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今年も４月６日から４月８日までコンラッド東京にて開催のプライベート・エクイティー・フォーラムには、日本のPE業界で活躍する数々のLP、ファンドマネジャー、シニアプロフェッショナル、企業家の方々にご参加いただいています。
基調講演
MARK MOBIUS
Executive Chairman
Templeton Asset Management Ltd
浜辺 哲也
産業資金課長
経済産業省経済産業政策局
イェスパー・コール
President & CEO
Tantallon Research (Japan) KK
浦西 友義
常務執行役員
(株) 東京証券取引所
2009年3月30日星期一
Mitsubishi UFJ Leads Biggest Asia-Pacific Bond Sales
Mitsubishi UFJ Financial Group Inc.’s bank unit led Asia-Pacific borrowers that sold $176.3 billion of bonds this quarter, the most in at least a decade, as investor demand for investment-grade debt returned.
New issues almost doubled from the same period last year, with Citigroup Inc., HSBC Holdings Plc and Barclays Capital managing a third of all sales in dollars, euros and yen for the region outside Japan, according to data compiled by Bloomberg.
Bank of Tokyo-Mitsubishi UFJ Ltd. sold 450 billion yen ($4.7 billion) of 2.75 percent notes in Japan’s biggest sale of corporate bonds, while Commonwealth Bank of Australia raised A$2 billion ($1.4 billion) from 4.5 percent, state-backed notes. South Korean steelmaker Posco raised $700 million from the region’s first non-guaranteed corporate dollar sale of the year.
“Most new deals are doing very well and liquidity is coming back,” said Arthur Lau, a Hong Kong-based fund manager with JF Asset Management Ltd., which oversees $128 billion. “Volatility has fallen because many hedge funds, which tend to engage in short-term trading, are being replaced by buy-and-hold, real money accounts such as banks. Fund managers are more than happy to invest in very, very high quality issuers.”
Asian corporate borrowers’ dollar bonds returned 4.4 percent this year after losing 13 percent in 2008, according to JPMorgan Chase & Co.’s Asia Credit Index. Borrowers are tapping demand for corporate debt after yields relative to government bonds fell more than 100 basis points from a record 953 basis points on Oct. 29, according to the Asia Credit Index.
New issues almost doubled from the same period last year, with Citigroup Inc., HSBC Holdings Plc and Barclays Capital managing a third of all sales in dollars, euros and yen for the region outside Japan, according to data compiled by Bloomberg.
Bank of Tokyo-Mitsubishi UFJ Ltd. sold 450 billion yen ($4.7 billion) of 2.75 percent notes in Japan’s biggest sale of corporate bonds, while Commonwealth Bank of Australia raised A$2 billion ($1.4 billion) from 4.5 percent, state-backed notes. South Korean steelmaker Posco raised $700 million from the region’s first non-guaranteed corporate dollar sale of the year.
“Most new deals are doing very well and liquidity is coming back,” said Arthur Lau, a Hong Kong-based fund manager with JF Asset Management Ltd., which oversees $128 billion. “Volatility has fallen because many hedge funds, which tend to engage in short-term trading, are being replaced by buy-and-hold, real money accounts such as banks. Fund managers are more than happy to invest in very, very high quality issuers.”
Asian corporate borrowers’ dollar bonds returned 4.4 percent this year after losing 13 percent in 2008, according to JPMorgan Chase & Co.’s Asia Credit Index. Borrowers are tapping demand for corporate debt after yields relative to government bonds fell more than 100 basis points from a record 953 basis points on Oct. 29, according to the Asia Credit Index.
2009年3月28日星期六
Nomura close to launching Asia-focused hedge fund
Nomura Holdings (8604.TO) is close to launching an Asia-focused hedge fund, people familiar with the situation said Wednesday.
The Japanese brokerage has committed US$200 million in seed money to the fund, which is being managed by former Lehman Brothers Holdings employees, one person said. Nomura bought Lehman's Asian and European operations last year and is in the midst of digesting its acquisition.
Trading for the new fund is slated to begin trading April 6, the person said. The intention is to spin out the fund into an independent entity at a later date.
The firm's hedge fund investments have turned out to be liabilities this year. Nomura took a JPY43 billion writedown on its 15% stake in U.S. hedge fund Fortress Investment Group in January. The Japanese broker is also among the biggest victims of Bernard Madoff's US$50 billion ponzi scheme.
Lehman Brothers, in its heyday, had lots of hedge fund interests. It founded and later spun off GLG Partners Inc. and remained the fund's largest shareholder with a 13.7% stake at the time of its bankruptcy filing.
