Cqs New City High Yield Share Discussion Threads

[washbrook] 18/9/2009 19:17

Although I have a big holding in this stock I am somewhat suprised at the rise of 1.75p today.
It is the biggest rise in the stock that I can remember from memory.

[kiwi2007] 18/8/2009 13:16

Lates fact sheet...July 31st...

MANAGER COMMENT The month of July continued to see a rally in high yield and investment grade markets, whereas the UK 10 year Gilt weakened on the month weighed by the twin ongoing worries of issuance and inflation. Equities too had a positive month across the globe and whether or not this is a massive bear squeeze or a concerted recovery is still open to debate. Many pundits are looking for a "W" shaped recovery, whilst others are still happy with the "V". August could be an interesting month for once, rather than its usual sleepy self! At the end of the month, the Company's shares went ex-dividend in respect of their fourth interim dividend of 1.1p per share, up from 1.02p per share last year, to give an annualised rate of 3.65p per share and giving a 7.8% yield at the current share price of 46.75p. During the month, the IFCO Systems NV 103/8% 2010 was called at par and the Company also sold the Lloyds TSB Bank 6.25% 2014 which was the "exchange property" for the Clerical Medical Finance Plc 41/4%.......more...

[pherrom] 27/7/2009 14:40

Yes, you're quite right kiwi - I was using last year's figure.

[kiwi2007] 27/7/2009 12:42

22 Apr 2009 Interim GBP 0.85
21 Jan 2009 Interim GBP 0.85
22 Oct 2008 Interim GBP 0.85
plus a fourth interim dividend of 1.1 pence per share (2008: 1.02 pence per share)
Which I make to be 3.65 and nearer 7.8% ;o)

[pherrom] 27/7/2009 08:48

Total 3.57p which @ 46.75p gives a useful yield of 7.6%.

[kiwi2007] 24/7/2009 10:22

Useful rise in final divi. 3.65p total?

[kiwi2007] 18/5/2009 14:20

May's fact sheet out

[washbrook] 28/4/2009 16:23

DAILY SHARE PRICE AND NAV since 12.3.09
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[kiwi2007] 23/4/2009 09:08

Wahbrook,

Think these are they?

[washbrook] 23/4/2009 07:59

DIVIDENDS:-

[washbrook] 23/4/2009 06:56

kiwi2007
read the 31.3.09 report yesterday could not find the epic code- 7.9% perp US $ bond, not on sharescope.

[kiwi2007] 22/4/2009 20:12

- worth a read - they are making some interesting investment / divestments - Aberdeen Asset Management with a running yield of 16% for instance.

[washbrook] 22/4/2009 19:23

CUM DIVIDEND TILL TUESDAY 4.29pm 28.4.09

Third Interim Dividend


New City High Yield Fund Limited announces a third interim dividend of 0.85
pence per share (2008: 0.85 pence per share) payable on 29 May 2009 to
shareholders on the register on 1 May 2009, having an ex-dividend date of 29
April 2009.

[washbrook] 16/4/2009 15:33

nav 15.4.09

39.64 inc income

38.79 excluding income

[washbrook] 03/4/2009 06:51

My biggest holding YIELD 8.8% net
For income investors.
NO STAMP DUTY ON THIS STOCK

[pherrom] 17/3/2009 10:58

I've also added - yield nearly 9% at the moment.

[washbrook] 13/3/2009 14:50

1.889p (revenue reserve)plus 0.57p income accumulated to 10.3.09
Added to my hoding yesterday & today.
an article in the Investors Chronicle today by Jim Slater worth reading with regards to prefs & convertibles.

[kiwi2007] 02/3/2009 11:36

half yearly report out:


Points of interest:

1.88p a share held in reserve for divi payments.
Hold £5 million in cash waiting for the right investment
They don't hedge their currency exposure and around 50% of their income is from overseas - so, currency gains made this last half year..

[kiwi2007] 18/2/2009 11:45

Latest .pdf

MANAGER COMMENT
Nortel Networks Corp filing for Chapter 11, brings a whole new scenario to bond markets, a company with $2.5bn of
cash and short-term assets historically does not file for creditor protection. What seems to have triggered this action is
the fact that the business has fallen off a cliff with no recovery in sight and rather than suffer "death by a thousand cuts"
it was decided to file earlier for creditor protection and commence restructuring on the basis this course would be more
likely to achieve a better outcome for shareholders. New City High has no exposure to Nortel Networks Corp.

The latest Moody's monthly default report has forecast a jump in the US and European issuer-weighted default rate to
15.5% and 18.3% respectively. The peak in 1990/91 was 11.9%. High yield markets currently are discounting in excess
of 50% default rates over the next 5 years, compared to 45% in the Great Depression.

The High Yield market therefore has priced in a lot of "downside" in the global economy and hence could have a
reasonable performance in 2009. Add to this the technical point that Moody's credit rating models use current spreads
as a large input which may "overclub" the figures and be less of a lead indicator as to the actual state of the credit
market, and more an indicator of a current less liquid and somewhat dysfunctional market.

For the Trust howeve these markets provide opportunity to pick up cheap bonds from distressed sellers. To this extent
the Trust has been able to add to positions in First Hydro 9% 2021, Care First 11.8 1st Mtg Deb 2014, Scottish Mutual
7.25% Perpetual and Western Areas 8% Convertible 2012, and have opened a position in International Power 4.75%
Convertible 2015. We continue to focus on income with opportunities for capital appreciation.

[kiwi2007] 16/2/2009 08:21

Around 50% of their holdings are ex UK I believe. Does anyone know if they hedge their currency exposure ?

[pherrom] 15/2/2009 10:36

As one approaching old codgerdom and also wanting income I bought some of these.
But I think that the yield is a bit over 8% - 4 X .85p per annum, or is that after basic rate tax? Also the old codger in charge of this trust has been around a long time and may have learnt a thing or two. Let's hope so.

[pip_uk] 28/1/2009 11:10

Being an old codger as well that is certainly food for thought.
Will be looking into this.

[washbrook] 28/1/2009 11:07

Being an old codger I require income and with interest on deposits next to zero I bought New City High Yield Trust.
It pays a dividend 4 times yearly.
The historic dividend is 4.4p yield 10.53892% at close on 27.1.09 a t41.75p xd this morning on quarterly dividend.
Therefore on £10000 income £1053 £10000 in deposit account at 3.5% interest( less 20% TAX)=2.8% income then would be £280.
Therefore you would get 3.7607 times the interest on a deposit account of 3.5%.
I have held City Merchants Investment Trust and have always paid a good dividend but New City has outperformed City merchants by 22.5% since 14.5.08
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