said in its report, quoting people familiar with the plans………………………………………..Full Article: Source

Malaysia sovereign-wealth fund plans $1 bln IPO

Posted on 18 June 2013 by VRS  |  Email |Print

1Malaysia Development Bhd, a Malaysian sovereign-wealth fund, plans to raise about $1 billion from an initial public offering of its power assets in the country in the first half of next year, two people familiar with the development said.
The proposed share sale comes after the government fund came under scrutiny earlier in the year for its debt-fueled acquisitions of assets, including these power assets that will be in the pending IPO. The IPO will also be the latest planned after pending elections that returned the ruling coalition to power made many companies put their listing plans on hold, earlier in the year………………………………………..Full Article: Source

Malaysia’s Khazanah plans US$400 mln IPO of theme parks

Posted on 14 June 2013 by VRS  |  Email |Print

Khazanah Nasional Bhd, Malaysia’s state investment company, is planning to raise as much as US$400 million in an initial public offering (IPO) of its theme park business, said two people with knowledge of the matter.
Khazanah is working with Malayan Banking Bhd (Maybank) and Bank of America Corp on the share sale of Themed Attractions and Resorts Bhd, the people said, asking not to be named as the process is private. The Kuala Lumpur IPO may raise US$300 million to US$400 million as early as this year, they said………………………………………..Full Article: Source

China SWF boosts assets to $500bln

Posted on 11 June 2013 by VRS  |  Email |Print

China Investment Corp’s return on overseas investments hit 11% in 2012, boosting the total fund size to $500 billion, President Gao Xiqing told Chinese newswires. According to the Xinhua News Agency, the higher return on overseas investments was in part due to its diversified investment portfolio.
“The investment return in the past five years has surpassed previous expectations a little bit, but not that much,” Gao said. Created in 2007, the sovereign wealth fund was tasked to earn higher returns from riskier investments using part of China’s foreign exchange reserves, which at $3.44 trillion are the world’s largest………………………………………..Full Article: Source

Super fund expands regional planning arm

Posted on 06 June 2013 by VRS  |  Email |Print

A public offer superannuation fund has expanded its financial planning presence into regional Victoria, establishing an office in the town of Bendigo with a full-time financial planner.
Equipsuper, which launched its financial planning arm in 2007, will launch its second office in the region following the previous office launch in Traralgon, both of which aim to service fund members seeking advice outside Melbourne. Thirty-year financial planning veteran Michael Fitzpatrick, who previously ran his own practice, has been recruited to head up the office’s advice unit………………………………………..Full Article: Source

Central banks and SWFs stow more Scandinavian currencies

Posted on 04 June 2013 by VRS  |  Email |Print

Central banks and sovereign-wealth funds have stepped up their buying of Scandinavian currencies for their reserves, as they seek to diversify away from dollars and euros. In recent months, central banks and sovereign-wealth funds from Poland, Russia, Indonesia and several East Asian countries, among others, have increased purchases of the Norwegian krone and Swedish krona.
Sovereign buyers also are likely to be attracted by the strong state of both countries’ public finances, said Alan Ruskin, global head of G-10 foreign-exchange strategy at Deutsche Bank in New York. Norway has a $740 billion sovereign-wealth fund, which helps make its fiscal accounts “extraordinary by almost any measure,” while Sweden’s is also “in very good shape,” he said………………………………………..Full Article: Source

SOFAZ may restructure its currency portfolio

Posted on 30 May 2013 by VRS  |  Email |Print

The state oil fund SOFAZ — an entity that accumulates and manages Azerbaijan’s oil and gas revenues — has announced that it is interested in restructuring its currency portfolio. SOFAZ Head Shahmar Movsumov said that the fund is considering the inclusion of Yuan in its currency portfolio.
However, Movsumov said there are certain “problems of institutional nature” with the issue of investing in the Chinese currency, as China has very strict investment conditions, which are currently being considered by the state oil fund………………………………………..Full Article: Source

Just Dial raises $38M from anchor investors including Temasek, half of the IPO subscribed on day 1

Posted on 21 May 2013 by VRS  |  Email |Print

Just Dial Ltd, which runs the India-specific local business listings site Justdial.com, has raised Rs 208.66 crore or approximately $38 million from anchor investors, including Singapore sovereign wealth fund Temasek and asset management major Fidelity.
The Mumbai-based firm, which opened its IPO on Monday, said in a filing to exchanges that it sold 3.94 million shares to 15 anchor investors at Rs 530 per share. Just Dial said it expects to raise Rs 936.8 crore through its issue, which closes on May 22…………………………………Full Article: Source

State could tap Alabama Trust Fund again in bond issue for National Guard armories

Posted on 16 May 2013 by VRS  |  Email |Print

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

Qatar postpones float of GBP7.8bln investment firm

Posted on 14 May 2013 by VRS  |  Email |Print

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

Qatar postpones listing of $12bln investment company

Posted on 13 May 2013 by VRS  |  Email |Print

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

Malaysia sovereign wealth fund backs $1.37bln China Galaxy IPO

Posted on 13 May 2013 by VRS  |  Email |Print

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

Qatar Petroleum plans $50bln IPOs for units

Posted on 09 May 2013 by VRS  |  Email |Print

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 state-linked Qatar companies mull IPOs amid investment push

Posted on 09 May 2013 by VRS  |  Email |Print

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 to raise C$300mln with debt this year for expansion

Posted on 08 May 2013 by VRS  |  Email |Print

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

Goldman-arranged bond sale stings Najib before Malaysia election

Posted on 03 May 2013 by VRS  |  Email |Print

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

Norway’s $735 bln fund sees low bond returns for long time to come

Posted on 02 May 2013 by VRS  |  Email |Print

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

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

Posted on 02 May 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………………………………………..Full Article: Source

Singapore bets on Glencore shares with $250 mln swap

Posted on 30 April 2013 by VRS  |  Email |Print

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

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

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