The Japanese brokerage has committed US$200 million in seed money to the fund, which is being managed by former Lehman Brothers Holdings employees, one person said. Nomura bought Lehman's Asian and European operations last year and is in the midst of digesting its acquisition.
Trading for the new fund is slated to begin trading April 6, the person said. The intention is to spin out the fund into an independent entity at a later date.
The firm's hedge fund investments have turned out to be liabilities this year. Nomura took a JPY43 billion writedown on its 15% stake in U.S. hedge fund Fortress Investment Group in January. The Japanese broker is also among the biggest victims of Bernard Madoff's US$50 billion ponzi scheme.
Lehman Brothers, in its heyday, had lots of hedge fund interests. It founded and later spun off GLG Partners Inc. and remained the fund's largest shareholder with a 13.7% stake at the time of its bankruptcy filing.
Sovereign Wealth Funds Raise $3.22T, Eye Alts. Investments
Sovereign wealth funds have not escaped the effects of the global downturn, and some have seen their total assets fall considerably as a result of the drop in value of their investments.
But a new Prequin report says that the aggregate assets under management for sovereign wealth funds currently stands at $3.22 trillion, which although is not as big a growth as we have seen in previous years, still represents a 6% increase from a year ago when the figure stood at $3.05 trillion.
This growth is primarily due to the reclassification of China’s US$312 billion SAFE Investment Company as a sovereign wealth fund following its purchase of a number of public and private equity interests in 2008. Khazakstan has also formed a new fund—the US $29 billion Samruk Kazyna National Welfare Fund over the course of 2008, whileKorea is one of the existing funds that has boosted the assets of its SWF over the past year. These funds have counteracted the effects of declining total assets of some SWFs that have suffered as a result of poor investment returns in the wake of the global economic downturn.
So what are SWFs Investing in? While the majority of the capital is invested in stocks and bonds, SWFs carved out a 49% allocation to private equity and 38% to hedge funds.
“When the enormous collective total assets of sovereign wealth funds are considered, the potential effect that these investors can have on every area of finance becomes clear,” said Tim Friedman, head of publications at Preqin.
“Other institutional investors such as pension funds have been holding back on making new investments, and with traditional sources of financing drying up, and many industries desperate for a cash injection, sovereign wealth funds will be a vitally important source of capital in 2009. They will also be well positioned to take advantage of opportunities that arise as a result of the global downturn, and we have already seen an interest from SWFs in alternatives funds focusing on distressed markets, and also in the private equity secondaries market.”
But a new Prequin report says that the aggregate assets under management for sovereign wealth funds currently stands at $3.22 trillion, which although is not as big a growth as we have seen in previous years, still represents a 6% increase from a year ago when the figure stood at $3.05 trillion.
This growth is primarily due to the reclassification of China’s US$312 billion SAFE Investment Company as a sovereign wealth fund following its purchase of a number of public and private equity interests in 2008. Khazakstan has also formed a new fund—the US $29 billion Samruk Kazyna National Welfare Fund over the course of 2008, whileKorea is one of the existing funds that has boosted the assets of its SWF over the past year. These funds have counteracted the effects of declining total assets of some SWFs that have suffered as a result of poor investment returns in the wake of the global economic downturn.
So what are SWFs Investing in? While the majority of the capital is invested in stocks and bonds, SWFs carved out a 49% allocation to private equity and 38% to hedge funds.
“When the enormous collective total assets of sovereign wealth funds are considered, the potential effect that these investors can have on every area of finance becomes clear,” said Tim Friedman, head of publications at Preqin.
“Other institutional investors such as pension funds have been holding back on making new investments, and with traditional sources of financing drying up, and many industries desperate for a cash injection, sovereign wealth funds will be a vitally important source of capital in 2009. They will also be well positioned to take advantage of opportunities that arise as a result of the global downturn, and we have already seen an interest from SWFs in alternatives funds focusing on distressed markets, and also in the private equity secondaries market.”
2009年3月26日星期四
ChinaAMC to recruit a full QDII team in HK
China Asset Management (ChinaAMC), the leading fund house in China, has completed the renovation of its branch office in Bank of China Tower and is ready to open -- once it has filled the floor space with 20 or so investment staff. This is the second China fund house to open an office in Hong Kong after China Southern Fund Management set up in Exchange Square last July.
Right now, portfolio manager Tian Gan is sitting alone in the ChinaAMC office, poring over CVs and market data in the middle of a large empty space. James Qiang, senior manager responsible for international business visiting from ChinaAMC's Beijing office, says except for key management positions, the fund house is ready to hire locally.
