Share Name Share Symbol Market Type Share ISIN Share Description
Carador USD LSE:CIFU London Ordinary Share IE00B3D60Z08 ORD NPV (USD)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 +0.00% $0.7225 $0.715 $0.73 $0.7225 $0.7225 $0.7225 66,643 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -32.7 -41.4 -8.0 - 302.77

Carador USD Share Discussion Threads

Showing 551 to 575 of 575 messages
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DateSubjectAuthorDiscuss
20/7/2017
12:45
Analyst comment on Jun NAV and Upcoming Redemption N+1 Singer, 20 July 2017, "CLO new issuance and reset activity continues" CLO new issuance continues with a pace in both US and Europe, original strategists forecasts at start of year for CLO new issuance have been increased significantly. Refinancing and reset activity also continues and the manager has benefitted from its fourth resetting in Q2. NAV as at 30th June was 75.8c up 0.41% on a TR basis from last month putting the shares on a discount of 3.9% as at the month end. Q2 dividend of 2.25c declared in line with expectations. Liberum Capital, 20 July 2017, "4.2% NAV return in H1 2017" We would expect a relatively low take-up for the repurchase pool despite the recent widening of the discount to 5% (0.9% average discount for the peer group). Performance has picked up over the past 12 months (we calculate +23.5% NAV return assuming no reinvestment of dividends) although the performance over a two year period remains some way behind the peer group. Fidante Capital, 07 July 2017, "CIFU - Carador Income - Redemption opportunity and placing programme" The company's AGM will take place on 31 July 2017. A circular convening the AGM and detailing the resolutions to be put to shareholders has been published. In addition to the ordinary business of the AGM, shareholders will be asked to consider: (a) the approval of a repurchase opportunity for shareholders to realise all or part of their investment in the company; and (b) the approval of facilities to allow for the raising of additional capital. If the repurchase opportunity is approved by shareholders, the company expects to send the appropriate documentation to shareholders, setting out the procedure for participation and any associated transaction charges, by early September 2017 (subject to regulatory approval). Numis Securities, 07 July 2017, "Carador Income - Exit opportunity" In May, the Board of Carador Income highlighted it intended to offer a full exit to shareholders, subject to shareholder approval at the AGM on 31 July. The AGM notice contains some additional information and market backdrop. If approved, full details will be circulated by early September. The exit will be via a realisation pool, with exiting investors bearing an exit charge representing the costs of the transaction. The realisation is expected to take six to nine months. Going forward, the Board intends to offer a similar exit every two and a half years. The Board is also seeking authority for a placing programme to allow it issue up to 300m shares (55.2% of share capital) over the next 12 months, as well as its 10% tap issuance facility.
dendria
20/7/2017
07:36
Jun 17 NAV = $0.7580 (+0.41%). Monthly Perf. = +0.41%. YTD = +4.24%. $2.25c div to be paid 2 Aug 17 (ex-div 27 Jul 17).
dendria
22/6/2017
17:53
Analyst comment on May 17 NAV: N+1 Singer, 22 June 2017, "Level of refinancing and reset activity remains high" The level of refinancing activity across the CLO market was still strong during May, although lower than in April. Portfolio activity remained high with continued level of resets and refinancing opportunities delivering good uplifts. NAV as at end of May was 75.49c, up by 0.91% on a TR basis from last month. Shares were trading on a discount of 4.3% as at the month end, and currently on 4.6% discount based upon price of 72c. Fidante Capital, 22 June 2017, "CIFU - Carador Income - May 2017 NAV" The NAV as at 31 May 2017 was $0.7549 per share, up $0.0068 per share (0.91%) in May and up 3.82% year-to-date (total return). The company received net cashflows of $16.7m (or $0.0308 per share) over the first two months of Q2 2017 (first two months of Q1 2017: $14.2m). The weighted average annualised cash on cash payments for the income notes in April and May 2017 was 22.37% based on the latest valuations. Of the cashflows received on the income notes during the month, 23.68% was allocated to principal (January and February 2017: 20.24%). Liberum Capital, 22 June 2017, "Slowdown in loan compression" Carador Income Fund and Blackstone GSO Loan Financing (BGLF) have both announced NAV gains of 0.9% for May. US CLO debt tranches performed relatively well in the month (gains of 1.1% and 1.8% BB and B tranches) during a broadly positive period for credit markets.
