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Are Credit-Linked Notes Dangerous for Public Funds?

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Public investors that have restrictions participating directly into credit swaps or desire access to a diverse pool of credit investments are choosing to invest some capital in credit-linked notes (CLN). Public pensions such as CalPERS have classified credit-linked notes as an opportunistic asset class given the historical level of risk associated with structured investments. In Europe, cash-focused public pension funds have been gobbling up CLNs. Historically, credit-linked notes have been purchased by financial institutions, high net worth individuals, and opportunistic institutional investors. CLNs tend to have higher yields and customized maturity structures, a unique benefit for smaller pension funds, but not for investors keen on liquidity. The lack of counterparties makes it challenging to get out of credit-linked note trades. Banks like credit-linked notes because they can effectively sell certain credit exposures.

Are synthetic credit products making a comeback?

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MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

Development Details

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