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Asset Owners Tepidly Embrace Emerging Market Debt Again

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Is it scarier investing in a double-digit yielding government bond from an emerging market or a negative-yielding sovereign bond from the West?

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2016 has been the year of sinking government bond yields. Satisfying income-starved asset owners such as pensions has become a major obstacle for both internal fund management and external fund managers. For the asset manager, this experience of low or negative bond yields, has spelled out fund manager redemptions in some cases. Fixed income giants such as PIMCO and Loomis Sayles have encountered mandate redemptions from mega institutional investors such as sovereign funds and pensions. Not to mention, factor-based bond and buy-and-hold bond strategies have gained favor in the world of developed market fixed income investing.

Increased Demand

A cadre of fixed interest asset managers are receiving some grace. According to SWFI Compass, an RFP and opportunity tracking service of SWFI, there has been a higher occurrence of emerging market debt RFPs and opportunities in recent months. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Japanese Government Capital Provides Initial Life for Texas Bullet Train

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Dallas-based Texas Central Partners, LLC is the developer of a proposed high-speed rail system, dubbed the Texas Bullet Train, between Dallas and Houston. Project costs are estimated between US$ 12 billion to US$ 15 billion. The developer secured US$ 300 million in project loans from Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the Japan Bank for International Cooperation (JBIC). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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