Share Name Share Symbol Market Type Share ISIN Share Description
Axiom European Financial Debt Fund Limited LSE:AXI London Ordinary Share GG00BTC2K735 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 94.50 0.00 07:37:37
Bid Price Offer Price High Price Low Price Open Price
87.00 107.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 5.57 1.58 1.72 54.9 87
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 94.50 GBX

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24/6/202013:29Axiom European Financial Debt 19
26/1/201212:39Axis Intermodal...profitable...growth...4% yield !160
06/6/200810:42AXI: Part of the Carbon Polluting Road Haulage Industry10
28/9/200711:10Loverat's Axi Intermodal Thread17
23/7/200712:33The Official AXIS INTERMODAL thread (AXI)4

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Axiom European Financial... Daily Update: Axiom European Financial Debt Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker AXI. The last closing price for Axiom European Financial... was 94.50p.
Axiom European Financial Debt Fund Limited has a 4 week average price of 94.50p and a 12 week average price of 90.50p.
The 1 year high share price is 99p while the 1 year low share price is currently 77.50p.
There are currently 91,852,904 shares in issue and the average daily traded volume is 13,667 shares. The market capitalisation of Axiom European Financial Debt Fund Limited is £86,800,994.28.
tomps2: AXI presentation at Mello Trusts & Funds 5 mins abridged version Good overview of subordinated debt and what's happened to the banks since 2008. Https://
davebowler: Liberum; Axiom European Financial Debt (Mkt Cap £60m) 11.6% NAV return to date in 2017 Event Axiom European Financial Debt's NAV at 30 September 2017 was 101.6p which represents a NAV total return of 1.8% in the month. NAV TR in 2017 to date is 11.6%. Subordinated financials continued to strengthen in September as newsflow was broadly positive across the sector. Several banks are making progress with NPL strategies and a number of banks raised equity helping to improve coverage ratios. Rating agencies have also upgraded bank issuers on the back of these improvements. The fund's performance in September benefited from calls announced on two bonds and sold its position after the price moved above 100. Ahead of the Catalonia referendum, Axiom switched its exposure to Spanish domestic banks like Bankia AT1s. The fund has also increased its exposure to Provident Financial seniors and invested selectively across discounted bonds issued by French and Austrian banks. In the mid-cap origination strategy, the fund has reduced exposure to holdings that have performed well since investment. Liberum view Axiom has generated a NAV return of +14.0% over the past 12 months and this has been achieved despite a 3.5-4.0% impact from the Banco Popular resolution. The outlook for the banking sector continues to improve with strengthening capital ratios and reducing NPLs and provisions. Axiom trades on a 3.5% discount to NAV and the shares offer a 6.1% dividend yield.
davebowler: Liberum; Interims highlight strong performance in 2017 Event Axiom European Financial Debt's interim report for the six months to 30 June 2017 has highlighted a NAV return of 7.2% in H1 2017. NAV per share has risen a further 2.2% to 101.1p in the period to 4 August 2017 giving a NAV return of 9.5% to date in 2017. Performance in the period has been aided by improved profitability in the banking sector, political risk reduction following the French election result and the resolution of issues with some of the riskier banks in Europe. Several legacy instruments have been called in 2017 and the manager expects this trend to continue. The market has also been supportive for new issues and further attractive opportunities are expected over the medium term. Liberum view Axiom's NAV performance over the past 12 months is +13.0% and this has been achieved despite a 3.5-4.0% impact from the Banco Popular resolution. Outlook and sentiment remain positive for the banking sector as evidenced by recent rating upgrades for several institutions, successful IPOs and progress with bad loan disposals in Italy. Axiom trades on a 4.6% discount to NAV and the shares offer a 6.3% dividend yield.
davebowler: Liberum; Axiom European Financial Debt (Mkt Cap £58m) 1.9% return in July Event Axiom European Financial Debt's NAV rose 1.9% in July to 100.7p per share. NAV total return in 2017 to date is 9.1%. NAV performance in the month benefited from tightening credit spreads as evidenced by the Itraxx Senior Financial Index spread of 50 bps compared to 52 bps for the Itraxx Main Index. A range of factors influenced market performance including the resolution of the Venetian banks, the approval of the Monte dei Paschi recapitalisation and the continued postponement of Basel IV on RWA floors. Earnings season has been broadly positive for the banking sector. Macro data has been relatively strong to date in 2017 and asset quality is improving. High beta instruments (particularly AT1s) benefited most during the month. The fund's exposure to the restructuring strategy has reduced to 10% (16% in June) due to the sale of its positions in Monte dei Paschi following recapitalisation and a reduction in its exposure to Vicenxa. Axiom trades on a 4.3% discount to NAV (ex-dividend) and the shares offer a 6.3% dividend yield. Private Equity
davebowler: Liberum; Axiom European Financial Debt (Mkt Cap £56m) January performance maintains strong run Event Axiom European Financial Debt's NAV rose 2.67% in January to 97.75p per share (December: 95.21p per share). We calculate a NAV return of 9.7% since 30 June 2016. The portfolio benefited from the rebound of the banking sector in January as regulatory forbearance has lowered near-term capital requirements and strong Q4 earnings season for the banks. The primary market was active with new issuance across a number of instruments including Additional Tier 1s, Tier 2s and Tier 3s. A number of legacy Tier 1s were called-up at the first call date. The fund's cash weighting declined from 11% to 1% during the month as new investments were made across various new issues (Intesa, StanChart and Rabobank) and French AT1s. The fund sold its position in Monte dei Paschi seniors at 98.25 (3.7% above December acquisition price) and acquired Deutsche Bank AT1s as the litigation issue was resolved. Liberum view Axiom's NAV performance has improved significantly with the 10% return since June 2016 c.4 percentage points ahead of the Merrill Lynch Financials High Yield Index over the same period. The outlook for 2017 remains positive as banks' balance sheets and capital ratios have continued to improve and credit spreads are tightening. Axiom currently trades on a 3.7% discount to NAV and the shares offer a 6.5% prospective dividend yield.
