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Origin said based on the early votes received the original offer would not have won support. Under the new terms, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion ($8 billion). Origin shareholders would receive a total of A$9.08 per share, with an additional A$0.22 if EIG got up to 90.1% control of Origin. Institutional investors who have already voted on the A$9.43 offer can choose to change or keep their vote, or opt to invest in the energy markets business.

Persons: Dado Ruvic, EIG, Chris Bowen, Scott Murdoch, Lewis Jackson, Miral Fahmy, Lincoln, Sonali Paul Organizations: Brookfield, REUTERS, Companies Brookfield, Origin Energy, Brookfield ., EIG Partners, Australia Pacific LNG, Brookfield consortium's, Energy, Thomson Locations: SYDNEY, Brookfield, Sydney, Australian, Australia

☆ Dutch election: what's at stake for markets after far-right Wilders' victory
▼ + stars: | 2023-11-23 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Dutch politician Geert Wilders, the leader of the PVV party, speaks during the final debate between the lead candidates in the Dutch election before polls open on Wednesday, in The Hague, Netherlands, November 21, 2023. REUTERS/Piroschka van de Wouw/File Photo Acquire Licensing RightsAMSTERDAM, Nov 23 (Reuters) - A shock win for Geert Wilders's far-right, anti-EU Freedom Party in Dutch elections has set the stage for months of uncertainty. However, Wilders took a more pragmatic approach during the campaign and he will need to collaborate with pro-EU parties if he wants to govern. Opponents of a critical pension fund reform, which went into effect in July, now have a majority in parliament. There is broad support for raising taxation on banks, including from Wilders' party, which also backs taxing lenders' windfall profits from higher interest rates.

Persons: Geert Wilders, de, Geert Wilders's, Mark Rutte, Wilders, Marcel Klok, Klok, WILDERS, Rutte, van Zanden, Rabobank's van Zanden, Banks, ING's Klok, Joost Beaumont, Yoruk, Amanda Cooper, Toby Chopra Organizations: REUTERS, Rights, EU, Party, ING, European Union, Rabobank, ABN AMRO, Thomson Locations: The Hague, Netherlands, Dutch, Europe

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Nov 23 (Reuters) - A Brookfield-led consortium's A$16.3 billion ($10.61 billion) bid for Origin Energy (ORG.AX) is expected to fail after the largest shareholder in Australia's biggest energy retailer said it would vote against the offer at an investor meeting on Thursday. The energy company's shares closed on Wednesday at A$8.42, up 1.69%, but well below the offer price of A$9.43 per share. If everyone thought it was going ahead the share price would be higher," he told Reuters. Brookfield and Origin Energy declined to comment on Thursday's vote. Origin shares remain 2.1% lower than last week's close and have traded well below the offer price since the new bid arrived, suggesting investors were pessimistic of its success.

Persons: Dado Ruvic, EIG, Jamie Hannah, I'm, Macquarie, Ian Myles, Scott Murdoch, Lewis Jackson, Miral Organizations: Brookfield, REUTERS, Rights, Origin Energy, Newmont Corp, Newcrest Mining, Brookfield Corp, Energy, VanEck, Reuters, Thomson Locations: Brookfield, Sydney

☆ Euro zone's shadow banks face risk of margin calls, ECB says
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 22 (Reuters) - Euro zone shadow banks face the risk of receiving large margin calls or client redemptions they cannot meet because they do not have enough cash on hand, the European Central Bank (ECB) said on Wednesday. The ECB said liquidity buffers among shadow banks - an umbrella term for funds, insurers and other non-bank financial intermediaries (NBFI) - were "very low", exposing them to the risk of running out cash at times of market stress. Insurance companies and pension funds (ICPF) that use derivatives could be exposed to the risk of "large margin calls", the ECB added, citing those suffered by their UK peers last year as a precedent. "Any sharp increase in sovereign bond yields or a spike in financial market volatility could expose those ICPFs which use interest rate derivatives to large margin calls," the ECB said. The central bank reiterated its call for introducing regulation for shadow banks like the one that governs traditional lenders, including liquidity requirements and stress tests.

