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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Sequoia Economic Infrastructure Income Fund Limited | SEQI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.60 | -0.75% | 79.30 | 16:26:56 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 80.00 | 79.20 | 80.00 | 79.30 | 79.90 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 20/2/2024 13:21 by cocopah I emailed the MD (as you know they run a tight ship so no investor comms dept) to ask if a review of shareholder returns was in the pipeline. He replied the same day, obviously couldn’t be specific but from his reply I think they will simply keep on with the share buybacks focusing on reducing the NAV discount (in as much as that is possible whilst interest rates remain elevated). I’m happy with that tbh and we now have roughly 8% of issued share capital in treasury so I expect that to increase to 10%. Lots of execs have skin in the game above 80p so I guess if they can get the share price to the mid 80s that will be the short-term goal. 🤔👍&# |
Posted at 15/11/2023 10:33 by speedsgh NAV and investment update - The NAV per share for SEQI, the specialist investor in economic infrastructure debt, increased to 91.84 pence per share from the prior month's NAV per share of 91.16 pence, (being the 29 September 2023 cum-income NAV of 92.88 less the dividend of 1.71875 pence per share declared in respect of the quarter ended 29 September 2023 and payable on 24 November 2023), representing an increase of 0.68 pence per share... ------------------- New £56m private bilateral loan The Investment Adviser is pleased to announce the arranging of a £56m private bilateral facility to finance the acquisition of the entire issued share capital of Esken Renewables by the sustainable infrastructure fund, Pioneer Infrastructure Partners SCSp, managed by Pioneer Point Partners LLP. The proposed transaction with Esken, the listed aviation and renewable energy group, represents an enterprise value of £107.7m and is conditional inter alia on shareholder approval. The transaction is expected to complete in early December 2023... ------------------- Portfolio update The Company is attractively positioned from a liquidity perspective with cash of £130.0m available, compared to undrawn commitments on investments of £90.9m (including Esken Renewables). The Company is currently not geared and its revolving credit facility is undrawn, resulting in additional capacity to manage liquidity. The Company also has an active pipeline of new investments with attractive yields in the current interest rate environment and can access its revolving credit facility to manage the misalignment of investment and repayment timings, while prudently balancing its capital allocation between new investment opportunities and share buybacks. The pipeline is diversified by sector, sub-sector, and jurisdiction, with yields currently ranging from 9% to 11%, as evidenced by the new private bilateral loan with Esken. The Company's invested portfolio consisted of 53 private debt investments and 3 infrastructure bonds across 8 sectors and 26 sub-sectors. It had an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 10.9% and a cash yield of 7.5% (excluding cash returns on market-to-market fund holding, deposit accounts and investments rated lower than single C). The weighted average portfolio life remains short and is approximately 3.5 years. Private debt investments represented 97.4% of the total portfolio. The Company's invested portfolio currently consists of 48.9% floating rate investments and remains geographically diverse with 51.9% located across the USA, 25.8% in the UK, 22.2% in Europe, and 0.1% in Australia/New Zealand... ------------------- Non-performing loans The Investment Adviser continues to actively manage its non-performing loans with the loans being independently marked to market by PwC as part of the monthly valuation process. Further updates will be provided to shareholders in the future when material developments occur... |
Posted at 06/10/2023 16:58 by scburbs A team of 80 isn't cheap so they either need customers or other investors pretty fast."He believes that at least some of Bulb can still make an impact on the energy market. Zoa's team of 80 is mainly made up of staff from the old tech team at Bulb." |
Posted at 06/10/2023 10:48 by scburbs Let’s just hope they aren’t investing any fresh capital in the Bulb technology as someone will have to fund the losses until they get some contracts (or other investors). It may (or may not) be a great investment, but it isn’t their business to invest in tech companies. |
Posted at 14/9/2023 13:20 by davebowler Citywire-High-yielding Sequoia hopes ‘unusual’ Steve Cook, manager of the 8%-yielding infrastructure loan fund, explains why the portfolio will recover from the quickest interest rate hikes in the UK since the 1980s. BY JAMIE COLVIN Sequoia Economic Infrastructure Income (SEQI) fund manager Steve Cook believes the ‘pull-to-par&# Speaking to Citywire, Cook said the ‘unusual’ However, the trust’s floating rate bonds, which make up 60% of assets at an average 3.3-year duration, will bounce back to their launch price as they approach their repayment date, assuming there are no writedowns or hits to their value. As a consequence, the portfolio’s ‘yield to maturity’, or total return from maturing bonds, has shot up from 9.8% to 12% in the last 12 months. An update last month estimated the pull-to-par would be worth about 6.1p per share over the course of the closed-end fund’s investments, which includes private loans and bonds to companies in areas such as digital infrastructure, energy transition, renewable power and transport. Since the closed-end fund launched in March 2015, a typical year would see a pull-to-par of a fraction of 1%, but this year, it creates a really interesting total return story for investors, Cook (pictured below) said. ‘You’re getting a 6.875p dividend on the 83p shares and some NAV growth built in, you could say, and hopefully we can address the discount as well. I can’t promise to narrow the discount, but if you take the first two, which are contractual, you get a really good total return story.’ Steve Cook - Sequoia In the past three months the shares have risen 6.5%, leaving shareholders with a flat total return including dividends over one year. Its board has also been busy buying back the shares, with 73m purchased since July 2022 totalling approximately £60m. Other steps taken to reduce the discount includes bringing in new investors to support the shares, the largest of which currently are Investec, Rathbones and Quilter, with respective holdings of 9%, 5.2% and 5.1%, according to Refinitiv. As interest rates look close to peaking, Cook is increasing the weighting to fixed rate loans to capture the current high rates, across the assets that span the UK, North America, Europe, Australia and New Zealand. Cook will reduce the weighting to telecoms, the largest sector weighting at 30.3% of assets, over the coming months, which he believes is slightly too high, despite their high-yielding defensive nature. He added that the portfolio is ungeared, meaning there are no expensive debt costs to service. Cook is working on extracting value from the trust’s two non-performing loans, Bulb Energy, and Connecticut 4000 Avenue, a private school based in Washington DC that went bust, that make up 3.2% of assets. In the case of Bulb, a senior secured loan, SEQI became the majority shareholder through a partial debt‑for‑ In the case of Connecticut 4000 Avenue, SEQI co-owns the newly refurbished building with two other companies. The portfolio’s largest individual position is a £58.9m senior secured loan to Bannister, a provider of long-term supported and residential living facilities for adults with learning disabilities, that matures in 2025. Another large £54.5m senior secured loan is renewable energy platform Infinis, the UK’s largest generator of low carbon power from captured methane. |
Posted at 15/8/2023 07:21 by speedsgh NAV and Investment Update - NAV update The NAV per share for SEQI, the specialist investor in economic infrastructure debt, increased to 92.41 pence per share from the prior month's NAV per share of 91.95 pence, (being the 30 June 2023 cum-income NAV of 93.67 less the dividend of 1.71875 pence per share declared in respect of the quarter ended 30 June 2023 and paid in August 2023), representing an increase of 0.46 pence per share... Portfolio update The Company is attractively positioned from a liquidity perspective with cash of GBP101.7m available, compared to undrawn commitments on existing investments of GBP36.1m. The Company's is currently not geared and its revolving credit facility is undrawn, resulting in additional capacity to manage future volatility in exchange rates, while simultaneously reducing cash drag on non-invested capital. The Company also has an active pipeline of new investments with attractive yields in the current interest rate environment and intends to draw on the revolving credit facility when appropriate while prudently balancing its capital allocation. Further updates will be provided to shareholders upon the completion of these deals during the summer of 2023. The pipeline is diversified by sector, sub-sector, and jurisdiction, with yields ranging from 9% -11%... ... The following investments settled in July 2023 (excluding small loan drawings of less than GBP0.5m): -- Two additional Senior loans for GBP3.4m to Project Octopus, a telecom infrastructure services provider based in the UK; and -- An additional Senior loan for PLN 7.6m (equivalent to GBP1.5m) to Green Genius to finance the construction of solar PV projects in Poland. No investments sold or prepaid in July 2023 Non-performing loans The Investment Advisor continues to actively manage its two non-performing loans (which together represent 3.5% of NAV) with the loans independently marked to market by PwC as part of the monthly valuation process. Further updates will be provided to shareholders in the future when developments occur. |
Posted at 29/6/2023 14:54 by cocopah I listened to the investor update following the annual results this morning and asked a few questions. My understanding is that there is no exposure to the water companies. I suggested they had a business Twitter account and they said they’d think about it but had to weigh up the costs against the fact that their monthly updates are probably best in class for an infrastructure company. They are confident that they will get more back from Bulb and whilst nothing is happening with the school building, the security is good. They are very aware of the discount to NAV, but I don’t think there’s much they can do at the moment other than continue buying the shares and putting them in Treasury. I was pretty satisfied that they are on top of credit quality and my intention is to hold and continue taking the dividends. It wouldn’t surprise me if the dividend cover remains high and the interest income stays good that we will see a slight rise in the dividend as well in a few months. We shall see but they are aware that (as an income stock dealing in BB credit) investors need to see much more the 5% interest-free rate that can be obtained in the market. They certainly don’t want to see the share price decline further to make this happen either! |
