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Temasek Launches US$ 1.75 Billion in Guaranteed Notes

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The press release states, “Temasek Financial (I) Limited has launched the issue of US$1.75 billion 4.5% of guaranteed notes due 2015. This issuance is part of a US$5.0 billion Guaranteed Global Medium Term Note Program (the “Program”). Under the Program, notes issued by Temasek Financial (I) Limited, are fully and unconditionally guaranteed by Temasek Holdings (Private) Limited (“Temasek”). Temasek is rated AAA by Standard & Poor‘s and Aaa by Moody’s Investor Services.

The notes were marketed globally. The Joint Arrangers for the Program and the Joint Bookrunners for the issue are Deutsche Bank, Goldman Sachs and Morgan Stanley. In addition, DBS Bank, Deutsche Bank, Goldman Sachs and Morgan Stanley acted as Joint Lead Managers for the issue, which was also co-managed by Bank of America Securities, Calyon, Citigroup, HSBC, Société Générale Asia and Standard Chartered Bank.”

Read more: Press Release

Funds and Ownership, KKR Partners with Shinhan Financial

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South Korean financial giant Shinhan Financial Group Co., Ltd. reached a preliminary agreement with KKR & Co. to form a series of global buyout funds that could raise up to 5 trillion KRW. KKR and Shinhan signed a Memorandum of Understanding (MoU) in Seoul in early October. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Norwegian Government Recommends SWF Remains at Central Bank

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There was speculation that Norway Government Pension Fund Global (GPFG) could be managed outside of Norges Bank. The Norwegian government shot down this idea and recommended Norway’s GPFG remain in Norges Bank. This recommendation came in the form of a white paper submitted to the Norwegian Parliament, Stortinget.

Norway’s Minister of Finance Siv Jensen, commented in a press release, “The Government proposes a new and modernised governance structure for Norges Bank. Moving forward, this new structure lays the foundations for the sound management of the central bank and of the GPFG.”

Some Central Bank Recommendations

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Invesco Buys OppenheimerFunds for $5.7 Billion

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Invesco Ltd. signed a deal to acquire OppenheimerFunds, Inc. from Massachusetts Mutual Life Insurance Company (MassMutual). In turn, MassMutual and the OppenheimerFunds employee shareholders will receive a combination of common and preferred equity consideration, and MassMutual will become a significant shareholder in Invesco, with an approximate 15.5% stake. This strategic transaction will bring Invesco’s total assets under management (AUM) to more than US$ 1.2 trillion. The transaction is expected to close in the second quarter of 2019, pending necessary regulatory and other third-party approvals. The transaction gives Invesco access to more third-party distribution platforms.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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