Japan’s Bond Meltdown Spurs Questions Over $1.8 Trillion Pension Giant’s Next Move
Investors gaming how Japan can calm its volatile bond market and prop up the yen see a possible answer in the USD 1.8 trillion Government Pension Investment Fund (GPIF), Bloomberg reported.
As one of the world’s largest pension funds — and a trend setter for other Japanese institutions — the GPIF could help arrest the spike in yields by increasing its asset allocation to the country’s government bonds.
Vanke Buys Time in Debt Crisis as Bondholders Accept Delays
China Vanke won more breathing room as it prepares what would be one of the country’s biggest-ever restructurings, after holders of two yuan bonds accepted the developer’s plan to delay the bulk of those payments by a year, Bloomberg reported.
All holders of the two notes, which were both originally due in December, voted in favor of the revised extension plan. Under the proposal, Vanke would repay 40% of the principal on both its CNY 2 billion (USD 288 million) bond and its CNY 3.7 billion bond on 28 January. The remainder would be repaid in December.
Adani Energy Plans to Issue $500 Million Bonds in a Few Months
Adani Energy Solutions is looking to raise USD 500 million of bonds over the next 1-2 months to refinance higher-cost debt of similar value maturing in August this year, Bloomberg reported.
These bonds would be issued by its distribution unit Adani Electricity Mumbai, which has been steadily buying back bonds from the market to reduce debt on its balance sheet, Chief Executive Officer Kandarp Patel said at a post-earnings investor call.
Private Capital Boom Positions Singapore as M&A Hub for Complex Deals
A growing wave of private capital is fuelling mergers and acquisitions (M&A) across Southeast Asia, with Singapore emerging as a regional hub for increasingly complex cross-border deals, Straits Times reported.
Large family offices of the super-rich who made their wealth from innovation have joined corporates and strategic buyers, reshaping deal structures, risk allocations and exit routes across the region, Goldman Sach’s global head of M&A, Stephan Feldgoise, said.