Persons: Francesco Canepa, Mark Potter Organizations: European Central Bank, ECB, Insurance, Thomson Locations: FRANKFURT

The A$300 billion ($195.24 billion) pension fund was against the original offer, which it also said substantially undervalued the company's ability to profit from Australia's shift to renewable energy. Under the new terms offered by Brookfield, the A$9.43 per share bid remains but some investors can stay invested in the energy markets business that would be owned by Brookfield. Brookfield's consortium partner EIG Partners would take on Origin's integrated gas business which includes the 27.5% stake in Australia Pacific LNG (APLNG). If that bid fails to achieve 75% shareholder support, an alternative proposal has been lodged that would see Origin sell the energy markets business to Brookfield for A$12.3 billion. DONE TALKINGFollowing the announcement of the revised offer, EIG CEO Blair Thomas told Reuters that he was done talking to AustralianSuper.

Persons: Dado Ruvic, Australia's, EIG, Scott Perkins, Blair Thomas, Allan Gray, Simon Mawhinney, Mawhinney, Chris Bowen, Scott Murdoch, Lewis Jackson, Praveen Menon, Lincoln, Sonali Paul, Jamie Freed Organizations: Brookfield, REUTERS, SYDNEY, Brookfield ., EIG Partners, Australia Pacific LNG, Reuters, Brookfield consortium's, Energy, Thomson Locations: Brookfield, Sydney, Australia

☆ Britain's Hunt broadens push to unlock pension pots for growth
▼ + stars: | 2023-11-22 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

By 2030, the majority of workplace DC savers will have their pension pots managed in schemes of over 30 billion pounds, and by 2040, all local government pension funds will be invested in pools of 200 billion pounds or more," Hunt told parliament. Hunt said such changes could help unlock an extra 75 billion pounds ($93.46 billion) of financing for high growth companies by 2030, and improve returns for pensioners. The British Business Bank will set up a new growth fund for schemes to invest in growth companies, and there will be a consultation on giving the Pension Protection Fund a new role to help consolidate direct benefit schemes, he said. The government also wants to allow certain portions of shares - fractional shares - within ISAs. ($1 = 0.8025 pounds)Reporting by Huw Jones Editing by Frances Kerry and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeremy Hunt, Hannah McKay, Hunt, PIMFA, William Wright, Huw Jones, Frances Kerry, Bernadette Baum Organizations: REUTERS, British, London Stock Exchange's, Aquis Exchange, DC, British Business Bank, Local, ISA, Labour Party, Labour, New, Thomson Locations: London, Britain, New York, ISAs

☆ US high-grade corporate bond spreads to tighten in 2024 :JPM
▼ + stars: | 2023-11-21 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 21 (Reuters) - Spreads on U.S. corporate high-grade bonds are likely to tighten in 2024, according to JPMorgan (JPM.N). In a report published on Monday, JPMorgan forecast that returns on high-grade bonds will reach new highs in 2024 that will continue through the end of the year. The bank anticipates total returns on high-grade bonds climbing to 12.4% by year-end 2024 from 1.8% currently. Lower new bond supply next year will contribute to high-grade spreads' tightening, according to the report. At the same time as it expects high-grade spreads to tighten next year, JPMorgan forecast that high-yield bond spreads will widen.

Persons: Brendan McDermid, HG, Matt Tracy, Marguerita Choy Organizations: Wall, REUTERS, JPMorgan, HG, Federal Reserve, Treasury, UST, Thomson Locations: New York, U.S

☆ Australia regulator targets 'carbon neutral' claims in greenwashing crackdown
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Office buildings are seen amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. ASIC has filed three lawsuits alleging unfounded environmental claims by two pension funds and a personal finance platform, and named so-called greenwashing as one of its priority enforcement areas for 2024. she added.,The regulator would hold investment distribution platforms accountable for the products they sell. So far, the regulator had issued interim orders to stop the distribution of some 80 investment products which it considered inappropriate. "For a number of those stop orders, the issuers of the products did step back, they've corrected ... and they've reissued it," she said.

