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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Euro Equity | EET | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 65.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 65.00 |
| Top Posts |
|---|
Posted at 22/12/2008 14:45 by cerrito Phoned up to make sure I understood what is going onThere will be E5.7m debt at Eibor +5% ie say 8.5 9% all in or E0.485m in interest charges a year compared to last year's of E2.6m. Last year interest and capital repayments were E4.7m..if we reduce that to say E3.8m deduct say E0.5m for interest and even assume that operating expenses will continue at E2m(and one assumes they will be lower) that still leaves E1.3m of cash flow surplus. There will be 927m new shares which added to the 98m existing ones totals 1,025m shares. Might as well hang in but will do more work A formal memo is coming out which should shed more light on all of this ie future cash flows, who will be the manager Currently anticipated that AIM listing will be maintained. I hope it is a good deal for the new investors who have dug into their jeans and paid out E30m odd to Citi..not sure if there was a better deal for us. A_L_S For practical purposes both figures should more or less be the same |
Posted at 08/5/2008 13:36 by isa23 I think the idea is to flush out the last remaining shaky hands. Soon every retail investor who'd wanted to sell will exit and share price could then move up. That's why you can now sell as many as 25000 shares in this illiquid market but can only buy 5000 shares online.Too much debt and potential breach of covenant was my main worry. Now that the company is reducing debt (albeit at the expense of divi) I am happier than ever to hold. EET still generates a healthy income, and at current price yields 9.4% |
Posted at 14/2/2008 10:45 by nickcduk MUMBAI (Thomson Financial) - Standard & Poor's Rating Services' fourthquarter 2007 index report for the Italian residential mortgage-backed securities (RMBS) market said average prepayments in the Italian RMBS market increased slightly by 50 basis points to 9 pct. Though the latest average prepayment increase is small, it confirms that a structural change in prepayment levels has taken place in the Italian RMBS market, S&P said. In 2006, average prepayments were between 5.0 pct and 6.0 pct, and in 2007 they increased to 6.7 pct in the first half and to 8.75 pct in the second half. Underpinning this shift in prepayment patterns are the lower costs associated with lower prepayments, the interest rate environment, and the degree of competition among mortgage lenders, S&P said. S&P said the interest rate environment which is affecting prepayments is also starting to put strain on certain mortgage products offered in the Italian RMBS market, but added the Italian RMBS market has robust securitization fundamentals. The ongoing easing of money market rates should reduce the strain on floating-rate mortgages going forward. Robust fundamentals should also facilitate a return to securitization when investor appetite and market pricing stability returns to this market, S&P said. TFN.newsdesk@thomson |
Posted at 24/1/2008 13:08 by ilancas From what you say, ISA, a 20% price hit seems overdone. But I guess investors (including me) don't really understand the inner workings of this share and will continue to steer clear.Can you explain what these prepayments are? |
Posted at 03/12/2007 17:54 by isa23 I'm enjoying the divi (up this quarter because of a stronger euro), but certainly not the share price As I am a longe term investor though, share price doesn't really bother me. I've had a good look at the Prospectus, and short of a full blown recession in europe, things should be ok. There is plenty of scope for residential properties in europe (ex-UK) to fall before we are hurt. If the fund had a greater exposure to the UK than it currently has though, I would have been worried. |