dendria
22/6/2017
07:24
May 17 NAV = $0.7549 (+0.91%). Monthly Perf. = +0.91%. YTD = +3.82%.
dendria
23/5/2017
19:07
Just read the monthly report. Interesting that once again no mention of credit defaults-either in the industry or in their portfolio. Last year many such references. Perhaps there were none which would be good news. This is especially true as like VTA they continue to increase the share of income notes in their portfolio ie at 30.4.17 the percentage was 86% compared to 63% a year before and the percentage of mezzanine notes falling from 28% to 10% and to show how much more ballsy the portfolio has become cash has gone in the same period from a positive 8% to a negative 5.6%. Be interested in how others view this
cerrito
22/5/2017
12:11
Analyst comment on Apr 17 NAV N+1 Singer, 22 May 2017, "Strong primary and secondary market CLO activity" US CLO issuance has remained strong during 2017 at $27.6bn across 49 deals, double the volume in US CLO issuance compared to same period last year. Within the portfolio the level of reset activity has also been high, with two deals being reset with returns of between 14.2% and 17.3%. Average duration of the reinvestment period of its equity holdings now stands at around 3.1years, providing a better position for future loan volatility. TR NAV performance for April was up 2.7%, inclusive of 2.25c Q1 dividend declared on 20th April and paid on 3rd May. Fidante Capital, 22 May 2017, "CIFU - Carador Income - April 2017 NAV" The NAV as at 30 April 2017 was $0.7481 per share, up 2.71% in April and up 2.88% year-to-date (total return). The company received net cashflows of $13.9m (or $0.0256 per share) in April 2017 (January 2017: $12.7m). The weighted average annualised cash on cash payments for the income notes in April 2017 was 23.68% based on the latest valuations. Of the cashflows received on the income notes during the month, 21.23% was allocated to principal (January 2017: 20.47%). Liberum Capital, 22 May 2017, "Reset activity drives 2.7% NAV uplift for Carador" CLO equity investors have largely been able to offset the reduced yield on loan portfolios as a result of excess demand by refinancing/resetting CLO liabilities. Loan portfolios of CLOs issued in mid-2016 had a gross yield of Libor +440bps compared to current loan portfolios yielding Libor +390 bps following a wave of repricing activity in the market. CLO equity tranches have benefited from the ability to refinance/reset CLO debt tranches at a lower average cost to maintain the arbitrage. The length of reinvestment periods is also increasing to the benefit of equity investors. The CLO funds trade on an average 0.8% discount to NAV (9.9% dividend yield).
dendria
22/5/2017
07:31
Apr 17 NAV = $0.7481 (-0.29%). Monthly Perf. = +2.71%. YTD = +2.88%.