Persons: Loren Elliott, Sarah Court, they've, Byron Kaye, Ayushman, Subhranshu Sahu, Miral Organizations: Central Business District of, REUTERS, Australian Securities and Investments Commission, Thomson Locations: Central Business District of Sydney, Australia, Melbourne, Sydney

☆ Zambia's troubled debt restructuring efforts
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsLONDON, Nov 21 (Reuters) - Zambia's debt restructuring has been a complex, three-year process, which suffered a serious setback on Monday when bilateral creditors, including China, effectively ordered it secure more debt relief from international funds that hold its sovereign bonds. 2020: The country requests to have its debt payments frozen under the G20-led Debt Service Suspension Initiative (DSSI) due to COVID-19. In May, Zambian President Edgar Lungu’s government hires French firm Lazard to advise on restructuring the cash-strapped southern African nation’s $11 billion worth of foreign debts. 2022: Negotiations continue with bondholders for debt relief and restructuring deals. Angry bondholders say the OCC is demanding debt relief from them that is materially higher than either Zambia's government or the International Monetary Fund deem necessary.

Persons: Yuri Gripas, Edgar Lungu’s, Lazard, Lungu’s, Hakainde Hichilema, Marc Jones, Sharon Singleton Organizations: Monetary Fund, REUTERS, Zambian, China, Export, Import Bank of China, OCC, International, Fund, Thomson Locations: Washington , U.S, China, Zambia

☆ Highlights of Canada's fall economic statement
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

Canada's Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland walk holding the 2023-24 budget, on Parliament Hill in Ottawa, Ontario, Canada, March 28, 2023. REUTERS/Patrick Doyle/File Photo Acquire Licensing RightsOTTAWA, Nov 21 (Reuters) - Following are some of the commitments the Canadian government made in its Fall Economic Statement released on Tuesday. *invest an additional C$15 billion in new loan funding, starting in 2025-26, for the Apartment Construction Loan Program, for a total of more than C$40 billion in loan funding. This investment will support more than 30,000 additional new homes, bringing the contribution to more than 101,000 new homes supported by 2031-32. *propose to spend C$50 million over three years, starting in 2024-25, to support municipal enforcement of restrictions on short-term rentals.

Persons: Justin Trudeau, Chrystia Freeland, Patrick Doyle, Steve Scherer, David Ljunggren Organizations: Canada's, Finance, REUTERS, Rights OTTAWA, Affordable Housing Fund, Canadian Mortgage Charter, Canadian Radio, Telecommunications Commission, Canadian Transportation Agency, Canada Mortgage, Thomson Locations: Ottawa , Ontario, Canada

☆ Structural demand for US debt strong despite bond market volatility - Moody's
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsNov 20 (Reuters) - The structural demand for U.S. debt which underpins the dollar-based global financial system remains strong against the backdrop of recent Treasury market volatility, Moody's Investors Service said on Monday. The firm added U.S. financial regulators have undertaken a series of measures to improve Treasury market resilience and efficiency, and that it expects the market structure will continue to evolve. "Going forward, as the Fed reduces its Treasury holdings, foreign central banks, pension funds, insurance companies and households will be stabilizing factors in the market," Moody's said in a client note. Earlier this month, Moody's lowered its outlook on the U.S. credit rating to "negative" from "stable" citing large fiscal deficits and a decline in debt affordability. Treasury yields have soared this year on expectations the Federal Reserve will keep monetary policy tight, as well as on U.S.-focused fiscal concerns.