Posted at 02/8/2007 12:19 by simon gordon I just found this from the Telegraph which helps me understand the process:'Here's another possible solution in the quest for income when bond investments look so depressing - residential mortgage-backed securities. An investor who buys a RMBS is buying the right to part of the income from a portfolio of mortgages, which are usually sold by a bank into a special purpose entity. Mick Gilligan, of stockbroker Killick, recommends European Equity Tranche Income as an alternative to high-yield bonds. The fund is being launched by Ocean Capital Associates, a team of specialist investors in European RMBS issues. The part of the portfolio of mortgages that Ocean Capital specialises in buying is known as the equity tranche. Although it is the first to bear the brunt of any mortgage defaults, the fund's managers believe their specialist knowledge means they can make higher returns by taking on the higher risk. The trust's target yield is 8pc gross in its first year and 12pc thereafter. "Traditional fixed interest investments appear to offer little value at present," said Mr Gilligan. "The investment properties of the equity tranches of RMBSs mean that these investments tend to be less sensitive to interest rate changes than sovereign debt and have their credit risk spread across households rather than corporate bonds." |
Posted at 01/8/2007 15:44 by davebowler 1 August 2007 EUROPEAN EQ.TRANCHE INC.* [Buy] -------------------- EET.L / 51.00p / £51.00m European Equity Tranche Income will maintain quarterly dividends of EUR 0.02 and grow its NAV in our view. This equates to an annualised euro dividend yield on the current share price of 10.6%. We also expect the 20% discount on the fund to narrow as the market starts to recognise the stability of the underlying assets and income stream. The attached company announcement (published yesterday) details, for the first time since launch, information on all investments made to date including the average loan to value ratio for each investment and the seasoning (the weighted average age) of each underlying mortgage pool. Both the age of the pools and the loan to value ratios should give investors comfort in our view. This information has hitherto been withheld in the interests of keeping such information from EET's competition while EET was building its initial portfolio which now comprises 13 investments just one of which is in the UK, representing just 6% of net assets. EET sold in one Austrian investment for a profit in mid-July which should give comfort to investors that valuations are realistic, based on conservative assumptions and have not been affected by developments in the US. We have now had a series of updates: The company has repurchased 2 million shares thereby enhancing the NAV and demonstrating the board's confidence in valuations. An independent director has recently purchased shares. (Chairman, Robin Monro Daives already has a holding of 500,000 shares) Ocean Capital Partners has increased its exposure. A quarterly dividend of 0.02 EUR has been declared as expected and we fully expect EET to pay out dividend of at least 0.02 EUR per quarter going forward which offers an attractive prospective annual yield of 10.6% on the current share price.We also see decent prospect for capital growth. The portfolio is reported to beperforming in line with or better than expectations. The portfolio is now well diversified geographically and is exclusively exposed to prime pools of mortgages - primarily in countries where consumers are less leveraged, where loan to value ratios are attractive and where the loans are well-seasoned. EET has no exposure to sub-prime pools. EET is probably the only fund of its kind to have reported a positive total NAV return since launch (even after allowing for 2.7% Italian loss). A discount has emerged reflecting indiscriminate selling and we recommend buying the shares at current levels. Target price: 65p (~27% above the current share price) Tom Tuite-Dalton, 020 7012 2012, tomtuite-dalton@arbu -------------------- Specific disclosures for European Equity Tranche Income: Arbuthnot acts as broker for European Equity Tranche Income Arbuthnot has agreed to publish research at least annually on European Equity Tranche Income Arbuthnot acts as a market maker or liquidity provider for European Equity Tranche Income |
