Norway Sovereign Fund Anticipates Recovering Some Of Its Investment In SVB Debt

Norway Sovereign Fund Anticipates Recovering Some Of Its Investment In SVB Debt

Norway Sovereign Fund Anticipates Recovering Some Of Its Investment In SVB Debt
The Norwegian sovereign wealth fund said on Monday that it expects to recoup some of its investment in the bonds of the failed US bank SVB Financial Group.

“This is the biggest U.S. bank collapse since the financial crisis. We are closely monitoring the situation in the market,” a spokesperson for the fund said in an email to Reuters.

“We expect to get some money back on our credit exposure, but it is premature to say how much,” she added.

As of Wednesday’s market close, the fund held 1,699 million Norwegian crowns ($159.5 million) in SVB equities and 1,103 million crowns in bonds.

($1 = 10.6528 Norwegian crowns)

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Author: AfriOkay

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