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Sovereign Wealth Funds Briefing - Archive | June, 2010

Qatari fund eyes stake in Greek lender

Posted on 30 June 2010 by VRS  |  Email |Print

From Telegraph: The Qatar Investment Authority (QIA), which owns Harrods and Chelsea Barracks in the UK, is thought to be considering investing as much as €250m (£202m) for a 7pc stake in Greece’s biggest lender.
The QIA already has a 4pc stake in Greece’s Alpha Bank, the third-largest lender, acquired through a holding company before the country’s debt crisis……………………………………….Full Article: Source

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Greek NBG not in talks to sell 5-7 pct to Qatar-source

Posted on 30 June 2010 by VRS  |  Email |Print

From Reuters: Greece’s National Bank is not in talks to sell a stake to Qatar, an Athens-based source close to the issue said on Tuesday, denying a report on the Financial Times’ website.
Citing people familiar with the talks, the Financial Times said Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), was in talks to acquire 5 percent to 7 percent of Greece’s biggest lender……………………………………….Full Article: Source

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Asian, Middle Eastern funds plan own hedge funds

Posted on 30 June 2010 by VRS  |  Email |Print

From Zawya.com: Several Asian and Middle Eastern sovereign-wealth funds, including those of China and Dubai, are planning to create their own hedge funds to seek better returns on their nations’ accumulated wealth, two people familiar with the situation said.
One of these people said South Korea’s Korea Investment Corp and Singapore’s Temasek Holdings are two other sovereign-wealth funds setting up their own shops with assets ranging between $1 billion and $4 billion……………………………………….Full Article: Source

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The world’s biggest IPO; Kuwait fund key investor

Posted on 30 June 2010 by VRS  |  Email |Print

From Arabtimesonline.com: Agricultural Bank of China (AgBank) is expected to set a price range on Monday for its Shanghai listing similar to the one determined for the bank’s Hong Kong offering, thus giving a clearer indication of the size of the IPO, which could be the world’s biggest.
Eleven cornerstone investors, including sovereign wealth funds in Qatar and Kuwait and United Overseas Bank, have agreed to buy $5.45 billion worth of AgBank shares, or nearly half of the Hong Kong offering, sources said……………………………………….Full Article: Source

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China’s Agricultural Bank IPO may net $23 bln

Posted on 30 June 2010 by VRS  |  Email |Print

From AP: Agricultural Bank of China capped the price range for its upcoming public offering at a level much lower than expected in response to investors, an executive said Tuesday, but the world’s largest share listing is still projected to raise up to $23.2 billion.
The bank said in its Hong Kong prospectus that major foreign investors in the Hong Kong offering are Qatar Investment Authority ($2.8 billion), Kuwait Investment Authority ($800 million), Britain’s Standard Chartered Bank ($500 million), Dutch bank Radobank Nederland ($250 million), Australia’s Seven Group Holdings Ltd. ($250 million) and Singapore’s Temasek Holdings ($200 million)……………………………………….Full Article: Source

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China’s (secret) overseas network

Posted on 30 June 2010 by VRS  |  Email |Print

From Frumforum.com: Consider that the Chinese Investment Corporation (CIC), formed in 2007, now has close to $2 billion invested in Canada (total Chinese investments are said to exceed $3.5 billion). CIC has some $300 billion in assets, and is said to hold $2 trillion of in U.S. currency reserves.
It’s almost a given that such an organization will actively protect what it has, will try to get more, and will wield influence wherever it can – including stealing, suborning, subverting, bribing, threatening……………………………………….Full Article: Source

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India loses to China in Africa-to-Kazakhstan-to-Venezuela oil

Posted on 30 June 2010 by VRS  |  Email |Print

From Bloomberg: Indian Oil Minister Murli Deora traveled to Nigeria, Angola, Uganda, Sudan, Saudi Arabia and Venezuela this year, leading a record number of delegations to gain oil for the world’s third-fastest-growing major economy.
India proposed a sovereign wealth fund to bid for reserves, told state-controlled Oil & Natural Gas Corp. and Oil India Ltd. to make a major acquisition each this year, and raised the amount they can spend without government approval to 50 billion rupees ($1.1 billion)……………………………………….Full Article: Source

