Carador Income Share Price (CIFU)

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Share Name Share Symbol Market Type Share ISIN Share Description
Carador Income Fund Plc LSE:CIFU London Ordinary Share IE00BL8C5Z40 ORD NPV (USD)
  Price Change % Change Share Price Shares Traded Last Trade
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  0.00 0.0% 0.18 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
0.13 0.23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 21.72 72
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.18 USD

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Date Time Title Posts
18/9/201911:14CARADOR INCOME FUND DOLLAR SHARES623

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Posted at 04/2/2023 08:20 by Carador Income Daily Update
Carador Income Fund Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CIFU. The last closing price for Carador Income was US$0.18.
Carador Income Fund Plc has a 4 week average price of US$0 and a 12 week average price of US$0.
The 1 year high share price is US$0 while the 1 year low share price is currently US$0.
There are currently 399,801,780 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Carador Income Fund Plc is £71,964,320.40.
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Posted at 18/9/2019 11:00 by cerrito
I am in CIFR
On June 24 they announced a redemption of CIFR effective on June 28 for payment on July 9.
Barclays have yet to process this redemption ie they have not reduced my share holding or credited the cash.
Any other CIFR holder having the same issues??
Thanks
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Posted at 21/2/2018 07:40 by dendria
Jan 18 NAV = $0.7374 (-1.73%). Monthly +1.27%. YTD = +1.27%.

Not unexpectedly income in the short and medium term does not support the existing annual dividend of 9c per share.

Moving to a floating dividend.

Q1 2018 div will be declared late April 2018 and is expected to be between 1.45-1.65c.

So it looks like ~$6c pa instead of current $9c.

I continue to hold but I have not been adding even with the record discount.
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Posted at 21/1/2018 18:36 by wllmherk
I can't find a financial calendar on CIFU website, anyone know when the next ex div date is ?

thanks

wllm
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Posted at 07/1/2018 16:01 by dendria
Belated analyst comment on Nov 17 NAV:

N+1 Singer, 21 December 2017, "US CLO new issuance reaches three year high"
US CLO new issuance in November stood at US$12.9bn across 21 issues taking the total YTD new issuance volumes to US$108.2bn from 192 issues, the strongest over the past three years. Within Europe, CLO new issuance in November picked up significantly to €4.8bn across 11 transactions vs €1.8bn in October, taking the total new issuance to €19.4bn from 47 issues, comfortably passing the European new issuance of €16.8bn in 2016. Over the month the NAV rose by 0.4% and stood at 74.57c at the month end, with the shares trading on a discount of 5.8%.


Fidante Capital, 21 December 2017, "CIFU - Carador Income - November 2017 NAV"
The ordinary share NAV as at 30 November 2017 was $0.7457 per share, up 0.0030 per share (0.40%) in November and up 8.84% year-to-date. The repurchase pool share NAV as at 30 November 2017 was $0.7424 per share, up 0.0038 per share (0.51%) during the month. The company received net cashflows of c. $10.9m (or $0.0274 per share) over the first two months of Q4 2017 versus $12.1m in the first two months of Q3 2017. The weighted average annualised cash on cash payment for the income notes in October and November 2017 was 17.29% based on the latest valuations. Of the cashflows received on the income notes in October and November 2017, 19.82% was allocated to principal (July and August 2017: 16.47%).
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Posted at 22/11/2017 12:18 by dendria
CIFU now around a -6.7% discount.
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Posted at 22/11/2017 12:16 by dendria
Analyst comment on Oct 17 NAV

N+1 Singer, 21 November 2017, "New wave of US$200bn CLO repricing approaching"
According to the latest CLO Monthly Market Overview published by Wells Fargo earlier this month there is a new wave of nearly US$200bn CLO repricing approaching. We have been stating for many months now the managers of CIFU have been taking advantage of this repricing activity and participating in a number of opportunities within the existing portfolio. NAV as at 31st October was 74.27c, up 1.76% on the month and 8.4% YTD on a TR basis.

Fidante Capital, 21 November 2017, "CIFU - Carador Income - October 2017 NAV"
The NAV as at 31 October 2017 was $0.7427 per share, up 1.76% in October and up 8.40% year-to-date. The company received net cashflows of c. $14.4m (or $0.0265 per share) during the month (July 2017: c. $16.2m). The weighted average annualised cash on cash payment for the income notes in October was 17.65% based on the latest valuations. Of the cashflows received on the income notes, 20.34% was allocated to principal (July 2017: 16.81%).

Liberum Capital, 21 November 2017, "CLO issuance picks up"
Carador Income Fund's NAV at 31 October was $0.7427 (September: $0.752); NAV total return for the month was 1.76%, and 7.9% YTD. At the end of the month, 26.6% of Carador's shareholders have elected to have their shares converted into repurchase pool shares.
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Posted at 12/11/2017 20:34 by yieldsearch
hxxp://www.morningstar.co.uk/uk/news/162822/3-alternative-picks-for-a-diversified-portfolio.aspx

Cifu quoted in this, my 2 pences comment:
While may be AAA and AA CLO didn't experienced default during the crisis, it is actually.. irrelevant for CIFU because CIFU doesn't invest in AAA/AA Clo notes and much more subordinated pieces in CLO ( and yes a number of those went to zero value).

