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Sovereign Wealth Funds Briefing 08.Dec 2011

Posted on 08 December 2011 by VRS |  Email |Print

Sergio Trigo PazSovereign wealth funds of emerging economies are showing an unprecedented level of interest in emerging market bonds as part of a deepening institutional commitment to the asset class, says BNP Paribas Investment Partners.
“What we are seeing is a record amount of RFPs (requests for proposals) for emerging debt (mandates) from sovereign wealth funds. These are sovereign wealth funds from top-notch emerging markets. We are not seeing developed world sovereign wealth funds,” Sergio Trigo Paz, chief investment officer for global emerging fixed income at BNP Paribas Investment Partners, told the Reuters 2012 Investment Outlook Summit on Wednesday………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

The rise of sovereign wealth funds signals a shift in the balance of economic and financial power in the world, with fast-rising powers creating sovereign wealth funds to invest vast sums of relatively new-found wealth.
Discussions and analyses of sovereign wealth thus tend to focus on international relations and politics. But many SWFs have existed for decades, and some of these older SWFs are owned by US states………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

The Sovereign Wealth Fund (SWF) will be onshore managed, offshore invested and onshore spent. Department of Treasury Deputy Secretary, Economic and Financial Policy, Andrew Yauieb said that the SWF will be fully integrated in budget and fiscal framework and in line with international best practice; there will be governance, transparency, disclosure, accountability and asset management rules.
Yauieb said within the SWF Integrated Governance, on-shore managed, it has the Stabilisation Fund and the Development Fund………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

Singapore state investor Temasek Holdings is looking to raise up to S$600 million ($468 million) from the sale of zero coupon bonds exchangeable into shares of Hong Kong trading company Li & Fung Ltd, IFR reported on Wednesday.
Temasek, which holds a 3 percent stake in Li & Fung according to its last annual report, declined comment………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

Temasek Holdings Pte is selling as much as S$600 million ($467 million) of bonds exchangeable into shares of Li & Fung Ltd. (494), the Singapore state-owned investment company’s second equity-linked debt sale in two months.
Temasek, rated AAA by Standard & Poor’s, sold S$500 million of the zero-coupon bonds maturing in 2013, according to a Singapore stock exchange filing today. The bonds are exchangeable into Li & Fung stock at a 40 percent premium to yesterday’s closing price. Credit Suisse Group AG (CSGN), the sale’s arranger, has the option of offering a further S$100 million within 30 days of settlement, according to the filing………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

Singapore investment company sells S$500 million of two-year bonds exchangeable into Hong Kong-listed Li & Fung and once again investors jump at the chance to buy a triple-A rated credit.
The deal came less than two months after the Singapore investment company sold S$800 million worth of exchangeable bonds (EB) into Standard Chartered and was clearly designed to take advantage of the strong demand for that first transaction………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

State Oil Fund of Azerbaijan (SOFAZ) has determined itself with starting period of new investment tools application. SOFAZ’s Executive Director Shahmar Movsumov stated that approval of the Fund’s new investment policy is expected after Head of the State endorses SOFAZ’s budget for 2012.
“We will pass it in our Supervisory Board and then submit for approval to the country President. Starting from next year we will start applying new investment tools,”- Sh. Movsumov said………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

By the end of the year, the assets of the State Oil Fund of Azerbaijan (SOFAZ) will be at least $30bn, its CEO Shahmar Movsumov has said. He noted that the fund has not yet executed all transfers to the state budget envisaged for that year: “After the transfers, the SOFAZ assets will be at least $30bn”.
Movsumov also said that if the oil price next year makes up $80 per barrel, the SOFAZ assets in 2012 will remain changeless at $30bn………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

Receipts of State Oil Fund of Azerbaijan (SOFAZ) have risen from $ 500 million up to over $32 bn since 2001. SOFAZ’s Executive director Shahmar Movsumov has stated that less than half of receipts received by the fund have been spent.
“In 2010-11 SOFAZ’s receipts made $63,8 bn. During this period the expenditures made $29,7 bn and the rest is kept in Fund budget and are being managed on transparency principle “,- Sh. Movsumov said………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

Canada-based fertilizer producer PotashCorp said on Wednesday it is comfortable buying phosphate sourced from the disputed Western Sahara territory after Norway’s finance ministry announced it would exclude the company from investments as a result of ethicals concerns.
Norway’s Ministry of Finance said in a 6 December statement that it has excluded PotashCorp from its investment fund for ethical reasons because the company purchases phosphate from Morocco-based Office Cherifien des Phosphates (OCP), which extracts the rock in Western Sahara………………………………………..Full Article: Source

Posted on 08 December 2011 by VRS |  Email |Print

Benjamin C. Weston was named global head of alternative investments at the Abu Dhabi Investment Authority. The position is new, fund spokesman Erik Portanger said. Based in Abu Dhabi, Weston will report to Khalifa Almheiri, executive director of the alternative investments department.
Weston was CEO of Helvetica Wealth Management Partners, which is partially controlled by the state of Qatar and Credit Suisse. Helvetica officials could not be reached for information about Weston’s replacement………………………………………..Full Article: Source

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