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Singapore Airlines plans first bond sale for a decade

Posted on 30 June 2010 by VRS  |  Email |Print

From Bloomberg: Singapore Airlines Ltd. plans to sell bonds for the first time in almost a decade, taking advantage of low borrowing costs to tap a S$1 billion ($715 million) medium-term note program it set up in 2003. Singapore Airlines is 55 percent-owned by Temasek Holdings Pte.
The airline will issue S$500 million of 3.22 percent, 10- year notes on or about July 9 to raise money for working capital and expenditure, it said in a filing to the Singapore stock exchange today……………………………………….Full Article: Source

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Qatari Diar publishes amended draft masterplan for Chelsea Barracks in London

Posted on 30 June 2010 by VRS  |  Email |Print

From Ameinfo.com: Qatari Diar Real Estate Investment Company (Qatari Diar) has published its amended draft masterplan for the Chelsea Barracks site in London, in response to further public consultation.
The original concept masterplan, drawn up by Dixon Jones, Squire and Partners and Kim Wilkie Associates, (the masterplanning team) was launched in April this year after an initial phase of extensive public consultation……………………………………….Full Article: Source

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Fitch ratings boost for $750mln Mumtalakat notes

Posted on 30 June 2010 by VRS  |  Email |Print

From Gulf-daily-news.com: Fitch Ratings has assigned Bahrain Mumtalakat Holding Company’s $750 million, five per cent notes, due on June 30, 2015, a final senior unsecured rating of ‘A’.
The programme’s final rating follows a review of its final terms and conditions which conform to the information already received when Fitch assigned the senior unsecured programme an expected ‘A’ rating………………………………………Full Article: Source

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Kenya National Social Security Fund’s assets retreat 9.2pct

Posted on 30 June 2010 by VRS  |  Email |Print

From Bloomberg: Kenya’s National Social Security Fund, the state-run pension company, said its assets retreated 9.2 percent in the year through June 2009 as the value of stocks declined.
Assets fell to 82.15 billion shillings ($1.01 billion) from 90.51 billion shillings a year earlier, according to a statement published in the Nairobi-based Daily Nation newspaper today……………………………………….Full Article: Source

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Norway’s sovereign fund sees sustained volatility

Posted on 29 June 2010 by VRS  |  Email |Print

From Reuters: Investors face years of market volatility as governments consolidate their mountains of debt taken on both before and in response to the financial crisis, says the head of Norway’s sovereign wealth fund.
Martin Skancke, director general of the Norwegian Ministry of Finance Asset Management Department and responsible for the country’s sovereign wealth fund, said uncertainty may dominate but the fund’s long-term time horizon gives it the ability to ride out the gut-churning drops and equally fast rises……………………………………….Full Article: Source

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Nigeria: Country’s sovereign wealth fund

Posted on 29 June 2010 by VRS  |  Email |Print

From Allafrica.com: Nigeria’s financial status is going downhill. Government thinks a National Sovereign Wealth Fund would reverse the trend. The Excess Crude Account (ECA) is gradually being eclipsed. It would be replaced with a National Sovereign Wealth Fund (NSWF). A Federal Government team is already working on that.
Expectedly, the new NSWF will finally settle the on-again-off-again constitutional crisis that has characterised the ECA since it was created by the Olusegun Obasanjo government. The ECA has no legal backing. The NSWF is thus seen as a slow but sure departure from profligacy of the past……………………………………….Full Article: Source

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SWFs, central banks to begin unbundling securities lending

Posted on 29 June 2010 by VRS  |  Email |Print

From Asianinvestor.net: The biggest institutional investors in Asia, including central banks and sovereign wealth funds (SWFs), are starting to unbundle securities lending from custody, creating a new business opportunity for some providers, says Paul Wilson, managing director for financing and markets products at JP Morgan in London.
He is visiting institutional clients in Asia, Japan and Australia, and says the conversations are similar to those in the US and Europe several years ago……………………………………….Full Article: Source

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GIC not to participate in Fortis’ preferential funding

