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Sovereign Wealth Funds Briefing 24.Jun 2010

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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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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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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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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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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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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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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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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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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