Noruega se deshace de bonos de la periferia

Genevieve Signoret & Patrick Signoret

El fondo soberano noruego continuó su respuesta a la restructuración de deuda griega en la cual fue obligada a participar, vendiendo sus tenencias de bonos irlandeses y portugueses y reduciendo las de bonos españoles e italianos. (FT)

Norway’s oil sovereign wealth fund has sold all its holdings of Irish and Portuguese government debt and reduced its ownership of Spanish and Italian bonds as part of a continuing protest over its forced participation in Greece’s debt restructuring.

The fund, which has more than $600bn of assets under management and owns 2 per cent of all European equities, said the eurozone still faced big problems and that the Greek debt deal had worsened matters.

Norway’s oil fund, which has about 40 per cent of its assets in bonds, objected to the Greek debt restructuring on two grounds. Firstly, because it disliked how the European Central Bank, European Investment Bank and possibly other official entities managed to get their holdings excluded from the writedowns. The second was the retroactive use of so-called collective action clauses, which compelled the fund to take face-value losses of 53.5 per cent despite voting against the restructuring.

It therefore sold all its holdings of Irish and Portuguese government debt, which totalled NKr3.8bn and NKr743m, respectively, at the end of 2011. It has also slashed its Italian sovereign debt position from about €8bn in the middle of 2011 to about €3.5bn at the end of March this year.

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