Posted on 29 June 2010 by VRS  |  Email |Print

From Indiainfoline.com: Fortis promoters was quoted as saying that GIC’s decision to defer investment in their company was “mutual”, as GIC wanted to evaluate the prospects of being part of a larger fund raising plan of Fortis.
Singapore’s GIC Special Investments Pte Ltd has reportedly deferred its plan to invest around Rs3.8bn to buy a minority stake in Fortis Healthcare. Fortis promoters was quoted as saying that GIC’s decision to defer investment in their company was “mutual”, as GIC wanted to evaluate the prospects of being part of a larger fund raising plan of Fortis……………………………………….Full Article: Source

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Egypt, China promoting investment cooperation

Posted on 29 June 2010 by VRS  |  Email |Print

From Globalarabnetwork.com: Egyptian Investment Minister Mahmoud Mohieddin stressed the importance of promoting investment cooperation with China. Mohieddin made the remarks during a meeting with Chairman of Board of Supervisors of the state-owned China Investment Corporation (CIC), Jin Liqun.
The meeting took up means of boosting cooperation and attracting Chinese investments to Egypt, Mohieddin said……………………………………….Full Article: Source

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AgBank sets price for float

Posted on 29 June 2010 by VRS  |  Email |Print

From Smh.com.au: The Agricultural Bank of China has set a price range for the Shanghai part of its initial public offering that will allow it to raise as much as $23 billion. The Qatar Investment Authority has agreed to invest $US2.8 billion and Kuwait Investment Authority said it would invest $US800 million.
The bank may offer 22.2 billion shares in Shanghai at 2.52 yuan (42¢) to 2.68 yuan a share. Last week the bank, China’s largest in terms of customers, priced shares in the Hong Kong part of its float at $HK2.88 to $HK3.48 each……………………………………….Full Article: Source

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Losses at Bahrain’s SWF more than doubled amid global slump

Posted on 29 June 2010 by VRS  |  Email |Print

From Assetinternational.com: Bahrain Mumtalakat Holding Co., the Persian Gulf country’s sovereign wealth fund (SWF), said its loss for 2009 more than doubled from a year earlier.
Mumtalakat blamed its losses on the global effects of the economic crisis which hurt key businesses, mainly at its money-losing airline Gulf Air and at Alba, an aluminum smelting company……………………………………….Full Article: Source

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Lower Saxony’s new head backs Volkswagen expansion

Posted on 29 June 2010 by VRS  |  Email |Print

From Bloomberg: Volkswagen AG, Europe’s largest carmaker, has the full backing of Lower Saxony to pursue an expansion strategy, including its merger with Porsche AG. Qatar Holding LLC, part of the country’s sovereign wealth fund, is the third- largest owner of VW’s with a 17 percent stake.
“We support Martin Winterkorn’s ambitious goal to make VW No. 1 in the auto market worldwide by 2018,” designated Prime Minister David McAllister said in an interview in Hanover, Germany, the first since he was named successor to Christian Wulff. Winterkorn is VW’s chief executive officer……………………………………….Full Article: Source

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Banco do Brasil’s large offer seen sailing through

Posted on 29 June 2010 by VRS  |  Email |Print

From Reuters: Banco do Brasil will likely raise up to 10.9 billion reais ($6.13 billion) in a share offering this week. Brazil’s sovereign wealth fund agreed to buy 62.5 million shares in the Banco do Brasil offering, a stake valued at $1.7 billion reais at Friday’s closing price.
Banco do Brasil’s primary and secondary offering could be the largest in Brazil since Banco Santander Brasil raised 14.1 billion reais in October……………………………………….Full Article: Source

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Iran gains $9nln in currency reserve shift

Posted on 29 June 2010 by VRS  |  Email |Print

From Hindustantimes.com: Iran’s state TV quotes the country’s central bank governor as saying Tehran has gained the equivalent of $9 billion dollars by shifting its foreign currency reserves to euros and selling gold.
Mahmoud Bahmani on Monday described Iran’s foreign currency reserves as very “suitable,” but did not provide a figure or qualify over what period of time the currency transactions took place……………………………………….Full Article: Source

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Consider setting up supra-sovereign wealth fund, Muslim nations told

