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SWFI First Read, March 12, 2018

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Funding Circle Preps for IPO

Online lender Funding Circle Ltd., which is partly backed by sovereign wealth such as Temasek Holdings and venture capital firms such as Union Square Ventures, seeks to have an initial public offering (IPO). Funding Circle hired Goldman Sachs, Morgan Stanley, Bank of America Merrill Lynch and Numis Corporation to manage the IPO.

China’s National People’s Congress Will Vote on New Central Bank Governor

The People’s Bank of China (PBOC) will have a new central bank governor as Zhou Xiaochuan will be exiting. The National People’s Congress will vote on March 19, 2018 to appoint a new central bank governor.

PBOC Governor Notes Physical Cash Could be Obsolete

People’s Bank of China Governor Zhou Xiaochuan on March 9, 2018 at a press conference in Beijing made it known that the central bank is looking into digital currencies and that physical cash one day could be obsolete in China.

BIS Believes China, Canada and Hong Kong are Most at Risk for Next Banking Crisis

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GIC Gets Exposure to Exchange Tower through Primewest Vehicle

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Singapore’s GIC Private Limited funded a deal through a fund to acquire the Exchange Tower in Perth. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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SWFI First Read, December 13, 2018

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Turkey Wealth Fund Could Tap Debt Markets in 2019

Turkiye Varlik Fonu or Turkey Wealth Fund could be issuing a large bond in 2019. The loan would most likely be short term in nature with a maturity of two years and be syndicated.

Rahm Emanuel Suggests Bonds to Help Support Chicago Pensions

The outgoing Chicago Mayor Rahm Emanuel revealed a plan on possibly issuing US$ 10 billion in bonds in funding Chicago’s underfunded pension funds. Chicago’s four pension funds have an average funding ratio of 26%. In March 2016, the Illinois Supreme Court ruled an earlier pension reform law effecting employees and laborers’ pension funds that was signed by then Illinois Governor Pat Quinn that the law was unconstitutional.

SoftBank and Alibaba Back PT Tokopedia

PT Tokopedia is an Indonesian generalist e-commerce site. Tokopedia raised US$ 1.1 billion in an investment round led by the SoftBank Vision Fund and Alibaba Group. Softbank Ventures Korea and other investors participated in the round as well. William Tanuwijaya is the CEO and Co-Founder of Tokopedia.

Tikehau Capital and Total SA Form Low Carbon Fund

Tikehau Capital and Total SA created a private equity fund to focus on supporting the energy transition to cleaner sources of energy. The fund held a €350 million first close and raised money from investors such as Bpifrance and Groupama as anchor investors.

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Italian ANAS and RDIF Invest and Build the Fourth Section of Moscow’s Central Ring Road

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The Russian Direct Investment Fund (RDIF) inked a deal with ANAS S.p.A. (formerly known as Azienda Nazionale Autonoma delle Strade), the Italian state highway management company, to implement a concession agreement to build and operate the fourth section of the massive Moscow Central Ring Road. The transaction expects to be finalized in the first quarter of 2019. This is the final section of Central Ring Road, which is 96.5 kilometers long. According to the RDIF, “Under the terms of the concession agreement, the cost of construction is 85.4 billion rubles, of which the concessionaire will provide 49.7 billion rubles and private investors will provide 35.7 billion rubles.”

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