SCANDINAVIA – A Scandinavian pension fund has tendered up to 130 million euros in emerging market debt via IPE-Quest.
The mandate may be managed on a segregate basis or as part of a mutual fund and will be benchmarked against the J P Morgan Emerging Markets Bond Index GD.
The portfolio must be fully invested, cash is only allowed temporarily and must not exceed five percent of the portfolio.
A minimum of 65% must be invested in liquid, hard currency sovereign debt. Up to 20% may be invested in local currency sovereign debt. The manager may also be allowed to invest up to 15% in corporate debt. The short selling of bonds is not allowed.
Investment in options, futures, forwards, repos, swaps, warrants, or other derivatives is not allowed unless written consent is obtained from the customer.
Also forbidden is investment in corporate bonds from companies who do not respect basic human rights or labour rights.
The closing date is March 8.