Posted on 28 June 2010 by VRS  |  Email |Print

From Btimes.com.my: Muslim economies should consider setting up a supra-sovereign wealth fund, given the shifting in investment fund flows to the East, said Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah. The combined Muslim economies of Asia, Middle East, Central Asia and Africa (or MAMICA) are contributing significantly to global growth.
“The fund is to invest in MAMICA manufacturing, services, natural resources and portfolio investment sectors, providing returns that are compatible to the global sovereign wealth funds industry,” he said……………………………………….Full Article: Source

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Abu Dhabi’s Aabar falls on delisting plan

Posted on 28 June 2010 by VRS  |  Email |Print

From Reuters: Abu Dhabi’s Aabar Investments tumbled on Sunday after setting the date for a shareholder meeting to discuss de-listing the firm. The world’s only listed sovereign wealth fund has called a July 26 shareholder meeting to debate plans to convert into a joint stock company.
Middle East markets fell as an end-of-week surge in oil prices failed to outweigh gloom over declines in world equities following fresh doubts about a global economic recovery……………………………………….Full Article: Source

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Mumtalakat full year loss for 2009 doubled

Posted on 28 June 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Bahrain Mumtalakat Holding Co, the Arabian Gulf country’s sovereign wealth fund, said its loss for 2009 more than doubled from a year earlier due to “the truly global effects of the economic crisis.”
The net loss widened to 183 million dinars ($485 million) from $183 million in 2008. Revenue fell 28 percent to $2.75 billion from $3.84 billion a year earlier, the company said in an e-mailed statement today……………………………………….Full Article: Source

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Candy’s CPC group wins trial against Qatari Diar

Posted on 28 June 2010 by VRS  |  Email |Print

From Bloomberg: The real-estate investment arm of Qatar’s sovereign-wealth fund wrongfully backed out of a deal to redevelop London’s landmark Chelsea Barracks site after the plan was opposed by Prince Charles, a judge ruled.
Qatari Diar Real Estate Investment Co. breached its contract with U.K. developer CPC Group Ltd., controlled by real- estate entrepreneur Christian Candy, and must pay damages in an amount to be determined later, Judge Geoffrey Vos ruled today. CPC is seeking as much as 81 million pounds ($121.1 million)……………………………………….Full Article: Source

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Qatar’s Energy City infrastructure to be complete in 2010

Posted on 28 June 2010 by VRS  |  Email |Print

From Reuters: Infrastructure for Qatar’s Energy City will be completed this year. Energy City is being developed by Qatari Diar, the property wing of the country’s sovereign wealth fund, the Qatar Investment Authority.
First tenants will move in at the end of 2011, with the project to be completed in full in 2012, Hesham Al-Emadi told Reuters……………………………………….Full Article: Source

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Gulf investors to increasingly look abroad, Credit Suisse says

Posted on 28 June 2010 by VRS  |  Email |Print

From Bloomberg: The Qatar Investment Authority, the Persian Gulf country’s sovereign wealth fund, this month agreed to invest $2.8 billion in the Agricultural Bank of China Ltd.’s initial public offering. Kuwait Investment Authority, the wealth fund in neighboring Kuwait, said it would buy $800 million of stock.
The Qatar wealth fund has also been buying up properties in London to take advantage of lower prices and the pound’s weakness……………………………………….Full Article: Source

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Kuwait’s strategic importance to the region

Posted on 28 June 2010 by VRS  |  Email |Print

From Kuwaittimes.net: The Kuwait Fund, and its investment arm the Kuwait Investment Authority, has the leverage coupled with the determination of HH the Amir Shiekh Sabah Al-Ahmad Al-Sabah to upgrade and ensure that Kuwait clearly emerges in the upcoming decade as a center for international trade, regional diplomacy, home to a rich culture of Arab and Islamic art.
Location is key. Any realty broker will tell you about the importance of having an estate in a prime location near all the main utilities that a modern household needs……………………………………….Full Article: Source

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GIC defers preferential funding in India’s Fortis

Posted on 28 June 2010 by VRS  |  Email |Print

From Reuters: Indian hospital operator Fortis Healthcare said the Government of Singapore Investment Corp (GIC) had decided to defer a preferential investment but the sovereign wealth fund will evaluate participating in broader fund raising by Fortis.
Controlled by Indian billionaire brothers Malvinder Singh and Shivinder Singh, Fortis is pitted against Malaysian state fund Khazanah for control of Parkway Holdings………………………………………Full Article: Source

