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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

SWFI First Read, June 21, 2018

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PSP Investments Nears Deal on Azelis

PSP Investments and EQT Partners (through fund EQT VIII) are in exclusive talks to acquire Belgium-based Azelis S.A. from funds managed by Apax Partners. Formed in 2001, Azelis is a specialty chemicals and food ingredients distributor. The transaction is subject to regulatory approvals.

Oxford Properties Wins Rights on Barangaroo Office Development

Melbourne-based Grocon Pty Ltd selected Oxford Properties, the real estate unit of OMERS, as a preferred partner for it’s a A$ 2 billion, 5.2-hectare Barangaroo Central project development. This is an office tower development. Oxford Properties essentially won the rights toward the project (rumored at a price of A$ 100 million), freeing the developer from a high-cost finance deal with Maxcap, a lender.

Investment Management Corporation of Ontario Selects Jean Michel as CIO

The Investment Management Corporation of Ontario named Jean Michel as chief investment officer. This role is effective July 3, 2018. Michel was executive vice president, advisory services to depositors and strategic analysis, at Caisse de Depot et Placement du Quebec (CDPQ).

Wil Warren Named President of Lexington Partners

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Large Public Asset Owners Commit to Goodman Brazil Logistics Partnership

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Canada Pension Plan Investment Board (CPPIB) unveiled plans to commit 500 million BRL (C$ 175 million) in equity for a 20% interest in the newly established Goodman Brazil Logistics Partnership to invest in prime logistics and industrial assets in the key gateway cities of São Paulo and Rio de Janeiro. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Supports Two European Aquaculture Transactions

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Mubadala Investment Company is keen on growing exposure to agribusinesses whether in farming or aquaculture. With money from Mubadala and AMERRA Capital Management LLC, Andromeda Group acquired Nireus SA (at 74.34% stake) and Selonda SA at (79.62% stake), two European aquaculture companies that focus on sea bream and sea bass. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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