dendria
01/5/2017
14:27
I have gone through the Annual report and not much that surprised me. When the £ strengthened to $1.25 a few weeks back I did buy a few more-obviously I should have waited. I have the following observations: The effects of higher interest rates continue to be manageable; with the portfolio at 12 16 a 1% increase would have hit net assets by $12m OK in the context of total assets of $400m Note in 2016 no drawdowns under the credit facility. Despite Note 10(b) laying out in gory detail the subordinated nature of its portfolio-72% of total assets in income notes at 12.16 and 79% as 3.17- could find no info on credit defaults. Note that the percentage of CIFU’s income notes were higher than FAIR’s(52% at 12.16) and VTA’s(24% at 12.16) As I think we knew Directors have announced a 2017 dividend target of 0.09US$-the same target as fir 2016. I found the Investment Manager’s outlook interesting and quote verbatim. Quote Most sell-side strategists are forecasting a continuation of the market's strong performance. The median 2017 total return forecast for senior loans is 5.5% with a few strategists expecting lower, but still positive, returns. History supports the median strategists' projections. Annual returns for senior loans have exhibited some auto-correlation. In other words, strong years like 2016 are often followed by another year of solid returns. In fact, the senior loan market is less likely to produce a negative return following an excellent year than it is when the prior year's returns are lower. The sample size is small but it follows that some investors will either chase returns or feel comfortable that the backdrop is advantageous to taking additional credit risk. We believe two themes will dominate at the beginning of 2017 - supply/demand imbalance and repricing activity. First, demand for senior loans continues to overwhelm new, net supply of senior loans. For 10 consecutive months, quantifiable demand for loans (CLO issuance and retail flows) has exceeded net supply (approximated by the change in the size of the S&P/LSTA Loan Index). Given a fairly modest pipeline, this is unlikely to change over the near term. This technical backdrop supports loan valuations and has recently pushed over 70% of loans above par. Consequently, repricing activity has recently surged given the issuer-friendly environment. January has already surpassed the prior monthly record set in January 2013, according to S&P. As long as the market remains calm amidst a faster increase in the Fed funds rate relative to the prior two years, we expect issuers to continue to reprice their loans. In 2013, issuers were able to shave 27bp off the average cost of their debt. If that is replicated in 2017, repricing will offset some of the increase in the Libor base rate that results from Fed rate hikes. Since the announcement of the final risk retention rules in the US, the number of managers issuing new CLOs has declined, resulting in a more concentrated CLO market. We expect managers with larger pre-existing CLO platforms, such as GSO, will fare better than smaller players. While implementation of the rules in the US may hinder issuance in the short-term, the market has prepared well for these rules, and so the drop in issuance is unlikely to be meaningful. The U.S. CLO market may face some challenges as elevated loan prices reduce par building opportunities, and increased Libor and continued loan refinancing and repricing activity both put pressure on weighted average spread tests and may erode equity cashflows. However, we believe that Carador will continue to benefit from the value gained through the potential refinancings of certain CLO equity positions. Looking forward we will continue to rotate the Income Note portfolio towards longer dated deals as we believe these investments will represent more attractive relative value opportunities. At the same time, we will selectively reposition our Mezzanine exposure and opportunistically look into redemption opportunities for older vintages deals when economically efficient. unquote
cerrito
20/4/2017
07:28
Mar 17 NAV = $0.7503(-0.33%). Monthly Perf. = -0.33%. YTD = +0.17%. $2.25c div paid 3 May 2017. Ex-Div 27 Apr 2017.
dendria
22/3/2017
17:49
Analyst comment on Feb 17 NAV: N+1 Singer, 22 March 2017, "Premium rating restored, high levels of refinancing activity" Premium rating restored with shares trading at 0.5% premium to end of February NAV of 75.28c. CLO refinancing activity continues with four positions in the portfolio having been refinanced within the past month. Expectation for further refinancing activity for 2013 and 2014 deals remains high. Fidante Capital, 22 March 2017, "CIFU - Carador Income - February 2017 NAV" The NAV as at 28 February 2017 was $0.7528 per share, down 0.26% in February and up 0.51% year-to-date (total return). The company received net cashflows of $14.16m (or $0.0261 per share) in the first two months of Q1 2017 (October and November 2016: $16.7m). The weighted average annualised cash on cash payments for the income notes during this time period was 23.41% based on the latest valuations. Of the cashflows received on the income notes during the first few months of Q1 2017, 26.24% was allocated to principal (October and November 2016: 23.84%). Liberum Capital, 22 March 2017, "Equity tranches reduce February returns" February's returns for the CLO funds were slightly lower than recent months due to some pricing volatility for CLO equity tranches. CLO debt tranches generally performed well again in the month with an uplift of 0.97% and 0.95% respectively in BB and B US post-crisis tranches.