"Hedge funds have certainly scaled back the amount of kind of leverage they are introducing into the market." Hmm not really. Prime example is actually CIFU is managed by Blackstone, one of the largest hedge funds! There is actually much more leverage within the system, created by large amount of liquidity from quantitative easing and cheap money
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Posted at 20/10/2017 09:08 by jonwig
fenners - it does seem a bit fabricated. The discount mechanism hasn't been triggered, so the board could have left it at that. Instead they followed the rules and put it to an AGM vote which shareholders passed.

I guess some large shareholders leaned on them to achieve an exit without dealing costs or effect on the share price.

On your post #570, if you can find a broker who lets you keep a USD cash balance, you can avoid the frictional forex charges which are pretty penal. TDD does, but that might not last now they've been taken over by I I.
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Posted at 22/9/2017 12:34 by dendria
Analyst comment on Aug 17 NAV:

N+1 Singer, 21 September 2017, "High new CLO issuance within US"
CLO new issuance in the US picked up significantly in August with US$12.4bn raised across 25 transactions being the second busiest month so far this year. Elsewhere new CLO issuance in Europe was half the volume seen in July at €0.8bn with just two transactions. YTD CLO new issuance volumes now stand at US$73.3bn across 132 CLOs within the US and €10.8bn across 27 CLOs in Europe. NAV as at 31st August stood at 74.86c up 0.21% on the previous month. Shares are trading on a discount of 3.3%


Fidante Capital, 21 September 2017, "CIFU - Carador Income - April 2017 NAV"
The NAV as at 31 August 2017 was $0.7486 per share, up $0.0016 per share (0.21%) in August and up 6.05% year-to-date (total return). The company received net cashflows of $16.5m (or $0.0304 per share) during the first two months of Q3 2017 (first two months of Q2 2017: $16.7m). The weighted average annualised cash on cash payments for the income notes in July and August was 20.47% based on the latest valuations. Of the cashflows received on the income notes during July and August, 16.47% was allocated to principal (April and May 2017: 23.68%).


Liberum Capital, 21 September 2017, "US issuance picks up in August"
Compared to a slow July, loan issuance was strong in August in the U.S., with $35.3 billion issued, but limited to €0.9 billion in Europe. US CLO issuance was also stronger in August totaling $12.4bn across 25 transactions; while again Europe was quiet. Refinancing / reset activity in CLOs slowed in both the U.S. and Europe. Weighted average spreads continue to tighten and seasoned CLOs refinance liabilities where possible. Carador expects refinancing/reset activity to increase for the remainder of the year and intends to focus investment activity on this segment. The Blackstone shares currently trade a 4.9% premium to NAV compared to the Carador shares which are on a 3.5% discount; the two funds have a current yield of 9.9% and 12.5% respectively.
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Posted at 25/8/2017 11:58 by dendria
Analyst comment on Jul 17 NAV:

Fidante Capital, 22 August 2017, "CIFU - Carador Income - July 2017 NAV"

The NAV as at 31 July 2017 was $0.7470 per share, up 1.52% in July and up 5.83% year-to-date (total return). The company received net cashflows of $16.4m (or $0.0303 per share) during the month (April 2017: $13.9m). The weighted average annualised cash on cash payments for the income notes in July was 20.96% based on the latest valuations. Of the cashflows received on the income notes during the month, 16.81% was allocated to principal (April 2017: 21.23%).


N+1 Singer, 22 August 2017, "Slowdown in US new CLO issuance, but continued portfolio activity"

CLO new issuance in the US slowed during July with 14 transactions raising a total of US$8.4bn, half of the amount raised in June. However, within Europe, CLO issuance remained at the same pace as the previous month with a further €1.6bn raised across 4 transactions. YTD CLO issuance stands at US$60.8bn across 107 transactions within the US and €10.0bn across 25 transactions in Europe. CIFU NAV as at 31st July stood at 74.7c up 1.5% on a total return basis on the previous month. Shares are currently trading on a discount of 5%.


Liberum Capital, 22 August 2017, "Slow month for issuance and refinancing"

Carador Income Fund's 31 July 2017 NAV per share was $0.7470, the return for the month was 1.52%. The company received estimated net cash flows of $16m or approximately $0.0303 per share in the month. In July, CGMS 2015-1A SUB was refinanced with its AAA coupon lowered to L+100bp from L+153bp. Given the pronounced tightening of shorter dated investment-grade CLO liabilities, its valuation increased by 15.4% month-on-month. The steepening of the investment grade CLO liability term structure is generally positive for Carador's CLO equity positions given the future embedded optionality. YTD NAV return was 5.83%.
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