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Temasek to invest up to $300mln in massive planned AgBank IPO

Posted on 28 June 2010 by VRS  |  Email |Print

From Thejakartaglobe.com: Singapore’s state investment fund Temasek plans to invest up to $300 million in the Agricultural Bank of China, ahead of its roughly $20 billion IPO, a source with direct knowledge of the matter said over the weekend.
Temasek’s commitment to China’s third largest bank is a positive step for the offering, though it is less than the $1 billion that AgBank’s underwriters are hoping to get from Middle East and Asian sovereign wealth fund investors……………………………………….Full Article: Source

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Agricultural Bank of China set for IPO record

Posted on 28 June 2010 by VRS  |  Email |Print

From AFP: Eleven so-called cornerstone investors — including Qatar’s sovereign investment fund, British bank Standard Chartered and Hong Kong’s richest tycoon Li Ka-shing — are pouring money into the massive sale, which is expected to fetch as much as 24 billion US dollars ahead of the bank’s trading debut in Hong Kong and Shanghai next month.
Estimates for the IPO — which starts Wednesday — have ranged from about 19 billion US dollars to 30 billion US dollars as market volatility left a key question mark over the sale’s chances of smashing previous records……………………………………….Full Article: Source

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SKorea’s KIC says has gone underweight on euro assets

Posted on 25 June 2010 by VRS  |  Email |Print

From Reuters: Korea Investment Authority, South Korea’s $35-billion sovereign wealth fund, has reduced exposure to euro zone equity and fixed income investments and is now underweight on assets in the region, the fund’s top official said on Thursday.
“We are very worried about what’s going on in Europe. I don’t think the austerity measures (adopted by some of the euro zone countries) will be enough. I think they will have to do some debt rescheduling,” said Scott Kalb, chief investment officer at the sovereign wealth fund known as KIC. Kalb spoke at a forum sponsored by The Korea Society……………………………………….Full Article: Source

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Would Qatar fund be smarter to hold back?

Posted on 25 June 2010 by VRS  |  Email |Print

From Arabianbusiness.com: Rather as Abu Dhabi Investment Fund Aabar did in the second half of last year, Qatari Diar — the property arm of the Qatar Investment Authority — has blazed an astonishing trail across Europe and the Far East in recent months.
Since popping up on the consciousness of the broader international investment community in April with the purchase of the iconic Singapore hotel Raffles, Qatari Diar has pursued an aggressive buyout plan across the world, and by doing so eclipsed, for the time being at least, rival Gulf investment funds in the generation of headlines……………………………………….Full Article: Source

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Abu Dhabi Fund becomes UniCredit’s top foreign holder

Posted on 25 June 2010 by VRS  |  Email |Print

From Dow Jones: Abu Dhabi-based International Petroleum Investment company, which controls Aabar Investments PJSC, acquired a 4.99% stake in UniCredit SpA on June 16, making it the Italian bank’s single biggest international shareholder, according to a filing published by the Italian market watchdog.
Aabar’s stake is worth around EUR1.8 billion, based on a Dow Jones Newswires calculation using UniCredit’s share price at June 16……………………………………….Full Article: Source

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Aabar buys stake in UniCredit to broaden investments

Posted on 25 June 2010 by VRS  |  Email |Print

From Bloomberg: Aabar Investments PJSC, the Abu Dhabi-based company that is the largest shareholder in German carmaker Daimler AG, bought a 4.99 percent stake in Italy’s UniCredit SpA as it adds investments in other industries.
Qatar Investment Authority, the country’s sovereign-wealth fund, this week agreed to invest $2.8 billion in Agriculture Bank of China Ltd.’s initial public offering. The wealth fund in neighboring Kuwait also agreed to invest $800 million……………………………………….Full Article: Source

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Dubai World soothes debt market