Persons: Carlo Allegri, Moody's, Manya Saini, Shounak Dasgupta Organizations: New York Stock, REUTERS, Moody's Investors, Treasury, Reserve, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru

The logo of Australian energy company Origin is pictured in Melbourne, Australia, July 3, 2016. REUTERS/Jason Reed/File Photo Acquire Licensing RightsSYDNEY, Nov 13 (Reuters) - Australian pension fund AustralianSuper said on Monday it had rejected an "eleventh hour" offer from a Brookfield-led consortium and its partner EIG to drop its opposition to their $10.5 billion bid for Origin Energy and join the takeover. AustralianSuper said it was Origin Energy's largest shareholder, but did not specify the size of its stake as it has done in previous releases. Brookfield argues its bid, which comes with the commitment of A$20 to A$30 billion worth of investment, will decarbonise Origin Energy faster than if the company remains in public hands. However, AustralianSuper said on Monday it was also open to stumping up cash to fund Origin's transition.

Persons: Jason Reed, AustralianSuper, EIG, Luke Edwards, Lewis Jackson, Alasdair Pal, Stephen Coates Organizations: REUTERS, Rights, Origin Energy, Financial, Brookfield, Renewable, Thomson Locations: Melbourne, Australia, Brookfield, Sydney

☆ US bond investors with mild recession concerns on the rise -BofA
▼ + stars: | 2023-11-13 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

Corporate bond investors are more selective with their funds, as their cash levels declined in November from September, according to the BofA survey. Investment-grade investors shifted to debt maturing between five and 10 years, while high-yield investors positioned more into debt maturing in one to three years. Some 41% of junk bond investors (compared to 24% in September) expect those rated BB to outperform, followed by B and BBB. The combination of attractive yields and recession concerns has made investment-grade bonds a popular choice for junk bond investors. Both high-grade and junk bond investors were underweight debt issued by companies in the industrial and telecom sectors at the time of the survey.

Persons: BofA, Matt Tracy, Andrea Ricci Organizations: Bank of America, BBB, Thomson Locations: U.S

SYDNEY, Nov 13 (Reuters) - Australia's financial position will be more precarious and credit rating at risk should the government succumb to the temptation to spend the sovereign wealth fund on political projects, its outgoing chair said in a speech on Monday. The A$205 billion ($130 billion) Future Fund will come under pressure to fund state priorities as an aging population reduces taxpayers and consumes a larger chunk of spending, Chairman Peter Costello said on Monday at a UBS conference in Sydney. "As government's financial position declines, I expect we'll see more plans to spend it," he said. "Once it is spent there is nothing to offset government sovereign debt, unfunded pension and unfunded military claims. Once it is spent the pressure to raise taxes and borrow more will accelerate."

Persons: Peter Costello, Costello, telco, Lewis Jackson, Stephen Coates Organizations: SYDNEY, UBS, Labor, Liberal, Australia's AAA, telco Telstra, Thomson Locations: Sydney, China

☆ LSEG chief Schwimmer: IPOs to return 'when the environment stabilises'
▼ + stars: | 2023-11-10 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +3 min

LSEG (London Stock Exchange Group) CEO David Schwimmer speaks during the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. "IPOs will come back, when the environment stabilises and improves," Schwimmer told Reuters in an interview in Singapore. "The reforms that the FCA is putting through, they're moving relatively quickly, but the markets move quickly too. LSEG bought Refinitiv for $27 billion in early 2021, turning the exchange into a major market data company overnight to challenge rival Bloomberg. Schwimmer said the roll0out of the new partnership product in 2024 will make it easy for customers to use LSEG data in a cloud environment.

Persons: David Schwimmer, Brendan McDermid, Schwimmer, LSEG, Vidya Ranganathan, Lawrence White, Sharon Singleton, Tomasz Janowski Organizations: London Stock Exchange Group, Reuters, REUTERS, Rights, European Union, Amsterdam, London, EU, Bloomberg, Thomson Reuters, Reuters News, Investors, Microsoft, Thomson Locations: New York City , New York, U.S, Rights SINGAPORE, London, New York, Singapore, Ukraine, Gaza, LSEG