This is great news for headhunters and job applicants who have been affected by the current hiring freeze imposed by most international and local houses.
On the investment side, ChinaAMC will fill positions in research, investment management, trading, and compliance from the local talent pool. While on the business development side, QFII sales will initially be covered by Beijing, says Qiang. ChinaAMC's international team is headed by John Li and includes business director Pearl Chen and Qiang himself.
With more fund houses on the way, including E-fund and Harvest which have recently received local licenses from the Hong Kong Securities & Futures Commission, business in booming in the sector, according to a headhunter specialising in the QDII niche.
However, even with an unprecedented wave of 'sea turtles' (Chinese who had spent the earlier decade roaming Wall Street and The Square Mile) returning to China, she says there is still a finite pool of mainland Chinese that match the fund houses' requirements.
Qiang says ChinaAMC is confident that things will improve for QFII businesses this year and the fund house has been able to negotiate a number of mandates with well-respected names. The firm is mainly targeting overseas pension and insurance investors.
Interest from the Middle Eastern and the sovereign wealth fund sector is positive but so far lukewarm. Business from foreign university endowment funds -- a key sector receiving QFII approvals from the China Securities Regulatory Commission and the State Administration of Foreign Exchange -- is close to non-existent as more universities are tapping into their own alumni network in their search for investment managers.
Tokyo Firm Makes Run At Asian Convertibles
A Tokyo private equity firm is planning to exploit opportunities in Asian convertible bonds with a new fund or managed account program. Wakabayashi Fund portfolio manager Jeff Stone will invest in convertibles of “credit-worthy” growth companies listed in Asia.
“We can also buy existing private or public convertible bonds from distressed sellers that we know at discounts (30% to 50% haircuts) and restructure the CBs with the issuers directly to allow conversion later when the market returns,” he wrote in an email. “Currently, banks are not lending while hedge funds and prop desks have either shut down or in cash mode. So, in our opinion, there is little competition for deals. But the time for investing is now not later.”
China alone has issued some US$17 billion of convertible bonds since 2005, with some issuances now offering yields of between 30% and 70% with put dates in 2010—stemming from real estate developers with solid assets to road construction equipment suppliers to integrated solar energy manufactures listed on the New York Stock Exchange.
Stone said that the strategy’s value-add won’t be just finding the investment targets but also in one-on-one private negotiations and post investment monitoring with each portfolio company.
“These are very time consuming steps not provided by external banks but have proven to be rewarding for investors,” he claimed.
He’s confident that the strategy can achieve 30% internal rate of return, given the current valuation where most companies are trading in the low single digit enterprise value. And as Asia resumes its growth, he said the strategy would revert to growth capital investments including pre-initial public offering convertibles to maximize investment returns.
“It is our opinion after the storm, China and Asia in general will regain growth given the unquestionable long term dynamics in the region. Asian balance sheets are also healthier than they were in the last Asian Crisis,” he said.
Wakabayashi has offices in Tokyo and New York.
Daiwa’s China Fund Raises $300 Million as Investors Seek Growth
Daiwa Securities Group Inc. said its fund that invests in China’s yuan-denominated ‘A’ shares has raised the 30 billion yen ($300 million) it was targeting, as Japanese sought alternatives to slumping local equities.
Tokyo-based Daiwa, Japan’s second-biggest brokerage, said it stopped accepting internet applications last week for the Daiwa China A Fund, which begins business tomorrow and is run by Daiwa Investment Asset Management Co. China’s A shares are available only to the nation’s citizens and to qualified foreign institutional investors.
“Sales of investment trusts in January and February weren’t good, so we had some doubts about sales,” said Ryuji Sato, General Manager at Daiwa’s Investment Trust Department. “We can expect China’s government to move quickly on the economy, and our clients see the rebound in A-shares as a chance to recover their investment losses.”
The Shanghai Composite Index, which tracks the city’s A shares, climbed 22 percent this year, the best-performing major index in Asia, according to data compiled by Bloomberg. Japan’s Topix Index is the second-worst performer, with an 11 percent slump.
In November, mutual funds sold in Japan that invested in China-related equities had a net inflow for the first time in 11 months, according to Daiwa Fund Consulting Co. As of the end of February, the 41 funds managed 350 billion yen, a 10 percent increase from the previous month.
China was named a “noteworthy” equity market by 47 percent of individuals surveyed last month by Rakuten Securities Economic Research Institute, topping the poll. India followed with 32 percent, and the U.S. was third with 28 percent.
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