Norway sovereign fund expects to recover some SVB debt investment
6:49 am Monday, March 13th, 2023
OSLO (Reuters) – Norway’s sovereign wealth fund said on Monday it expects to recover some of the investment it made in the bonds of collapsed U.S. 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)
(Reporting by Victoria Klesty, editing by Terje Solsvik)