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Nov 9 (Reuters) - Proxy advisor CGI Glass Lewis on Thursday recommended Origin Energy (ORG.AX) shareholders vote in favour of a $10.5 billion bid from a consortium led by Canada's Brookfield (BN.TO), despite opposition from the target's largest shareholder. Brookfield and EIG Partners last week offered a "best and final" A$9.53 per share for Origin after raising a previous bid. Australia's largest pension fund AustralianSuper opposes the offer and intends to use its 15% stake to vote against the deal at a Nov. 23 shareholder meeting. Origin Energy shares traded 1.9% higher at A$8.905 at 2 p.m. AEDT (0300 GMT) and are up 5.1% since the close of trade on Nov. 2, when AustralianSuper rejected the improved offer. Reporting by Scott Murdoch and Lewis Jackson; Editing by Leslie Adler and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Glass, Canada's Brookfield, AustralianSuper, Glass Lewis, Scott Murdoch, Lewis Jackson, Leslie Adler, Jamie Freed Organizations: Brookfield, REUTERS, Rights, Energy, EIG Partners, Services, Origin Energy, Australia Pacific LNG, Thomson Locations: Brookfield, Australia

☆ UniCredit, RBI among banks on hook for $2.4 bln in Signa loans -source
▼ + stars: | 2023-11-09 | by ( Alexandra Schwarz-Goerlich | ) www.reuters.com time to read: +3 min

RBI, which the person said had sharply reduced its exposure to the Signa group in recent years, declined to comment on Thursday. The European Central Bank (ECB), which supervises the banks, declined to comment. Raiffeisen Landesbank Niederoesterreich-Wien, Raiffeisen Landesbank Oberoesterreich and Erste Group are also among the banks with exposures to Signa, the person said. The other two Austrian banks declined to comment. A spokesperson for Austria's central bank said it had no concerns about the country's financial stability, when asked about Signa's financial position.

Persons: UniCredit, Signa, Rene Benko, Fitch, Landesbank, Banks, Arndt Geiwitz, Francesco Canepa, Tom Sims, Elisa Martinuzzi, Alexander Smith Organizations: Signa Group, Chrysler, Raiffeisen Bank, Bank, European Central Bank, ECB, Reuters, Erste Group, Erste, Austria's National Bank, Market Authority, Thomson Locations: VIENNA, Banks, Austria, Bank Austria, Wien

☆ Private equity superstores overstock the shelves
▼ + stars: | 2023-11-08 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

LONDON, Nov 8 (Reuters Breakingviews) - Private equity investors seem happier these days shopping for returns at specialty shops over supermarkets. U.S. private equity funds raised some $240 billion in the first nine months of 2023, according to research outfit PitchBook, 13% less than a year earlier. New York-based CD&R in August raised $26 billion for its 12th-generation private equity fund while Eurocentric CVC managed an even more eye-popping $29 billion in July. A better explanation, from the consultants who advise LPs on where to put their cash, is that private equity supermarkets may be cannibalising themselves. Until they can prove otherwise, the more scattered private equity superstores risk losing more ground to the specialists.

Persons: Clayton, Blackstone, Steve Schwarzman, Marc Rowan, don’t, Rowan, Rob Lucas, Blackstone’s, they’re, Lucas, Jeffrey Goldfarb, Thomas Shum Organizations: Reuters, Rice, CVC Capital Partners, Apollo Global Management, Blackstone Capital Partners IX, “, IX, CVC, Apollo, Blackstone, U.S, Thomson Locations: Dubilier, New York, Blackstone, Asia, Luxembourg, Europe, Americas

☆ Massive surge in the buying of Israel Bonds from the United States
▼ + stars: | 2023-11-08 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +4 min

It also makes 2023 a record year for Israel Bonds. Two counties in Florida, Broward and Palm Beach, also bought Israel Bonds in the last four weeks, as did Ohio's Franklin County. A spokesperson for the bank called the sales part of "a more than 35 year relationship with Israel Bonds." Celal Gunes | Anadolu Agency | Getty ImagesExecutives at Israel Bonds said about $250 million of the total raised in the last month came from individual investors, large and small, throughout the United States, who purchased the bonds directly. Naveh, the CEO of Israel Bonds, lives in the town of Savyon, just east of Tel Aviv.

