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Sovereign Wealth Funds Briefing 02.May 2014

Posted on 02 May 2014 by VRS |  Email |Print

1Malaysia Development Bhd, the Malaysian state fund that came under fire for bonds it arranged through Goldman Sachs a couple of years ago, is back in the market to raise funds.
Also known as 1MDB, the company requested fresh proposals for financing from bankers, according to people familiar with the matter, to refinance a 6.17 billion ringgit ($1.89 billion) syndicated bridge that must be paid by May 22. 1MDB’s financing also is urgent because of the delay in its initial public offering—of US$1.5 billion—to later this year, which could have raised funds that go toward paying off debt………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Khazanah Nasional Bhd., Malaysia’s sovereign wealth fund, is considering selling as much as US$1 billion of dollar-denominated exchangeable Islamic bonds, said four people with knowledge of the deal.
The state-owned entity, which was the first in the Shariah- compliant industry to sell such debt in 2006 and also pioneered the issuance of yuan sukuk, is currently choosing banks for the potential offer, said the people who asked not to be identified because the details are private. The notes would be exchangeable into shares of companies controlled by Khazanah, they said……………………………………….Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Malaysian sovereign wealth fund Khazanah Nasional will invest RM215 million (S$82.5 million) in 8990 Holdings, a mass housing developer in the Philippines. This would be the agency’s first foray into the South-east Asian country.
In a statement yesterday, the wealth fund said that its special-purpose vehicle, Pasir Salak Investments, had entered into a cornerstone investment agreement for 8990’s upcoming share offering. Under the agreement, Khazanah would take up an 8 per cent interest in the company, allowing it to gain exposure to the country’s ”growth story”………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Norway’s US$860 billion sovereign wealth fund sharply cut its government bond holdings in the United States and Germany while increasing its stake in Mexican and Brazilian debt, it said on Wednesday. The fund, one of the world’s biggest investors, also said it returned 1.7 per cent in the first quarter, compared with 4.66 per cent in the fourth quarter of last year.
“All asset classes contributed positively to the result and there were only minor differences between them,” Chief executive Yngve Slyngstad said in a statement. “The return was boosted by lower interest rates in the fund’s main markets.” The fund increased its bond holdings to 37.7 per cent of its portfolio from 37.3 per cent three months earlier and cut its equity holdings to 61.1 per cent of the fund from 61.7 per cent………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Norway’s chief executive said the country has decreased investments in Russia from its oil fund worth $860 billion, citing tensions in Ukraine, Reuters reported. At the end of 2013, Russia held $3.67 billion in stocks and government bonds from Norway’s Government Pension Fund Global (GPFG), which is the biggest sovereign wealth fund in the world.
After the conflict in Ukraine, GPFG’s investments in Russia have been reduced slightly in the first quarter, according to Yngve Slyngstad, head of GPFG and CEO of Norges Bank Investment Management. “In most other situations where there is market stress, we try to be a countercyclical investor,” Slyngstad told Reuters. “Countercyclical does not really work well when the risk factors are of a geopolitical nature.”……………………………………….Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Norway’s Government Pension Fund Global said on Wednesday that its portfolio gained a mere 1.7% in the first quarter, the lowest return for the world’s largest sovereign wealth fund since the second quarter of last year.
The so-called “oil fund” saw its equities holdings, which account for almost two-thirds of its 5.1 trillion kroner (€618.6bn) in assets under management, appreciate by 1.5% in the three months to March 31, while fixed income investments delivered returns of 2%………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Norway’s Government Pension Fund Global has incurred losses from its Chinese and Japanese equity holdings, contributing to its stock returns trailing bonds and real estate over the first three months of the year.
The NOK5.1trn (€617bn) fund’s Chinese equity investments, which returned -6.1%, accounted for more than a quarter of the listed emerging market portfolio at the end of March, and significantly underperformed its average EM equity holdings, with the portfolio returning -0.5% overall………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

