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Qatari Diar Readies $3.5 Billion Bond Issue

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Sidenote: More Sovereign Entities are raising debt capital, leverage:  We have seen this also with Mubadala, Temasek, and many other Gulf Sovereign Vehicles.

Qatari Diar, a property arm of Qatar’s sovereign wealth fund, will issue a $3.5 billion bond denominated in dollars in the coming weeks with five and 10-year maturities, a source close to the matter said on Tuesday. The issue will come through a syndicate of local and international banks including HSBC, Barclays Capital, Standard Chartered and QNB Capital, the investment banking unit of Qatar National Bank, the source said.

Qatari Diar, which counts London’s Chelsea Barracks among its most high-profile overseas assets, holds a 45 percent stake in Qatar’s Barwa Real Estate company.

Qatar issued 10 billion riyals ($2.75 billion) worth of eight-year conventional and Islamic bonds with a coupon of 6.5 percent to local banks earlier in June.

Read more: Reuters

Egyptian Parliament Passes Draft Law on Misr Fund

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Egypt’s state news agency revealed the country is forming a sovereign wealth fund with initial capital of 5 billion Egyptian pounds, with 1 billion Egyptian pounds of that amount being immediately transferred from the Egyptian public treasury. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

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

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