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Sovereign Wealth Funds Briefing 04.Feb 2011

Posted on 04 February 2011 by VRS |  Email |Print

From IFR: The Mosaic Company is preparing to sound out sovereign wealth funds to elicit participation in the initial phase of a secondary stock sale that is expected to total US$8bn-$12bn.
The sounding effort, which is expected to begin in late February, is designed to build an initial base of support for what figures to be one of, if not the, largest transactions of the year, according to two sources close to the process……………………………………….Full Article: Source

Posted on 04 February 2011 by VRS |  Email |Print

Trond GrandeFrom Bloomberg: Norway’s $545 billion oil fund said Europe’s rescue bonds, designed to help support its most indebted nations, represent an attractive buying opportunity as the securities are safer than regular sovereign debt.
“We are positive to this initiative,” Trond Grande, deputy chief executive officer at the world’s second-largest sovereign wealth fund, said today in an interview in Oslo. “It is a good construct and I can reveal that we did participate significantly in that issue that took place, that gives a clue to how we view this construct.”………………………………………Full Article: Source

Posted on 04 February 2011 by VRS |  Email |Print

From Pionline.com: Trond Grande on Thursday was named deputy CEO of Norges Bank Investment Management, which manages the assets of the 3.1 trillion Norwegian kroner ($548 billion) Government Pension Fund-Global, Oslo.
He replaces Stephen Hirsch, who stepped down in October, according to NBIM’s website……………………………………….Full Article: Source

Posted on 04 February 2011 by VRS |  Email |Print

From Reuters: Another option for the U.S. government — one that may be an easier way to raise capital compared with Buffett but perhaps tougher to sell to the public — is selling stakes to sovereign wealth funds from Asia or the Middle East.
But investors know the government has more than 1.6 billion shares to sell, that it intends to make a profit and that the floor to do that is $29.70 a share. The shares are trading in the low $40s, and bankers say the share offering would be more likely to price in the lower-to-mid $30s……………………………………….Full Article: Source

Posted on 04 February 2011 by VRS |  Email |Print

From Economist.com: The government plans to put its share of revenues in a sovereign-wealth fund, to prevent unwanted currency appreciation. Eventually the money will be spent for the good of future generations.
But many local politicians are already referring to the oil as a pot of gold at the bottom of the ocean—vast riches, capable of solving all Brazil’s ills, and theirs for the spending. Since the money they already take in taxes is plentiful and often wasted, there is no reason to think they would spend oil revenues any more effectively……………………………………….Full Article: Source

Posted on 04 February 2011 by VRS |  Email |Print

From Heritage.org: Chinese non-bond investment in the U.S. fell slightly in 2010. Nonetheless, last year was far healthier and more sustainable than 2009, when spending was dominated by sovereign wealth fund China Investment Corporation’s purchases of distressed financial assets. In 2010, a panoply of firms invested in a range of sectors, including the first large resource investment by once-spurned China National Off-Shore Oil Corporation.
Last year was a solid foundation for Chinese investment to raise its abysmal performance relative to American GDP……………………………………….Full Article: Source

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