Posted on 25 June 2010 by VRS  |  Email |Print

From Thenational.ae: Bond prices in Dubai are inching upwards and perceptions of risk are mellowing as Dubai World nears an agreement with creditors on a US$23.5 billion (Dh86.31bn) debt restructuring. That could pave the way for a revival in long-stagnant regional debt markets.
As yields have fallen, an HSBC index of bond returns issued by Dubai-based companies has climbed by about 17 per cent since the beginning of the year, according to Bloomberg data. Higher prices and declining bond yields reflect stronger investor confidence……………………………………….Full Article: Source

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Colombia may obtain investment grade with oil fund, RBS says

Posted on 25 June 2010 by VRS  |  Email |Print

From Bloomberg: Colombia may obtain an investment- grade rating should it follow through with plans to create an oil stabilization fund for “counter-cyclical” savings and to pay down debt, RBS Securities Inc. said.
“Follow-through action on an oil stabilization fund and fiscal responsibility law should provide the necessary catalyst for the investment-grade ratings from Moody’s and Fitch and reaffirm our convergence trade on external credit spreads to the high-grade pack over the next 3-6 months,” Siobhan Morden, head of Latin America strategy at RBS in Stamford, Connecticut, wrote in a report today……………………………………….Full Article: Source

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Responsible investing is here to stay

Posted on 25 June 2010 by VRS  |  Email |Print

From Eurasiareview.com: Large sovereign investors often act as catalysts through their investment strategies and the development of corresponding investment criteria. The Dutch pension fund ABP, Sweden‘s Reserve Fund, or Norway‘s Government Pension Fund for instance play a leading role in their home markets with regard to sustainable investment strategies.
Owing to the strong presence of sovereign investors, responsible investing has a relatively high weight in these countries on European comparison. Germany lacks such a pioneer investor to provide impulses for the RI market segment……………………………………….Full Article: Source

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ABC float raises buzz in market circuit

Posted on 25 June 2010 by VRS  |  Email |Print

From Peopledaily.com.cn: Agricultural Bank of China (ABC) is likely to raise HK$80.8 billion from Hong Kong and nearly 61.4 billion yuan from Shanghai through the dual listing of shares next month. The Qatar Investment Authority has agreed to invest $2.8 billion, while the Kuwait Investment Authority will buy $800 million worth of H shares.
The bank has set a proposed price for the Hong Kong float between HK$2.88 and HK$3.48 per share. The indicative float sizes have been calculated based on the middle price of the proposed range in Hong Kong, said sources……………………………………….Full Article: Source

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Bahrain’s SWF bond sale fetches $3bln

Posted on 24 June 2010 by VRS  |  Email |Print

From Business24-7.ae: Bahrain sovereign wealth fund Mumtalakat Holding’s bond offering attracted an order book of about $3 billion. Books were open on the conventional offering and were due to close later yesterday. Two market sources said the order book was between $2.5 billion (Dh9.18bn) and $3bn.
Earlier, Mumtalakat launched a $750 million five-year bond, reopening Gulf Arab fixed-income markets that were hit by the market turmoil due to the European debt crisis in May……………………………………….Full Article: Source

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QIA needs to diversify spend plans

Posted on 24 June 2010 by VRS  |  Email |Print

From Gulf-times.com: Analysts say the $70bn Qatar Investment Authority (QIA) is set to focus increasingly on Asia and other emerging markets, and will have to diversify away from “trophy assets” to ensure sustainable growth.
It may invest $2.8bn in Agricultural Bank of China’s initial public offering (IPO) in an important emerging market foray, and has closed several key deals in east Asia in recent months……………………………………….Full Article: Source

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Qatar fund seen surging ahead, needs to diversify

Posted on 24 June 2010 by VRS  |  Email |Print

From Reuters: Whether it’s snapping up glitzy buildings or stakes in luxury carmakers, Qatar’s state fund has its hands everywhere — and more high-profile deals are expected, fuelled by the Gulf state’s natural gas riches.
Analysts say the $70-billion Qatar Investment Authority (QIA) is set to focus increasingly on Asia and other emerging markets, and will have to diversify away from “trophy assets” to ensure sustainable growth……………………………………….Full Article: Source

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UAE’s Aabar delisting plan unsettles investors

