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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sequoia Economic Infrastructure Income Fund Limited | LSE:SEQI | London | Ordinary Share | GG00BV54HY67 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.60 | -0.75% | 79.30 | 79.30 | 79.50 | 80.00 | 79.20 | 80.00 | 1,515,182 | 16:26:56 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 11.08M | -17.95M | -0.0107 | -74.11 | 1.33B |
TIDMSEQI
RNS Number : 7631R
Sequoia Economic Infra Inc Fd Ld
14 December 2016
14 December 2016
Sequoia Economic Infrastructure Income Fund Limited
Net Asset Value as at 30 November 2016 and Investment Update
Ordinary Share update
As of the 30th November 2016, the Company held 26 private debt investments and 13 infrastructure bonds for a total of 39 investments across 8 sectors and 21 subsectors, which are collectively valued at GBP466.6m including accrued interest, with an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 8.2% and a weighted average life across the acquired portfolio of approximately 4.6 years.
Approximately 50% of the Ordinary Share portfolio comprises floating rate assets, with only two LIBOR floors above current LIBOR levels (of which one is Sterling and the other is Euros). As such, the portfolio's yield is likely to rise over time as LIBOR increases.
The investments are across the UK, Western Europe, Australia, Canada and the US and include a wide range of asset types including road, rail, utility, power, shipping, renewables and aircraft and ship leasing.
Over the month of November, the Company acquired four new assets, one of which includes debt issued by Heathrow Finance Plc, further increasing portfolio diversification as the first airport asset. The other investments made during the month of November include:
-- Bonds issued by a UK-based electricity transmission company that owns and operates high voltage transmission networks in England and Wales;
-- An incremental investment in the A65 toll road in France which has significantly outperformed its 2016 traffic projections.
The Company sold its position in First Energy Solutions for the purpose of risk management.
Sterling strengthened against both of the dollar and the euro during the month of November, however the Investment Adviser remains committed to reducing NAV volatility arising from FX movements by maintaining its hedging strategy. As of the 30th November 2016, approximately 82% of NAV was either Sterling assets or hedged into Sterling, which is a slight increase from 80% three months prior.
The Company has more than adequate resources to cover the cash costs associated with its hedging book. Each of its FX hedge providers has credit lines to the Company which means that the margin calls on the hedge portfolio have been modest.
The decrease in the Ordinary Share NAV to 101.36p from 102.00p per share arose primarily through:
-- Interest income net of expenses of 0.38p; -- A decrease of 0.47p in asset valuations; and -- A decrease of 0.56p in FX movements.
Placing Programme Result
The Company is pleased to confirm that the Ordinary Share placing programme announced on the 26th October 2016 was significantly oversubscribed.
Following Admission on 7th December 2016 a total of 120 million new Ordinary Shares were issued at a price of 105p per share, the Company will have 595,412,613 Ordinary Shares in issue.
Ordinary Portfolio Summary (15 largest settled investments)
Transaction Currency Type Ranking Value Sector Sub-sector Yield name GBPmm(1) to maturity / worst (%) A'lienor S.A.S. (A65) EUR Private Senior 37.0 Transport Road 3.32 AP Wireless Infrastructure GBP Private Senior 30.0 TMT Towers 6.81 IO Data Centers Data LLC USD Private Senior 30.0 TMT Centers 9.00 Solar Infinis Bridge GBP Private HoldCo 24.0 Renewables & Wind 10.00 Regard Group Health Mezzanine GBP Private Mezz 22.6 Accommodation Care 12.03 Natgasoline Industrial Senior Unsecured USD Private Mezz 20.0 Other Infrastructure 9.78 Exeltium Mezzanine EUR Private Mezz 18.9 Power PPA 9.14 Danaos Snr Transport Secured 2018 USD Private Senior 17.6 assets Shipping 16.77 Solar Neoen Production EUR Private HoldCo 16.5 Renewables & Wind 6.99 Mount Signal Solar Solar USD Private Senior 16.0 Renewables & Wind 8.49 Longview Power TL Electricity B USD Private Senior 13.6 Power Generation 10.55 GFL 9.875% 2021 USD Public Senior 13.0 Utility Waste 6.34 Talen Energy Supply 4.6% Electricity 2021 USD Public Senior 13.0 Power Generation 8.99 Heathrow Finance PLC GBP Public Senior 11.4 Transport Airport 4.30 Green Plains Alternative TL B USD Public Senior 11.2 Other Fuel 7.00
Note (1) - excluding accrued interest
Market Summary
November displayed less activity in the infrastructure debt sector, with only 6 European project finance transactions reaching financial close across the month.
Notable transactions include the partly subsidised EUR900mm Nord-Pas-de-Calais broadband PPP financing for fibre optic in France. In addition, several small renewables deals closed throughout Europe, including the 30.8MW SunPort Delfzijl Solar Park in the Netherlands and the 33.1MW Castlepook Wind Farm in Ireland.
News flow in November was initially dominated by the election of Donald Trump as the 45th President of the United States, which increased yields on sovereign bonds and heightened uncertainty around global trade.
November news flow ended with RBS emerging as the biggest failure in the UK bank stress tests, and the struggling Italian bank MPS awaiting the reform referendum in early December.
During November, Sterling recovered against both the dollar and euro, ending the month at $1.25 and EUR1.18 respectively. The Bloomberg USD High Yield Corporate Bond Index remained flat at 167.
The Company's monthly investor report and additional portfolio disclosure will be made available at http://www.seqifund.com/.
Sequoia Investment Management Company
Randall Sandstrom / Steve Cook Telephone 020 7079 0483 / 020 7079 0481
Stifel Nicolaus Europe Limited
Neil Winward / Mark Bloomfield / Gaudi Le Roux Telephone 020 7710 7600
International Fund Management Limited
Chris Hickling Telephone 01481 737600
About Sequoia Economic Infrastructure Income Fund Limited
The Company is a Guernsey registered closed-ended investment company that seeks to provide investors with regular, sustained, long-term distributions and capital appreciation from a diversified portfolio of senior and subordinated economic infrastructure debt investments. The Company is advised by Sequoia Investment Management Company Limited. The Company has been advised that the Shares can be considered as "excluded securities" for the purposes of the FCA rules regarding the definition and promotion of Non-Mainstream Pooled Investments (NMPIs).
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
December 14, 2016 02:00 ET (07:00 GMT)
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