Caisse Getting Ready for the Next Big Move?
Frederic Tomesco of Bloomberg reports, Caisse Pension Fund May Borrow More After C$8 Billion Program, Sabia Says : The Caisse de Depot et Placement du Quebec, Canada’s biggest pension fund manager, isn’t ruling out selling more bonds after completing an C$8 billion ($7.8 billion) borrowing program three months ago, Chief Executive Officer Michael Sabia said. The Caisse in June sold 750 million euros ($1 billion) in 3.5 percent bonds maturing in 2020 through its CDP Financial unit, the last step in a seven-month plan to replace short-term borrowings with longer-term debt. As of June 30, the Montreal- based Caisse, which manages Quebec’s public pension plan, had net assets of C$135.8 billion. “We did the C$8 billion that we set out to do,” Sabia said Sept. 28 in an interview at Caisse headquarters in Montreal. “We dealt with the most pressing problem. Whether or not down the road at some point we decide to do something else, that’s possible. I won’t necessarily rule that out.” The latest