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New York Fed Solicits Bids for MAX CDO Holdings in Maiden Lane III LLC

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According to the press release, “The New York Fed today announced that it has initiated a competitive bid process in response to several reverse inquiries for the MAX CDO holdings in the Maiden Lane III LLC portfolio (ML III). The New York Fed has directed BlackRock Solutions, the investment manager for ML III, to conduct a competitive bid process for the entirety of the MAX CDO holdings, consistent with past practices. All-or-none bids will be due on April 26, 2012, at which point the New York Fed will decide whether to sell depending on the strength of the best bid.

The following eight broker-dealers have been invited to submit bids for the MAX CDO holdings based on the strength of their expressions of interest in these holdings:

  • Barclays Capital Inc.
  • Citigroup Global Markets Inc.
  • Credit Suisse Securities (USA) LLC
  • Deutsche Bank Securities Inc.
  • Goldman, Sachs & Co.
  • Merrill Lynch Pierce, Fenner & Smith Incorporated
  • Morgan Stanley & Co. LLC
  • Nomura Securities International, Inc.

Consistent with the current investment objective of ML III, the New York Fed, through BlackRock Solutions, is exploring the sale of assets held by ML III, including the MAX CDO holdings. There is no fixed timeframe for the sales; at each stage, the Federal Reserve will sell an asset only if the best available bid represents good value for the public, while taking appropriate care to avoid market disruption.

Currently, the New York Fed publishes on its website each month a list of all the securities held by ML III. In order to allow the public to track progress of asset dispositions, the New York Fed will also provide a list of any holdings sold by ML III within the previous month. In addition, it will provide quarterly updates on total proceeds from sales, including a breakdown by counterparty. Finally, after ML III sells its last position, the New York Fed will provide further details regarding these transactions, including a security-by security listing that shows which entity purchased the security and the price it paid ML III, ensuring timely accountability without jeopardizing the ability to generate maximum sale proceeds for the public.”

Read more: Press Release

Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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