An unnamed Belgium-based institutional investor is using IPE’s pre-RFI tool to carry out a preliminary search for mortgage loans strategies.
According to search DS-2688, the investor may have €15-20m to invest in European loans. It is after a pooled strategy.
No feedback will be provided for this Discovery. The final closing date is 11 May at 5pm UK time.
FRR retenders US dollar investment grade corporate bond mandates
France’s Fonds de réserve pour les retraites (FRR) is retendering a set of active management mandates for US dollar investment grade corporate bonds.
The €26.3bn investor said that, on a purely indicative basis, it estimated that the total amount to be allocated could up be up to €2.5bn.
The incumbent managers are AXA, BTF (MacKay Shields), BlackRock, Morgan Stanley Investment Management, and Wells Fargo.
FRR allows investment grade managers to invest up to 15% in high yield bonds within the limit of a BB- rating. This can accommodate potential downgrades but is aimed at taking advantage of perceived inefficiencies at the point of crossover from investment grade to high yield.
FRR controls overall risk-taking by telling its asset managers they cannot exceed 150% of the benchmark’s duration times spread, which is a standard for measuring the volatility of a corporate bond.
Last year FRR retendered its euro-denominated investment grade corporate bond mandates and at the same time launched a search or high yield managers.
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