Persons: Jack Guez, Israel Bonds, Celal, Dani Naveh, Nir Elias, Thomas DiNapoli, Ilan Rosenberg Organizations: Development Corporation, Israel, Palestinian, Afp, Getty, Finance, Bonds, Israel Bond, Bank, Cleveland, Key Bank, of American University, Washington , D.C, Anadolu Agency, CNBC, Gaza, Reuters, Hamas, Gaza Ministry, Health, New York State, New York Locations: United States, Palestinian, Tel Aviv, Israel, Florida , New York , Alabama, Arizona , Ohio , Illinois , Texas, Georgia , Oklahoma , Nevada , Louisiana, South Carolina , Indiana, Pennsylvania, Florida , Broward, Palm, Franklin County, New Jersey, Gaza, Washington ,, Petah Tikva, Savyon, Kibbutz Be'eri

☆ Here's what Britain's venture capital limited partners are backing: men
▼ + stars: | 2023-11-07 | by ( Tasmin Lockwood | Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

The institutional investors plying Britain's venture capital sector with cash have a penchant for backing funds owned entirely by men. All-male-owned firms raised 10 times more capital than funds owned by their female counterparts between 2017 and 2023, according to a report by impact fund Ada Ventures. A similar disparity was found among mixed-gender funds, which raised almost five times less than the male-owned funds. Those firms raised around 6.6 billion pounds during that period. Venture capital's diversity issues are well documented but there has been a slew of women leaving the industry this year.

Persons: VCs, Ekaterina Alamasque, Warner, Alamasque Organizations: Ada Ventures, Diversity, Google, Venture, Partners, Women

☆ Proxy firm ISS recommends vote in favour of Brookfield-led consortium's Origin Energy bid
▼ + stars: | 2023-11-06 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSYDNEY, Nov 7 (Reuters) - Proxy advisory firm Institutional Shareholder Services (ISS) has recommended investors vote in favour of a Brookfield-led consortium's $10.5 billion bid for Australia's Origin Energy (ORG.AX). Brookfield and EIG Partners has offered A$9.53 per share for Origin Energy. AustralianSuper, which holds a 15.03% stake, has said it believes the consortium's bid substantially "undervalues" Origin and will vote against the offer. Brookfield will take ownership of Origin's energy markets business if the vote is in favour of the bid, while EIG's MidOcean Energy will gain a 27.5% stake in Australia Pacific LNG (APLNG). In that scenario, EIG will own Origin and sell the energy markets business to Brookfield, meaning remaining shareholders, including AustralianSuper, will own only APLNG.

Persons: Dado Ruvic, Scott Murdoch, Paul Simao Organizations: Brookfield, REUTERS, Rights, Services, Origin Energy, EIG Partners, Shareholders, Energy, Australia Pacific LNG, Thomson Locations: Brookfield, Australia, Sydney

☆ Moody's creates private credit rating and research group
▼ + stars: | 2023-11-06 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +1 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Nov 6 (Reuters) - Ratings agency Moody's (MCO.N) is creating a unit to research and rate private credit, the firm said on Monday. The global private credit market, with more than $1.3 trillion in assets under management, makes up about 12% of the alternatives market, investment firm BlackRock said in a recent report. Private credit is largely owned by buy-and-holdinvestors such as pension funds, endowments, foundations and insurance companies, the report said. "The rapid growth of the private credit market in recent years has introduced new challenges and opportunities for investors, who are looking for fresh analysis from a trusted source," said Moody's president Michael West. The private credit group will have a team of more than 50 analysts in different geographies looking into private credit in institutions such as business development companies, collateralized loan obligations, insurance and asset management companies.

