German corporate investigates covered paper
IPE QUEST - A German corporate pension fund is looking to invest $50m (€35m) in euro-denominated covered bonds, and is conducting the search through IPE-Quest.
Details of QN1043 state the fund is looking to hire an active manager to look after assets benchmarked to the iBoxx € Covered TR, with a tracking error of 50-150 basis points.
No duration managing will be allowed, according to the tender notice, as outperformance must be by credit analysis only.
And interested firms must have minimum assets of $500m for this particular mandate and total assets of at least £1bn.
Performance must be delivered no later than 31 August, with a minimum track record of five years and stated net of fees to 30 June, 2009.