Posted at 01/8/2007 15:41 by davebowler 31 July 2007European Equity Tranche Income Limited ("EETI" or the "Company") Investment Portfolio Following the latest Investment Update on 13 July 2007 Ocean Capital Associates LLP, the Investment Manager of the Company, is pleased to provide further details of the Company's investment portfolio. As of 30 July 2007 and as set out in the table below, the investment portfolio currently comprises: * 13 investments in Continental European prime residential mortgage backed securities ("RMBS"). * 1 investment in a German granular multi-family commercial mortgage backed securities ("CMBS"). * 1 investment in a UK, prime niche RMBS. The key highlights of the the Company's investment portfolio are as follows: * The current IRR of the portfolio is 10% * The current IRR of all assets purchased by the Company is between 9% and 11% * The above IRR are booked under a base case, loss-adjusted scenario determined by the Investment Manager and reviewed by the Auditors of the Company. * Since inception and up to 30 July 2007 the portfolio has generated a total cash flow of EUR 13.4 million (including interest and principal but excluding assets sales). This cash flow is in line with the projections of the base case scenario. * On 15 July 2007, the Company sold its investment in a rated security collateralised by Austrian auto loans purchased in October 2006 for EUR 8.1 million; this sale generated a profit of approximately EUR 25,000. No other disposals have been made by the Company since inception. * Geographical Breakdown Country % of Portfolio Book Value as of 30 July 2007 --------------- -------------------- Italy 34% Portugal 22% Spain 16% Netherlands 10% Germany 9% UK 6% France 3% Total 100% EETI INVESTMENT PORTFOLIO AT 30 JULY 2007 Current Original Current Underlying rating by Average Portfolio Originator / Purchase Collateral Underlying Issue Country SP/F/M LTV (1) Seasoning (2) Servicer Date at Origination ==================== Lusitano Mortgages Portugal NR 73% 4.7 years Banco May Approx. 3 plc Espirito 2006 21,500 first Class E Notes Santo SA or consecutive lien prime residential mortgages -------------------- Lusitano Mortgages Portugal NR 74% 3.6 years Banco May Approx. 4 plc Espirito 2006 19,450 first Class B of Citrine Santo SA or Finance plc consecutive Series lien prime 2006-3 residential mortgages -------------------- Lusitano Mortgages Portugal NR 72% 2.7 years Banco Dec Approx. 5 plc Espirito 2006 22,350 first Class E Notes Santo SA or consecutive lien prime residential mortgages -------------------- Stichting Memphis Netherlands NR/B/B2 92% (5) 3 years ING (and/or July Approx. 2006-1 affiliates) 2006 18,320 first Class G Notes or consecutive lien prime residential mortgages -------------------- Shield 1 BV Netherlands B/B/B2 80% 5 years ABN AMRO (and/ May Approx. Class F Notes or affiliates) 2006 154,000 first or consecutive lien prime residential mortgages -------------------- FCC Minotaure France NR n.a. 2.3 years Electricite de May Approx. 2004-1 France (EDF) 2006 12,350 Class R Notes housing loans to employees of EDF, GDF, RTE or GRTGaz -------------------- Sestante Finance Italy NR 69% 3.2 years Meliorbanca May Approx.5,180 Srl SpA (and/or 2006 first lien (Sestante 2) affiliates) prime Class C of Citrine residential Finance plc Series mortgages 2006-2 -------------------- Sestante Finance Italy NR 69% 2.5 years Meliorbanca May Approx.6,850 Srl SpA (and/or 2006 first lien (Sestante 3) affiliates) prime Class B of Citrine residential Finance plc Series mortgages 2006-1 -------------------- Sestante Finance Italy NR 70% 1.6 years Meliorbanca Dec Approx.4,750 Srl SpA (and/or 2006 first lien (Sestante 4) affiliates) prime Class D Notes (3) residential mortgages -------------------- Ludgate Funding UK NR 80% 1.6 years Mortgages plc Dec Approx.2,750 plc (an affiliate 2006 first lien (Series 2006-FF1) of Merrill niche prime Residual Lynch) residential Certificates and mortgages Mortgage Early Repayment Certificates -------------------- Semper 2006-1 plc Germany NR 65% 8.7 years Eurohypo AG June Approx. 647 (4) 2007 loans first or second lien multifamily commercial mortgages backing 137,955 flats -------------------- IM Pastor 2 (3) Spain NR 61% 5 years Banco Pastor June Approx.9,776 SA 2007 first lien prime residential mortgages -------------------- IM Pastor 3 (3) Spain NR 67% 3 years Banco Pastor June Approx.8,064 SA 2007 first lien prime residential mortgages -------------------- IM Pastor 4 (3) Spain NR 64% 2 years Banco Pastor June Approx.6,887 SA 2007 first lien prime residential mortgages -------------------- Provide Gems Germany NR/BB-/Ba1 88% (5) 8 years Eurohypo AG July Approx. 2007 19,996 second lien prime residential mortgages -------------------- Source: Offering circulars, investor presentations and investment manager. Notes: (1) Original Average LTV is the weighted average loan-to-value ratio of the mortgage pools at issuance of the transactions. (2) Current Portfolio Seasoning is the estimated weighted average seasoning (or age) of the underlying mortgage pools as of 30 July 2007. (3) These investments are owned by EETI Finance LTD, an Irish Based investment vehicle managed by Ocean Capital Associates LLP, the investment manager. (4) The investment is structured as a credit-linked note with Commerzbank AG. (5) Note that for Memphis and Provide Gems the LTV indicated is the current LTV as of the latest reporting date. |