dendria
22/3/2017
07:30
Feb 17 NAV = $0.7528 (-0.26%). Monthly Perf. = -0.26%. YTD = +0.51%.
dendria
21/2/2017
07:33
Jan 17 NAV = $0.7548 (-2.77%). Monthly Perf. = +0.77%. YTD = +0.77%.
dendria
19/1/2017
07:13
Dec 16 NAV = $0.7763 (+3.11%). Monthly Perf. = +3.11%. YTD = +22.67%%. $2.75c div paid 1 Feb 2017. Ex-Div 26 Jan 2017. (Slight increase).
dendria
21/12/2016
12:45
Analyst comment on Nov 16 NAV: N+1 Singer, 21 Dec 2016, "NAV positive gain of 2.2% in November, c19% total return YTD" Positive nav gain of 2.2% to 75.29c in November, giving a YTD total return of c19%. The share price has risen by 1c to 71.25c since the month end narrowing the discount to 5.4%. Evidence of refinancing activity within the portfolio is beginning to emerge. Fidante Capital, 21 Dec 2016, "CIFU - Carador Income - November 2016 NAV" The NAV as at 30 November 2016 was $0.7529 per share, up $0.0159 per share (2.16%) in November and up 18.72% year-to-date. The company received net cashflows of $16.7m (or $0.0308 per share) over the first two months of Q4 2016 (first two months of Q3 2016: $19.9m). The weighted average annualised cash-on-cash payments from the income notes during October and November 2016 was 28.02% based on the latest valuations. Of the cashflows received on the income notes during October and November 2016, 23.84% was allocated to principal (July and August 2016: 26.00%). Liberum Capital, 21 Dec 2016, "Strong monthly returns continue" The CLO sector is one of the most attractive on a relative basis in our alternatives universe. There is potential for further yield compression in the short-to-medium term and the underlying cash return from CLOs has been strong given that defaults remain low. The CLO funds trade on a peer group average discount of -5.1%, which has narrowed c.1% over the past month. Carador trades in line with the average, at a discount of -5.4%, while Blackstone is tighter at -1.4%. The sector has an average prospective dividend yield of 10.4%.
dendria
21/12/2016
07:24
Nov 16 NAV = $0.7529 (+2.16%). Monthly Perf. = +2.16%. YTD = +18.97%.
dendria
24/11/2016
10:51
a not very helpful comment in the Oct report They say they believe higher interest rate expectations cold boost the returns of the portfolio. Of course they could…more pertinent for us is to know if there is any realistic expectation of this outcome; remember that in the interims they said a 1% increase would hit net assets by $5m. Be interesting to see if they were able to get away the refinancings before the election…I guess if they had it would have been a RNSable event.
cerrito
22/11/2016
07:57
Analyst comment on Oct 16 NAV: N+1 Singer, 21 November 2016, "Total return up 1.7% in October, inclusive of 2.25c Q3 dividend" Total return up 1.7% in October, inclusive of 2.25c dividend for Q3. The share price ended the month at 70c trading on a 5% discount. Since the month end the share price has weaken marginally to 69c, with the discount widening to 6.4%. Fidante Capital, 21 November 2016, "CIFU - Carador Income - October 2016 NAV" The NAV as at 31 October 2016 was $0.7370 per share, up 1.73% in October and up 16.22% year-to-date (total return). The company received net cashflows of $15.0m (or $0.0277 per share) in October 2016 (July 2016: $17.9m). The weighted average annualised cash-on-cash payments for the income notes during October 2016 was 28.93% based on the latest valuations. Of the cashflows received on the income notes during October 2016, 24.55% was allocated to principal (July 2016: 27.43%).
dendria
21/11/2016
07:18
Oct 16 NAV = $0.7370 (-1.29%). Monthly Perf. = +1.73%. YTD = +16.46%.
