SWEDEN - AP2, Sweden's Skr126.7bn second national pension fund, is expected to tender for one or more global bond managers early next year.
Ole Petter Langeland, head of fixed income and foreign exchange said: “We are in the process of finalising our request for proposals (RFPs) and we are likely to launch it in the New Year.
“We have allocated around Skr20bn towards the bonds portfolio but we have not finalised the exact amount that will be up for tender.”
One mandate is expected to cover combined global and specialised credit while another will focus purely on specialised credit, down to investment grade.
AP2 has yet to determine whether the new bond mandates will be in the form of specialist of balanced briefs, segregated or pooled funds.
Four percent of the total fund portfolio is global credit and 12% is government bonds.
The scheme, which manages up to 40% of its assets in fixed income instruments, will not target emerging markets or high yields, Langeland said.
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