Posted at 15/7/2007 11:26 by simon gordon From the Sunday Times:'Invest in mortgage borrowers This sounds like a risky strategy given the problems in the American sub-prime mortgage market, but the European Equity Tranche fund invests in European "prime" mortgages loans thought to have a low risk of default. The fund, managed by Ocean Capital Associates and listed on the Alternative Investment Market, buys the mortgages from lenders and then sells them on to investors. The loan repayments are basically your return. The fund is currently yielding 8% to 10% depending on what type of mortgages it buys. Mick Gilligan of Killik, a stockbroker, said: "The managers have focused on quality and don't have any investments in the sub-prime market. Loan-to-value ratios of the underlying mortgages are typically 70-80%, which provides a cushion if house prices fall." While risky, this might be of interest to a contrarian who feels fears about mortgage debt markets are overdone. The fund is not regulated by the Financial Services Authority because it is based in the Channel Islands, so investors cannot complain to the Financial Ombudsman Service. However, it is covered by the London Stock Exchange's listing rules.' |
Posted at 26/4/2006 10:45 by davebowler European Equity Tranche IncomeAccess the income most other funds do not reach. A new closed-end investment fund of 100m, European Equity Tranche Income (EETI), seeks a high and growing income by investing in the equity tranches of securitisations. These will primarily consist of residential mortgage-backed securities (RMBS) issued by European financial institutions. The fund will aim for a starting yield of 8% in year 1, rising to over 12% in subsequent years. EETI will be managed by Ocean Capital Associates LLP (OC), which was founded in 2002 by a team of entrepreneurial investment bankers to exploit the new opportunity it had identified in the nascent equity tranche market in Europe. The core OC team comprises five structured finance professionals who share over 65 years of investment banking experience, much of it gained in such institutions as Deutsche Bank, Goldman Sachs, Lehman Brothers, Merrill Lynch and SG. OC focuses exclusively on European equity tranches and has good contacts with both the arrangers and issuers of the deals. As a result, OC is shown substantially all the deal-flow. This fund will be one of the only ways for investors to gain diversified exposure to this specialist income stream. OC expects European equity tranche issuance to exhibit rapid growth in 2006 and 2007 as banks seek to optimise balance sheets prior to Basel II. The key rationale for the launch is to generate a high and growing income in a tax efficient structure, whilst optimising the risk-reward ratio through high levels of due diligence, deal analysis and monitoring. The fund will also target a dividend yield of >12% once fully invested, with gross dividends payable on a quarterly basis. The shares are expected to be eligible for PEPs and ISAs, both at issue and if purchased in the secondary market. The fund will: Satisfy demand for non-correlated/alter on the performance of world equity markets, nor on asset sales. It can therefore be viewed as a diversification tool for both institutional and high net worth individual portfolios. Provide access to Ocean Capital's specialist knowledge, expertise and deal pipeline in asset-backed securitisation equity tranches across Europe. Offer mainstream investors exposure to a diverse portfolio of 10-20 equity tranches This is an area of the market that would not otherwise be open to them. Provide liquid exposure to an under-researched, relatively illiquid asset class via an AIM and Channel Islands listing. A closed-end fund is the ideal structure due to the long-term nature of the investments and with secondary market still in the early stages. We expect the portfolio to have a low turnover. Arbuthnot Securities |
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