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Olam International increases 7-Year Bond Issue by $US 100 million to raise a total of $US 500 million

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According to the Press Release, “Olam International Limited (“Olam” or the “Company”), a leading global, integrated supply chain manager of agricultural products and food ingredients, today announced that after the successful launch of Convertible Bonds to raise US$400 million on 2 September 2009, it has increased the issue size of its recently launched 6.00 per cent. convertible bonds due 2016 by an additional US$100 million, bringing the total issue size to US$500 million.

Olam had previously granted the Joint Lead Managers an upsize option for the issue of up to an additional US$100 million in principal amount of convertible bonds (“Upsize Option”).

The Joint Lead Managers have today exercised the option for the full US$100 million. The exercise of the Upsize Option will provide Olam with additional funds to realize the Company’s recently announced six year strategy, and further term out its debt profile. The entire US$100 million in convertible bonds, pursuant to the Upsize Option, will be placed by the Joint Lead Managers (“Placement”) to Breedens Investments Pte Ltd (“Breedens”), a substantial shareholder of Olam and an indirect wholly-owned subsidiary of Temasek Holdings (Pte) Ltd, which marks its second investment in Olam in the last three months.”

read more: Olam Press Release

Robert Priestley Exits Future Fund and ASX Boards

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Robert Priestley who was a member of Australia’s Future Fund Board of Guardians has resigned. He is the former the Chief Executive Officer of J.P. Morgan Australia and New Zealand (left in May 2017). He also resigned from his director role at ASX Limited. Priestley remains the non-executive chairman of J.P. Morgan Australia and New Zealand.

In a released statement by Priestley, he said, “Given my decision to step aside from the ASX board, I think it is also appropriate that I step aside from the Future Fund board of guardians.”

Australia and New Zealand Banking Group Ltd (ANZ) is in hot water with Australian regulators, facing criminal cartel charges on an ill-fated institutional placement. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, June 20, 2018

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State Street Launches Real Assets Fund Services Group

State Street Corporation formed a real assets fund services group in anticipation of further growth in world of global infrastructure investing. This newly-formed group will leverage the company’s existing real estate platform.

Cadillac Fairview Unveils Massive Building Project – Slated New HQ for OTPP

Cadillac Fairview is a real estate unit of the Ontario Teachers’ Pension Plan (OTPP). Cadillac Fairview, in a partnership with the Investment Management Corporation of Ontario (IMCO), revealed the construction of a new 46-storey office tower at 160 Front Street West, on the northeast corner of Front Street and Simcoe Street in downtown Toronto. This new building will be the headquarters of OTPP at 160 Front Street. This C$ 800 million development will be one city block from Union Station.

James Edwards Head to BMO Global

James Edwards was hired by BMO Global Asset Management to be director of U.K. sales. Previously, Edwards was a Fixed Income Product Specialist at BlackRock.

Peter Diamond Exits Deutsche Bank

Peter Diamond is exiting as Head of SSA Origination and Structuring at Deutsche Bank – a position he had in London.

Hideharu Ichii Joins AMP Capital

Hideharu Ichii left APG Asset Management Asia to join AMP Capital, effective July 2, 2018. Ichii took the position as a Portfolio Manager on AMP Capital’s global listed equity team in Hong Kong. Ichii was a Senior Portfolio Manager in listed real estate Asia-Pacific region at APG.

Keppel Corporation Sells Stake in Development

Shenyang SUNAC Xinxing Enterprise Management acquired a stake for US$ 43 million in the Keppel Township Development (Shenyang) Co. Ltd. from Keppel Corporation.

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Mauritius Aims to Sell Citizenship and Passports to Bolster National Wealth Fund

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The island country of Mauritius plans to offer foreigners a chance to obtain country citizenship in exchange for a non-refundable contribution of US$ 1 million to the national sovereign wealth fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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