The State Committee for Securities of Azerbaijan registered the issue prospectus of interest-bearing book-entry registered unsecured bonds of “Southern Gas Corridor” CJSC in the amount of $ 917,320,800, the Baku Stock Exchange reported.
State Oil Fund of Azerbaijan (SOFAZ) has been instructed to provide an equity financing for the CJSC, which is under direct state ownership. The funds to be provided to the CJSC for financing the equity will provide a long-term investment on return conditions………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Azerbaijani State Oil Fund (SOFAZ) and Iran’s National Development Fund discussed the prospects for bilateral cooperation in Baku. The Iranian delegation that took part at the meeting was headed by member of the Board of Directors and chairman of the Fund, Seyed Ghasem Hosseini, SOFAZ said on May 1.
The main purpose of the meeting is to become familiar with SOFAZ’s activity, to learn experience within the International Forum of Sovereign Wealth Funds, comply with the Santiago Principles and to become closely familiar with the reporting in this sphere………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

The delegation of National Development Fund (NDFI) of Iran headed by Mr. Seyed Ghasem Hosseini, the Alternate Chair and Member of Board of Executive Directors of NDFI is finishing his visit to Azerbaijan.
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) informs that Mr. Hosseini held bilateral meetings with the SOFAZ management during the Baku visit on 28 April – 1 May………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

British oil company Heritage Oil agreed a 924 million pound ($1.6 billion) takeover offer from a fund owned by the former chief executive of Qatar’s sovereign wealth fund. Heritage, whose main oil production is in Nigeria, said on Wednesday it was recommending a 320 pence per share cash offer, which represented a 25 percent premium to its closing price the day before the approach was announced.
Its suitor, Al Mirqab Capital, is the private investment vehicle of Qatar’s Sheikh Hamad Bin Jassim Bin Jabor Al Thani and his family. Sheikh Hamad, who was chief executive of the Qatar Investment Authority until last year, is regarded as the driving force behind the emergence of the Gulf Arab state’s sovereign wealth fund as one of the world’s most sought-after investors, scooping up stakes in bluechip companies, luxury brands and prime real estate………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Two state-linked investment funds, one from Russia and the other from Bahrain, this week signed a cooperation deal that is aimed at strengthening the economic ties between their countries. The Russian Direct Investment Fund and Bahrain’s Mumtalakat said they plan to exchange expertise about strategic sectors and pursue potential investment opportunities together.
It’s not the first time links are established between a Middle Eastern sovereign fund and the Russians: both the Kuwait Investment Authority and Abu Dhabi’s Mubadala entered into business agreements with the RDIF in previous years………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Exactly one year ago the following statement appeared in the Press: “Bahrain’s sovereign wealth fund is considering investing in some of the country’s stalled property developments to help kick-start them again. Mumtalakat chief executive Mahmood Al Kooheji said the company’s real estate arm, Edamah, would invest in the part-finished projects if they were “commercially viable”.
One can only assume that the Marina West developers’ demands to refinance their four year-long stalled project did not meet Edamah commercial viability checks………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

The United States disapproves of a decision by Bahrain to sign an investment cooperation deal with Russia at a time when US and European governments are imposing sanctions on Moscow over the Ukraine crisis, an official said. “With Russia continuing its efforts to destabilize Ukraine, this is not the time for any country to conduct business as usual with Russia,” a US State Department official said.
“We have raised these concerns with the Bahraini government.” In a statement on Tuesday, the Russian Direct Investment Fund (RDIF) said it had signed a memorandum of understanding with Bahraini sovereign wealth fund Mumtalakat to identify and work together on investment opportunities in their countries………………………………………..Full Article: Source

Posted on 02 May 2014 by VRS |  Email |Print

Angolan Sovereign Wealth Fund’s economic diversification investments under way, but non-payment risks remain high. On 22 April 2014 the chairman of the Sovereign Wealth Fund (Fundo Soberano de Angola: FSDEA), José Filomeno de Sousa Santos (’Zenú’), said in an interview with Bloomberg that investments will commence in two funds.
The FSDEA was founded in October 2012 with an initial capital of USD5 billion to support diversification from the oil production-led economy. The two funds will focus on the development of some 50 business hotels in sub-Saharan Africa, including Angola, and investments in commercial infrastructure, such as seaports, airports, and roads. The FSDEA is expected to be further funded by the sale of approximately 100,000 barrels of crude per day………………………………………..Full Article: Source

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