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Sovereign Wealth Funds Briefing 15.Feb 2013

Posted on 15 February 2013 by VRS |  Email |Print

Moscow’s stock exchange has attracted foreign investors including China’s sovereign wealth fund to its flotation, but the pricing of Friday’s sale, expected to value the bourse at $4 billion, is now at the lower end of a forecast range, two financial market sources said.
The success of the Moscow exchange sale is politically and economically sensitive because President Vladimir Putin sees it as a way to help transform Moscow into an international financial centre………………………………………Full Article: Source

Posted on 15 February 2013 by VRS |  Email |Print

The order book for Moscow Exchange’s stock market flotation has been fully covered, a day ahead of the bourse’s initial public offering with China’s sovereign wealth fund CIC investing.
China Investment Corp is seeking to match the amount the state-backed Russian Direct Investment Fund is investing, which could see both take around 20 percent of the shares, or around US$100 million each (HK$778 million), sources said. CIC was reportedly seeking up to 25 percent of the shares………………………………………Full Article: Source

Posted on 15 February 2013 by VRS |  Email |Print

Qatar’s sovereign wealth fund is in advanced talks with Russia’s second-largest bank VTB about injecting between US$3bn and US$3.5bn into the banking giant, the Telegraph reported.
VTB will likely issue the Qataris with US$1.5bn of new equity and US$1.5bn of mandatory convertible bonds under the structure of the deal, the daily said citing sources………………………………………Full Article: Source

Posted on 15 February 2013 by VRS |  Email |Print

VTB Group led gains on Russia’s Micex Index, jumping to a two-week high, on a report Qatar’s sovereign wealth fund is in advance talks to invest as much as $3.5 billion in the nation’s second-biggest lender.
As part of the deal, the details of which may be announced next week, VTB will issue $1.5 billion in new equity and $1.5 billion of mandatory convertible bonds to the wealth fund, the Telegraph reported, citing unidentified people familiar with the deal. Russian First Deputy Prime Minister Igor Shuvalov said in an interview on Jan. 21 VTB is meeting sovereign wealth funds and other investors to sell new shares totaling at least $3 billion. VTB shares slumped 8.8 percent last year………………………………………Full Article: Source

Posted on 15 February 2013 by VRS |  Email |Print

The order book for Moscow Exchange’s stock market flotation has been fully covered, a day ahead of the bourse’s IPO, with China’s sovereign wealth fund CIC joining Russia’s state private equity fund in investing. China Investment Corp (CIC) is seeking to match the amount the state-backed Russian Direct Investment Fund (RDIF) is investing, which could see both take around 20 percent of the shares, or around $100 million each, the sources said. One of the sources said CIC was seeking up to 25 percent of the shares.
The rest of the book is being filled with US, UK and Scandinavian investors, one of the sources said. Success of the issue is politically and economically sensitive given President Vladimir Putin sees it as part of his efforts to transform Moscow into an international financial hub………………………………………Full Article: Source

Posted on 15 February 2013 by VRS |  Email |Print

The International Monetary Fund says Canada could better manage boom-and-bust commodities cycles by stashing away more tax revenue in good times.
Both Ottawa and the resource-rich provinces should make better use of so-called “stabilization funds” to manage the inevitable volatility in the price of oil, natural gas, coal and other commodities, the Washington-based lender said in its annual report on the Canadian economy………………………………………Full Article: Source

Posted on 15 February 2013 by VRS |  Email |Print

Azerbaijan’s $US34 billion sovereign wealth fund plans to buy commercial real estate in Australia as part of a strategy to grow its assets Down Under, including shares in major companies and government bonds.
“We plan to travel to Australia in order to meet with the leading market participants including regulators, developers, asset owners, and overseas investors to gain deeper understanding of the market,” said the State Oil Fund of the Republic of Azerbaijan, or Sofaz, in an emailed response to questions from The Wall Street Journal. “This trip is planned to take place during the course of this year.”……………………………………..Full Article: Source

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