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Khazanah Issues Exchangeable Sukuk of US$ 357.8 Million

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The press release states, “Khazanah Nasional Berhad is pleased to announce the successful issuance of a seven-year benchmark exchangeable sukuk of USD357.8 million (“The Sukuk”), via an independent Labuan incorporated special purpose company, Pulai Capital Ltd., exchangeable into the shares of Parkson Retail Group Limited (“Parkson”), one of the largest department store operators in the People’s Republic of China.

The Sukuk was successfully priced through an accelerated book-building process on 14 March 2012, and at the tightest end of the price guidance at -0.25% yield to maturity and 30.0% exchange premium. The transaction drew a demand of 3.4 times book size, attracting a diverse group of over 100 investors comprising long only funds, hedge funds, arbitrage funds as well as asset managers across Asia and Europe.

The negative yield which translates to the willingness of investors to pay for participation in this transaction indicates their confidence in Khazanah’s solid credit standing and Parkson’s growth prospects, which is underpinned by the positive outlook of China’s consumption story.”

Read more: Khazanah Nasional Press Release

GIC Sells Arizona Biltmore to Blackstone

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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Mubadala Acquires Stake in Growing Hedge Fund Phoenician Capital

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Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Large Asset Managers Continue to Move Operations Out of California

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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.

While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.

The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.

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