Posted on 24 June 2010 by VRS  |  Email |Print

From Reuters: State-owned fund Aabar has always stood out for its rapid growth and high-profile purchases but the world’s only listed sovereign wealth fund is now making investors nervous with its plans to go private.
Aabar, majority-owned by the government of Abu Dhabi, shocked investors on Monday when it announced it was considering delisting from the Abu-Dhabi bourse and converting to a private joint stock company……………………………………….Full Article: Source

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Bumi in talks with CIC, Credit Suisse on share sale

Posted on 24 June 2010 by VRS  |  Email |Print

From Bloomberg: PT Bumi Resources, Indonesia’s biggest coal producer, is in talks with creditors including China Investment Corp., Credit Suisse AG and JPMorgan Chase Bank NA on a plan to sell shares to help repay debt.
Jakarta-based Bumi will raise 4.6 trillion rupiah ($507 million) by selling 1.94 billion new shares at 2,366 rupiah apiece, the company said in a statement published in Bisnis Indonesia today………………………………………..Full Article: Source

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China’s CIC may be a buyer of Bumi stake

Posted on 24 June 2010 by VRS  |  Email |Print

From Thestar.com.my: PT Bumi Resources, Indonesia’s biggest coal miner by output, said Chinese sovereign fund China Investment Corp (CIC) could be one of the buyers of the company’s stake worth as much as US$495mil.
Bumi is the prized asset of the Bakrie group. A source had told Reuters in May that CIC would be the main buyer of the placement, after Bumi said last year that CIC had lent it US$1.9bil via debt instruments……………………………………….Full Article: Source

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U.S. gas producer taps sovereign funds amid offshore oil anxiety

Posted on 24 June 2010 by VRS  |  Email |Print

From Oilprice.com: Chesapeake Energy, a leading U.S. producer of shale gas, found plenty of willing buyers for its latest private placement as sovereign wealth funds in Asia expressed concern about the future of offshore oil drilling.
“We made the investment decision because the long-term gas price outlook is bright on a global push for clean energy and expectations of less deep-sea water drilling in the Gulf of Mexico after BP’s oil spill,” the Korean Investment Company said in a statement announcing it was buying $200 million of Chesapeake’s $900 million preferred share issue……………………………………….Full Article: Source

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SWFs are catalysts, harbingers of stable growth

Posted on 24 June 2010 by VRS  |  Email |Print

From Chinadaily.com.cn: Curiosity about something unknown or unheard of is quite normal. SWFs have been in existence for more than half a century and there has never been any issue about this particular kind of fund.
I think that the recent attention given to SWFs is partly due to the increased visibility of these funds in the years running up to the financial crisis, and partly due to the financial protectionism, which tends to sound a false alarm about the impact of SWFs on recipient countries………………………………………..Full Article: Source

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How can sovereign wealth funds adjust to the ‘new normal’?

Posted on 24 June 2010 by VRS  |  Email |Print

From Citywire.co.uk: Mohamed El-Erian, CIO and CEO of bond giant Pimco, has outlined how he sees the future for sovereign wealth funds in an article published on the website of the IMF.
He thinks the ‘new normal’ conditions in global markets will require important changes in the way sovereign wealth funds (SWFs) operate……………………………………….Full Article: Source

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Sovereign wealth funds are well placed to take advantage of the new normal

Posted on 23 June 2010 by VRS  |  Email |Print

From Businessinsider.com: Sovereign wealth funds, essentially state-owned investment entities with long time horizons, are among the investors best equipped to navigate financial markets after the global crisis. Yet they too face potential challenges in steering a course through what is likely to be a multiyear, bumpy resetting of the global economy.
How sovereign wealth funds confront these challenges will speak directly to their effectiveness in investing national wealth to benefit current and future generations………………………………………..Full Article: Source

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Orders top $1bln for Bahrain sovereign wealth fund bond debut

Posted on 23 June 2010 by VRS  |  Email |Print

From Dow Jones: Offers for Bahrain Mumtalakat Holding Co.’s first-ever bond issue are in the range of $1 billion to $1.25 billion, according to a source familiar with the sale.
That means the sovereign wealth entity’s debut could be larger than the minimum $500 million benchmark size when it completes on Wednesday. Deutsche Bank, HSBC, JPMorgan and Standard Chartered are leading the sale……………………………………….Full Article: Source

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