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Sovereign Wealth Funds Briefing 09.Jun 2014

Posted on 09 June 2014 by VRS |  Email |Print

Saudi Arabia is preparing to launch its first sovereign wealth fund to manage budget surpluses from a rise in crude prices estimated at hundreds of billions of dollars, state media reported Saturday. The central bank has managed investment of the kingdom’s foreign currency reserves until now, much of it in US Treasury bonds.
The consultative Shura Council is due to discuss a draft law for the National Reserve Fund in meetings Monday and Tuesday in Riyadh, state news agency SPA reported. The report gave no indication of whether any change in investment strategy was envisioned………………………………………..Full Article: Source

Posted on 09 June 2014 by VRS |  Email |Print

Singapore sovereign wealth fund GIC is making waves in the Asian debt markets with a series of unusually big investments in bonds from China.
According to market sources, in recent weeks, GIC has bought US$700m of unrated 4.7% bonds due 2019 from computer maker Lenovo, a US$400m 2019 private placement from property developer Vanke, and a HK$2bn (US$258m) 3.2% 2020 note from internet group Tencent Holdings………………………………………..Full Article: Source

Posted on 09 June 2014 by VRS |  Email |Print

Hard-to-please Malaysian sovereign wealth fund Khazanah Nasional pulled its US$500m exchangeable sukuk last Wednesday, even though the book was covered within the range and highly aggressive terms were available.
In a message to investors, Khazanah said the book was well oversubscribed within two hours of launch, with orders from more than 50 high-quality investors, but said price sensitivity prevented it from achieving its pricing objectives. The deal had traded below par in the grey market, indicating subdued demand………………………………………..Full Article: Source

Posted on 09 June 2014 by VRS |  Email |Print

Canary Wharf Group Plc (SBD) and Qatar’s sovereign-wealth fund won approval from Communities Secretary Eric Pickles to build almost 900 homes and about 75,000 square meters (800,000 square feet) of offices at Royal Dutch Shell Plc’s London headquarters on the banks of the River Thames.
Construction on the project in the city’s Waterloo district will begin later this summer, Canary Wharf Group and Qatari Diar Real Estate Investment Co. said in a statement today. Pickles asked to review the plans in September, saying the development may affect views of the Parliament area on the opposite side of the river………………………………………..Full Article: Source

Posted on 09 June 2014 by VRS |  Email |Print

Credit Suisse Group AG (CSGN), the Swiss investment bank which advised Qatar on some of its most high-profile investments, said it’s gaining deals on merit and not because of the Gulf state’s status as a key shareholder.
Qatar and Credit Suisse are boosting ties after the gas-rich nation took a stake in the bank and bought its London headquarters. Switzerland’s second-largest lender and Qatar Holding, a unit of the emirate’s sovereign wealth fund, also formed Aventicum Capital Management in 2012 to boost emerging-market investments. Hangari also heads that business………………………………………..Full Article: Source

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