Posted at 21/6/2023 17:48 by cocopah The main thing we need to keep our eye on as investors is whether or not any more of the loans become distressed. I think the board added some rigour to their underwriting (through a couple of BOD appointments last year) following the problems with Bulb (at the time that was a bit of a black swan event really).Divis are well covered and of course the more shares that sit in Treasury, the less distribution. I am not impressed with the paper capital losses atm, however as a long-term hold of this share I believe it should return towards NAV (probably with a 5% 10% discount) over time (unfortunately, there may be a bit more pain in the short term as interest rates are still rising). If only the British public would wind their neck in on the spending front!🤷̴ |
Posted at 17/3/2023 15:21 by cocopah #spoole5 they should do in time because shares in Treasury pay no dividends and obviously the less shares in circulation the better for investors. Not aware of any other new debtor problems and we should see the benefit of increased rates feeding through into the NAV as well as the dividend cover increasing.🤷 |
Posted at 14/12/2022 10:17 by cocopah RNS Number : 6097JSequoia Economic Infra Inc Fd Ld 14 December 2022 Sequoia Economic Infrastructure Income Fund Limited ("SEQI" or the "Company") Increased dividend target: In November 2022, the annualised target dividend increased by 10% from 6.25p to 6.875p per share, with effect from the current (3rd) quarter of the 2023 financial year. The quarterly dividend with respect to the third quarter of the 2023 financial year is expected to be declared in January 2023. The Investment Adviser expects the Company's dividend cover to improve materially for the 2023 financial year as the portfolio's floating rate investments (representing 59% of the portfolio) continue to benefit from increasing short term interest rates. NAV update The NAV per share for SEQI, the specialist investor in economic infrastructure debt, increased to 93.25 pence per share from the prior month's NAV per share of 92.14 pence per share, representing an increase of 1.11 pence per share. A full attribution of the changes in the NAV per share is as follows: pence per share October NAV 92.14 Interest income, net of expenses 0.49 Asset valuations FX movements, net of hedges 1.11 -0.49 November NAV 93.25 Portfolio update As at 30 November, the Company had cash of £39.5m and had drawn £165.2m on its £325.0m revolving credit facility. The Company also had undrawn commitments on existing investments collectively valued at £66.9m. The Company's invested portfolio consisted of 62 private debt investments and 6 infrastructure bonds across 8 sectors and 27 sub-sectors. It had an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 11.0% and a cash yield of 7.1%. The weighted average portfolio life is approximately 3.7 years. Private debt investments represented 98% of the total portfolio and 59% of the portfolio comprised floating rate assets. The Company's invested portfolio remains geographically diverse with 52.6% located across the US, 23.1% in the UK, 24.1% in Europe, and 0.2% in Australia/New Zealand. The Company's pipeline of economic infrastructure debt investments remains strong and is diversified by sector, sub-sector, and jurisdiction. At month end, approximately 100% of the Company's NAV consisted of either Sterling assets or was hedged into Sterling. The Company has adequate resources to cover margin calls on its hedging book. Over recent months reductions in asset values have been primarily due to increases in risk-free rates and credit spreads. The rise in risk-free rate adjustments have also increased the yield-to-maturity of floating rate investments and reduced the clean price of fixed rate assets (which also increases the yield-to-maturity). Investors are reminded that these declines are unrealised mark-to-market adjustments that should reverse over time as the investments approach their repayment date (the "pull-to-par" effect). The following investments settled in November (excluding small loan drawings of less than $0.5m): • An additional loan for $11.6m to Sunrun Safe Harbor HoldCo, a US-based manufacturer of solar energy equipment; • An additional loan for £5.8m to Clyde Street, a hotel construction project in Scotland; and • An additional Senior loan for PLN 13.3m (equivalent to $3.0m) to Green Genius to finance the construction of solar PV projects in Poland. The following investments sold or prepaid in November: • A full sale of Bluewater Holding BV's 10% 2023 bonds for $16.6m, a midstream oil and gas processing, storage, and offloading facility in Norway; • A full sale of American Tanker (AMSC) 2025 bonds for $11.9m, a US-based tanker company; • A partial sale for $8.4m of Brightline 2028 bonds, a privately owned passenger rail project in Florida; and • A partial sale for $4.6m of Windstream 2027 bonds, a high-speed Broadband provider in the USA. On average, the new investments have a higher ESG Score than those disposed of during the month. There has been good progress over the past month in relation to the Company's non-performing loans: • 4000 Connecticut Avenue (formerly Whittle School): the borrower has continued the execution of its re-capitalisation strategy for the property and the value of this loan has remained unchanged this month. • Bulb Energy: the Investment Adviser continues with its strategy of achieving value from Bulb Energy and its parent, Simple Energy. To date, SEQI has received £14.0 million of repayments from Simple Energy. The mark on the Bulb loan has remained unchanged this month. |
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