Persons: Andrew Kelly, Ana Arsov, BlackRock, Michael West, Moody's, Arsov, Simon Harris, Tatiana Bautzer, Rod Nickel Organizations: Moody's Corporation, REUTERS, Moody's Investors Service, Thomson Locations: Manhattan , New York, U.S

The funds available for deals are growing as investors including pension funds, sovereign wealth and insurance firms look for meaty returns hard to find in today's equity markets, especially in the beaten-down real estate sector. Australian real estate specialist Qualitas (QAL.AX), whose backers include the Abu Dhabi Investment Authority, has nearly doubled funds under management to A$8 billion ($5.07 billion) since mid-2022, with roughly half the increase since this June. U.S.-based PGIM Real Estate expects to deploy a further $1 billion in the country over the next few years, said its head of Australian real estate Steve Bulloch. Lenders are expanding into residential and commercial construction as banks slow lending or exit, a March report from the Reserve Bank of Australia (RBA) said. JUICY RETURNSInvestors can expect returns from 9% to 11% with the added security of loans pledged against real assets like condos or warehouses, often with a 30% to 40% equity buffer, said Paul Notaras, executive director at Barings Real Estate Australia.

Persons: Stella Qiu, meaty, Steve Bulloch, JUICY, Paul Notaras, Notaras, Qualitas, Andrew Schwartz, Bonds, We've, Schwartz, Lewis Jackson, Rae Wee, Jamie Freed Organizations: REUTERS, Abu, Abu Dhabi Investment Authority, Commonwealth Bank, National Australia Bank, Westpac, ANZ Group, International Monetary, Reserve Bank of Australia, Australia, prudential, Reuters Graphics Reuters, Thomson Locations: Parramatta, Sydney, SYDNEY, Australian, Abu Dhabi, Australia, Qualitas, Singapore

Nov 6 (Reuters) - EIG Partners Chief Executive Blair Thomas said on Monday he is confident a Brookfield-EIG consortium can win support for its $10.5 billion bid for Origin Energy (ORG.AX) despite opposition from the Australian electricity and gas firm's top shareholder. Pension fund AustralianSuper said on Monday it had increased its stake in Origin to 15.03% from 13.67% and the A$9.53 per share bid remained "substantially" below its estimate of long-term value. Origin will hold a shareholder meeting on Nov. 23, where it will urge investors to vote in favour of the deal. If the deal is successful, Brookfield will take ownership of Origin's energy markets business, while EIG's MidOcean Energy will gain a 27.5% stake in Australia Pacific LNG (APLNG). Thomas confirmed both Brookfield and EIG had discussed with AustralianSuper the possibility of it participating in the deal earlier this year.

Persons: Blair Thomas, AustralianSuper, Thomas, EIG, Scott Murdoch, Lewis Jackson, Archishma Iyer, Edwina Gibbs Organizations: EIG Partners, EIG, Origin Energy, Brookfield, Energy, Australia Pacific LNG, Reuters, Thomson Locations: Brookfield, Australia, Bengaluru

☆ China basic pension fund posts 0.33% investment gain in 2022
▼ + stars: | 2023-11-04 | by ( ) www.reuters.com time to read: +1 min

A view of the city skyline, ahead of the annual National People's Congress (NPC), in Shanghai, China February 24, 2022. REUTERS/Aly Song/File Photo Acquire Licensing RightsSHANGHAI, Nov 4 (Reuters) - The basic pension fund managed by China's social security fund gained 5.1 billion yuan, or 0.33% in 2022, down from a 4.9% gain in 2021, the National Council for Social Security Fund said on Saturday. China's stock benchmark CSI 300 (.CSI300) lost 21.6% in 2022 and so far this year is down 7.4%. The basic pension fund manages a total 1.62 trillion yuan by the end of 2022, and has posed an annual average gain of 5.4% since the end of 2016, when the national social security fund started to manage the pension's investment. Separately, the national social security fund reported a 5.07%, or 138 billion yuan loss for the year of 2022, it said in a report in September.

Persons: Aly, Michael Perry Organizations: National People's Congress, REUTERS, Rights, National Council for Social Security Fund, CSI, Shanghai, Thomson Locations: Shanghai, China

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