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Norway’s Sovereign Wealth Fund Changed its Course on Greek Debt

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UPDATE – January 28, 2015: Standard & Poor’s is considering downgrading Greece’s credit. The ratings agency is concerned whether Greece can continue to service its debt.

Correction: Originally the article mentioned NBIM buying large swaths of Greek debt in 2010. NBIM had a position in Greek debt and since December 2008, the value of the fund’s holdings in Greek debt and amount has decreased dramatically since then. Second note, the value exchanged was less than 2 million NOK.

Norway’s sovereign wealth fund had a position in Greek government bonds before 2007. Bond shops like PIMCO back in 2010 still viewed Greece as too risky, seeing an eventual default or debt restructuring. In March 2012, the sovereign fund’s investments in euro-denominated Greek government bonds were exchanged for new bonds issued by the Greek government and the European Financial Stability Facility (EFSF) as part of a restructuring of Greece’s debt. Norges Bank Investment Management (NBIM), the manager of Norway’s sovereign wealth fund, voted no to the Greek debt restructuring. NBIM opposed the special treatment given to certain bondholders, being subordinated to the European Central Bank (ECB).

The deal left a sour taste in NBIM’s mouth and other bondholders. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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