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Carador Eur Share Discussion Threads
Showing 101 to 125 of 125 messages
|Thanks JONWIG and will revert to the new Board|
|Solarno - discussion is more active on the other thread (see CIFU), since the original 'CIF' - the shares - has expired.
Edison cover both CIFU as well as GLIF.
In simplistic terms, CIFU is further along the road in inoculating its CLO portfolio from market risk by transfer of income to preserve capital.
In a severe market upset, though, I have no idea which of the two would take the bigger hit - GLIF is leveraged at company level, but CIFU at CLO level.|
|In view of Greenwich (GLIF) results today and increased dividend with a yield of 10.4% does anybody have any up to date comments on CIF yielding over 14% please|
|Creditflux note from Fri 21 Sep 12:
Spike in CLO equity prices boost GSO fund as manager ploughs into primary
GSO Capital's Carador Income Fund has had a strong month with the fund up by 9.61% during August. In its monthly report, the manager outlines that it has benefited from the sharp rise in CLO equity prices recently. Creditflux's index for secondary market CLO equity is currently sitting on 92.6 its highest ever standing.
In July, Carador announced that it had raised $125 million of US dollar class C shares. The manager reports that it has now traded 41% of the proceeds and has been particularly active in the primary CLO market in the double-B space. It says that it has bought the double-B notes in un-named CLOs managed by Invesco, GSO, AMMC and Nylim presumably in the new issue market with all four managers having priced deals in the last two weeks.
|Interim results out (link to pdf in header).
This is worth noting, from the Outlook (p7):
Given the macroeconomic environment we remain cautious on the outlook going forward. However, the specifics of the Carador portfolio, namely its focus on US corporate credit risk, provide some mitigation. We believe there are two main catalysts for an increase in default rates: firstly, an increase in the pressure on corporate balance sheet liquidity resulting in companies being unable to pay interest when due and/or breaching lending covenants; and secondly, an inability to refinance debt prior to maturity. We take comfort on both points from the diversity of the Carador portfolio and the ability historically of the US debt capital markets to address refinancing and the historically good performance of the CLO managers Carador has invested with.
So it's been a good ride so far, and we shouldn't get too carried away.|
|dendria - thanks for keeping up with the newsflow for us.
I'm too busy to follow my stuff in great detail these days, but I did pick up the warning that defaults may increase.
The 'fiscal cliff' and possibility that the US might drift back into recession makes me wonder whether I should trim back my holding at some point, but transfers to capital should cushion the effect, and we're getting so used to increased payouts here that maybe we should be more relaxed about the possibility of a cut.|
|Comment from Dexion just posted on the Carador News page:
Dexion Capital, 22nd August 2012, "Dexion Daily Digest, Carador Income - July NAV"
Dexion comment: "The strong performance in July of the ordinary share NAV (+4.8% NAV total return) again showed the benefit of receiving income. The first two months of a calendar quarter (with a bias to the first month) have historically shown to have the strong cash-flow receipts for the portfolio. As the pricing of the CLO assets does not fully adjust for the cash-flow, the NAV performs strongly. The strong performance takes the NAV total return for this year to 24.4%, an impressive return. With the strong NAV for July, the premium on the ordinary shares was 3.3%, similar to the C shares despite the latter not being fully invested and the ordinary share portfolio likely to have benefitted from further cash-flow during August. The ordinary shares therefore look better value and with defaults remaining low (the trailing 12 month default rate on US senior loans was 1.0% at the end of July and was 2.0% for US high yield bonds), return prospects remain strong in the short-term, although defaults are expected to increase in the medium term.".|
|Monthly report for Jul 12 out now too:
|Singer Capital Markets, 22nd August 2012, 'Carador Income Fund Plc - Exceptionally Strong NAV Performance'
"The continued recovery and lack of volatility in financial markets plus strong underlying cashflows have combined to deliver one of the strongest monthly performances on record for Carador. Underlying, pre the dividend payment, the NAV rose by 4.81%, even post the US$3.4¢ dividend, the NAV rose by 1.0% to US$90.01¢. Gross cashflows on the income note portfolio rose 20.44% which included the first time contribution from two recent acquisitions - like-for-like payments rose 10.7%. This drove distributable income per share up 18.25% to US$2.24¢ (US$1.89¢) per share. The majority of the income note positions that pay in the rest of the quarter are still amortising and we expect the effect of CLO manager performance fees to further impact gross payments hence distributable income will not continue to rise at this rate - our working assumption is for flat distributable income in the remainder of the quarter. Nonetheless this rise in distributable income firmly underpins our current forecast of at least a maintained US$3.4¢ Q3 dividend."|
|Cash flow up to a comfortable looking 1.62X.
I think you mean $0.0189 in 2Q?|
|2Q income announced: $0.0224 against $0.0189 in 2011, increase of 18.25%.
Bodes well for increased dividend this coming quarter.|
|Quite a significant one-day rise. I hope we're not going to take off quite yet as I'm not fully invested - that's despite CIFU being my largest holding by far. I expect that now CIFU is effectively a $500M+ company it will start to appear on the radar of a number of new institutionals and indices after the latest C share issue is converted.|
|Simple soul that I am. Thanks for explaining to me the blinding obvious|
|It's around 4 x 2.16p = 8.64p annualised
8.64p/59p = 14.6%
The 91 you quote is US$c (around 59p)|
|Does that mean the yield is 4 x 2.16 = 8.64 :- 91 = 9.49 %
What if anything have I missed as I thought the dividend yield was around 14%|
|Got my dividend through today (2.16p).|
|They are USD denominated shares but not US domiciled - there is no US withholding tax.|
|Specuvestor, they're Irish dividends surely? The fund is based in Ireland.|
|$ dividend takes about a week. The euro divi would often take up to 4 weeks with selftrade and TD Waterhouse. Thankfully the euro shares were converted to $ shares this year.
Dont forget to complete your W-8BEN form to save on witholding tax for USA dividends.|
|My dividends have always been many days after the payout date (IWeb).|
|Has the dividend landed in anyone's account yet ? Payout date was 30th July (Monday). According to my broker (XO who are owned Jarvis)they are still awaiting the distribution cheque, then need to process the cheque and convert the funds into GBP from USD. Is this some kind of runaround by XO ? Thought most dividends are electronically transferred.|
|Carador Income Fund plc (the "Company" or "Carador") is pleased to announce that it has conditionally raised US$125 million (before costs) through a placing of U.S. Dollar C Shares in the Company. The placing was oversubscribed.|
|I believe we are 'qualifying non-resident persons' not subject to any dividend withholding tax. I expect to receive around £2.16p via IWeb ($3.4c at the conversion rate applied by IWeb, say 0.636) - just as my previous dividends. Annualised this is around 14.6%. All mine are held in an ISA account.|
|thanks jonwig :)|
|rford - can't help with the tax angle, though I suspect Irish taxation isn't reclaimed by your ISA provider.
I have some (different) USD shares in my ISA (T D Direct) who translate all USD dividends to GBP at, as you say, a shoddy rate!|