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European Asset Owners Rally Behind Billion Plus EM Green Bond Fund

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The International Finance Corporation (IFC) and French asset manager giant Amundi revealed the close of a US$ 1.42 billion green bond fund focused on capacity-building activities in emerging markets, made possible with backing of a number of European pensions, including France’s Etablissement de Retraite Additionnelle de la Fonction Publique (ERAFP), and Swedish funds Alecta, AP3, and AP4.

Thought to be the world’s largest targeted green bond fund to date, the Amundi Planet Emerging Green One (EGO) saw its start with a US$ 256 million cornerstone investment from the IFC, and is approximately 80% funded by private financiers, with the remaining 20% coming from public institutions.

Catalyst

Launched nearly a year ago, the Luxembourg-listed fund is expected to deploy up to US$ 2 billion in funds towards emerging market green bonds through 2025 as proceeds are reinvested over the course of its seven year lifespan – and thereby increase the capacity of banks in the developing world to fund climate change-related investments. Investment guidelines for the fund stipulate that capital will initially go towards listed securities issued by sovereign and quasi-sovereign financial institutions that will be screened against a robust set of internationally recognized environment, social, and governance (ESG) criteria. Geographically, the fund will maintain a minimum exposure of 15% in each of its three target regions: Eastern Europe and the Mediterranean, the Americas, and Asia. Approximately 30% of the fund’s capital has been invested so far, according to Jean-Jacques Barbéris, co-head of institutional clients coverage at Amundi.

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Crown Court Dismisses Charges on Barclays Qatar Loan Deal

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Barclays can breathe some fresh air for now over a high-profile corporate case. In February 2018, the U.K. Serious Fraud Office (SFO) had brought charges against Barclays and Barclays Bank in regard to the capital raising deals made in 2008. The bank could have lost its banking license, if found guilty of the charges. A number of bank executives were personally charged as well.

The Charges

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Mubadala Participates in PLT Platform Expansion

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The Russian Direct Investment Fund (RDIF) corralled a number of Middle Eastern funds, including the Mubadala Investment Company, to augment investment exposure to a logistics infrastructure investment platform called Professional Logistics Technologies (PLT). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ireland Finance Minister Donohoe Reveals Rainy Day Fund Targeting €8 Billion

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On May 23, 2018, Ireland Finance Minister Paschal Donohoe revealed that Ireland is planning to create a new rainy day fund, setting aside approximately €8 billion in the medium-term to buffer the country from future economic shocks. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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