dendria
20/10/2016
18:03
Analyst comment on Sept 16 NAV: N+1 Singer, 20 October 2016, "Seventh consecutive month of NAV gains +19.2% since February" NAV performance was up 1.6% in September to 74.66c, the seventh consecutive month of positive returns delivering a +19.2% return since the end of February. The share price has risen 24.1% over the same period and the discount has narrowed from 5.4% to 1.6%. Q3 dividend of 2.25c declared, payable 2 November, ex 27 October. Fidante Capital, 20 October 2016, "CIFU - Carador Income - September 2016 NAV and dividend” The NAV as at 30 September 2016 was $0.7466 per share, up $0.0119 per share (1.62%) in September and up 14.24% year-to-date (total return). The company received net cashflows of $20.2m (or $0.0371 per share) in Q3 2016 (Q2 2016: $17.7m). The weighted average annualised cash on cash payments for the income notes during Q3 2016 was 31.72% based on the latest valuations. Of the cashflows received on the income notes during Q3 2016, 26.38% was allocated to principal (Q2 2016: 31.86%). Liberum Capital, 20 October 2015, "Positive performance in September” The CLO issuance grew this quarter and could potentially pick up before the risk retention requirement starts to apply at the end of December. The high yield and loan markets continue to advance and should allow CLO funds to maintain their positive performance. Volta is trading at a 10% discount approximately to its September NAV and Carador at 2.9%. The average for the sector is 2.8%, with Fair Oaks trading at a 2.3% premium.
dendria
20/10/2016
14:30
Cheers for posting that.
fenners66
20/10/2016
13:55
Liberum; CLO Funds Positive performance in September Event Volta Volta's NAV per share as at 30 September 2016 was €8.2 including the dividend of €0.15 paid in the month. The September NAV is higher by 1.4% compared to the August NAV mainly due to positive performance in most credit and equity markets. In September, Volta sold four positions (two USD CLO debt and two European CLO debt) with expected yields close to 4.5%; no purchases were made. The company generated cash of €1.0m in interest and coupons during the month bringing the total cash holdings to €8.0m. The mark-to-market variations in September were +1.2% for Synthetic Corporate Credit deals, +1.8% for CLO Equity tranches, +1.7% for CLO Debt tranches, +1.8% for Cash Corporate Credit deals, and, +0.7% for ABS. Carador Income Fund Carador's NAV per share as at 30 September 2016 was $0.7466 a 1.6% increase to August NAV per share. In the quarter, the company received estimated net cash flows of $20m or 0.0371 per share increased by 14% compared to Q2 2016. Carador traded $101m in nominal value during the month of September and the weighted average risk-adjusted IRR for all investments is approximately 14.1%. The company also sold three tranches of 1.0 BBs and three tranches of 2.0 Income Notes at a weighted average risk-adjusted IRR of approximately 10.38%. As at September 2016, the portfolio comprised 73.93% of NAV in Income Notes and 26% of Mezzanine Notes. The Q3 2016 dividend of $0.0225 per share will be paid on 2 November 2016. Liberum view The CLO issuance grew this quarter and could potentially pick up before the risk retention requirement starts to apply at the end of December. The high yield and loan markets continue to advance and should allow CLO funds to maintain their positive performance. Volta is trading at a 10% discount approximately to its September NAV and Carador at 2.9%. The average for the sector is 2.8%, with Fair Oaks trading at a 2.3% premium. Go to previous
davebowler
20/10/2016
07:28
Sept 16 NAV = $0.7466 (+1.62%). Monthly Perf. = +1.62%. YTD = +14.48%. $2.25c div paid 2 Nov 2016. Ex-Div 27 Oct 2016.
dendria
29/9/2016
11:45
The cable rate is irrelevant if these are bought on margin at 1.9% as I do through Interactive Brokers.
deadly
25/9/2016
21:04
In many ways tou are right Pejaten and it will be important to see how many of their 54 Senators the republicans loose for them not to have a senate majority but a Trump victory will still-IMO- move the markets in which direction I am not sure.
cerrito
22/9/2016
01:54
How much power does a President have though. He needs to have the Houses on his side to get anything done.
pejaten
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