Blackstone / Gso Loan Fi... Share Discussion Threads

[dendria] 24/10/2019 07:37

C shares being converted. Conversion ratio calculation 31 Oct 19. Ratio announced by end Nov 19.

[dendria] 21/10/2019 18:31

I sold all my US stocks some time ago (mainly BDCs) as they had all gone up & also received a boost from the £/$ rate due to Brexit. I'll go back in when the £ recovers.

[99matti99] 21/10/2019 12:09

......and so, i tried to buy some BGLC in my Barclays ISA. No can do. Only thing i could buy is BGLP. Unbelievable.

[dendria] 18/10/2019 13:19

The C shares were issued as part of the CIFU restructuring in 2018. The C shares have legacy CIFU assets which are being sold & reinvested. When BGLC reaches around the same NAV as BGLF, they will convert to become BGLF. I think this was planned to take 12 months but as the C shares joined around Jan 19, it looks like there is some way to go but I’d sooner they take time to get the best deals. This is one for the long term & timing is everything. There are very few LSE investment vehicles like this - VTA is another. Again I've been in VTA for years (from the Amsterdam exchange).

[99matti99] 18/10/2019 11:41

Thanks for the response Dendria.

What is the difference between the ordinary and C shares?

I was in CIFU for a while but got spooked out on one of the big falls and never got back in.

I think i will dip my toes here, probably the C but i need to understand the difference.

Thanks again for the generous response.

[dendria] 17/10/2019 08:58

Current DY is around 12% on the Ordinary Share & around 15% on the C.

Double-digit DY seems sustainable – GSO are one of the leading CLO managers in the business – if they can’t sustain it, no-one can.

I’m in from the CIFU roll-over. I was in CIFU for around 10 years and although the dividend varied and was re-based at one point, they never failed to pay a strong USD dividend. It’s one of my largest holdings and I’m effectively in for free.

Key aspects will be rising/falling interest rates (don’t appear to be rising any time soon) and default rates (continue to be at very low, almost negligible rates).

As the funds are EUR & USD, the current weakness of the GBP enhances the DY. If there is a resolution to Brexit and the GBP recovers, it will lower the DY.

[99matti99] 16/10/2019 18:45

Hi dendria

These appear to be paying 10% yield currently. What are the chances that a double digit yield will continue in your opinion?