davebowler: Liberum; c.£6m gross proceeds raised Event Axiom European Financial Debt successfully raised gross proceeds of approximately £6m through the issue of 6,247,542 new ordinary shares at a placing price of 96.5p. The placing price represented a 1% premium to the closing price on the day before the issue and a 1.7% premium to the last published NAV. It is expected that the new shares will be admitted to trading on 4 October. Axiom currently trades a 0.7% premium to its last published NAV, broadly in line with the leveraged loans/high yield funds peer group average premium of 0.5%
davebowler: Liberum; Axiom European Financial Debt Constructive outlook on low interest rates Event Axiom European Financial Debt's (AEFD or Axiom) total shareholder return for the period from 7 October 2015 (date of incorporation) to 30 June 2016 was -4.7% due to adverse economic conditions. The company's NAV per share as at 30 June 2016 was 92.02p. During the period AEFD paid two dividends totaling 1.35p per share. A further dividend of 1.5p per share was declared on 19 July 2016 and the company intends to distribute 6p per share by 31 December 2016 (an annual yield of 6.3% on yesterday's closing price). During the period, the manager deployed funds based on the different market conditions. When the market fell sharply in February 2016, the manager bought selectively AT1s at historically low prices and towards the end of the month reduced its positions in UK AT1s to avoid the price in of Brexit concerns. The market recovered some of its losses in the months before the Brexit when it fell again. Subsequently, the bank valuations improved on the back of news of lower interest rates for longer and monetary easing, driving a recovery in AEFD's NAV. The opportunity for Axiom to benefit from the volatility and regulatory transition of the banking sector remains unchanged and should expand in the long run. The restructuring of the European banks should be the first step after the recent ECB stress testing results. Axiom is trading at a small discount of -0.4% to its July 2016 NAV.
davebowler: Liberum; Axiom European Financial Debt 2.8% NAV increase in July Event Axiom European Financial Debt's NAV rose 2.8% in July 2016 to 94.6p per share. The portfolio benefited from a recovery in bank valuations on the back of expectations of further monetary easing. Monte di Paschi performed poorly in the stress test results and have had to recapitalise the business. Subordinated creditors face the potential risk of being bailed-in under the EU's burden-sharing principle. In terms of portfolio activity, Axiom reduced some of its UK exposure in both the liquid and less liquid relative value strategies. In the restructuring strategy, Axiom increased its exposure to Monte dei Paschi on its lows as the manager believes any exchange offer will remain voluntary and therefore offers value upside. Severak AT1 positions were sold in France and Spain as new AT1 coupon rules drove higher pricing. The fund remains well-positioned to take advantage of any market weakness with 12% of NAV in cash. Axiom currently trades on a slight (-0.9%) discount with the shares offering a 6.3% dividend yield.
davebowler: Liberum; Axiom European Financial Debt 2.6% NAV total return in May Event Axiom's NAV rose 1.5% in May 2016 to 93.9p per share due to a combination of market improvements and a number of portfolio-specific events. NAV total return was 2.6% after adjusting for dividends paid. In terms of portfolio activity, 12 purchases and 16 sales were completd in the month. Sales were concentrated in the last week as valuations peaked. Cash increased from 1% to 7% in the month as a result. The portfolio yield-to-call was 12.4% at the end of May (vs. 11.3% at 30 April). Four large AT1 positions were sold bringing liquid relative value investments down to 36% of NAV. The fund's illiquid relative value investments gained from two calls at par on bonds which had previously been valued at 65 and 89 respectively. This contributed 0.56p to the NAV uplift. Axiom currently trades on a 1.7% premium to NAV.
davebowler: Liberum; Axiom European Financial Debt Fund (BUY) 3.57% NAV growth in March Event Axiom announced the 24 March 2016 NAV per share at 91.39p, a 3.57% growth for the month. Axiom, which was fully invested at the beginning of March 2016 and completed an additional raise of £3.55m by 4 March 2016, benefited from the recovery of the hybrid debt market with the BofAML Coco index reporting 5.33% growth for the month. Axiom performed 18 purchases and 15 sales during the month, maintaining its portfolio mix. Liberum view We believe that as the European banking sector is strengthening their balance sheets and adapting to regulation, the European hybrid debt market and Axiom will continue to grow. Axiom is trading at 7.4% premium against its 1 April 2016 NAV per share.
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