Cqs New City High Yield Share Discussion Threads

[plasybryn] 17/10/2016 13:07

Shouldn't we be getting a dividend notification?

[my retirement fund] 10/10/2016 15:41

Getting a little hot in the kitchen here

[eeza] 13/9/2016 09:59

Large seller in the background. Offer steadily reducing despite the bias to buy trades.

[kiwi2007] 24/8/2016 21:44

Can anyone supply a link to the Credit rating breakdown of this fund (as can be seen in most funds of this type i.e. )

I've been through all their docs on site but even the annual report doesn't seem to have a breakdown.

[tenbag] 24/8/2016 10:54

MRF ... Yes, compared with maybe IPE or CMHY.

[my retirement fund] 24/8/2016 10:28

Top sliced some profits, my worry is the shareprice is running away from the NAV - or moreover the NAV doesn't seem to be improving despite the huge bounce back seen over the summer in corporate bonds and even the BOE entering the corporate arena has not shifted the NAV.

[nimbo1] 26/7/2016 07:58

The desperate hunt for income continues - good buy in price over the first 6 months of this year.

[my retirement fund] 19/7/2016 18:24

Another good year then. Final dividend been anounced secured an overall increased yield year on year

[robsy2] 11/7/2016 10:04

I have added a few more this morning. The yield is great.
R2

[my retirement fund] 13/4/2016 22:35

Should next go xd at the end of this month. Still yielding 7.2% PA.A must for regular income seekers such as ISA savers, pensioners and the likes. IMO.

[langland] 03/4/2016 12:22

Click on the 'financials' tab at the top of the page then scroll down to the dividend section to see when historic divs have been made. That will give you an idea. Looks like near month end.

[plasybryn] 03/4/2016 10:55

When does it go ex dividend please? Has that been announced?

[my retirement fund] 10/3/2016 10:21

RCT the NAV is marked to market.

Yes that would be an interesting figure to see, although I'm not sure what purpose it would serve as they trade in and out of bonds as they see value in addition to having redemptions.

You could probably do a fairly rough estimate if you had plenty of spare time and could be bothered, for example they hold plenty of REA 8.75% 2020 which is currently trading at a 20% discount to par:

[rcturner2] 09/3/2016 19:07

The information I would like to see is how the NAV compares to the par value of the bonds. I assume that the NAV is given at current market price of the bonds, it would be interesting to know the NAV based on the par value.

[my retirement fund] 09/3/2016 15:55

Some interesting info from half yearly report including

Gearing

The Company renewed its existing GBP30m loan facility with Scotiabank in
December 2015 at a current all-in rate of 1.25%. The new facility is on
more favourable terms than the one that it replaced. GBP25m was drawn
down at 31 December 2015 and the Company had an effective gearing ratio
of 10%.

For the Company's portfolio we continued to take profits on Phoenix 7
1/4%, General Accident 8 7/8% preferred and British Airways 6 3/4%
preferred with the proceeds being recycled into Perform Group 8.5% 2020
and Old Mutual 7 .875% 2025. We had five bonds called during the period
including Europcar 9.375% 2018, AA 9.5% 2019 and House of Fraser 8 7/8%
2018; the proceeds were mostly invested into IDH finance 8 1/2% 2019
(Europe's largest Dental chain), Co-op Bank 8 1/2% 2025, Iceland 6 3/4%
2024 and Barclays 7.875% perpetual.

Ian Francis

New City Investment Managers

[my retirement fund] 02/3/2016 22:47

One would have to issue them sell them and buy them back to capitalise them. I should think it was a fairly cheap process to execute fee wise.

[dragonsteeth] 02/3/2016 22:19

Well the logic looks sound, but why involve Cantor Fitzgerald in such a way that presumably involves two transaction costs. ? Additional share issues are not uncommon, share buy backs are not uncommon, any reason to do it the way outlined?

[my retirement fund] 02/3/2016 16:16

So basically they have a wallet full of shares they can sell at a future date and book a profit as the NAV and share price improve over time. Seems like a thrifty plan imo.

[joan of arc] 26/2/2016 12:34

Just found the answer to my question on their website. XD 28/1, Paid 29/2 0.97p. It's just ADVFN Financials have not been updated to show this.

[joan of arc] 26/2/2016 12:27

So does anyone know why there was no divi this quarter nor any RNS to say that it had been cancelled?

[eeza] 20/1/2016 09:33

Now trading at a discount to NAV.

[kiwi2007] 20/1/2016 09:29

petewy - I guess folk don't want to hold junk bonds in a deteriorating economic market.

So, what percentage of this trust are junk? It's hard for me to tell as they don't seem to publish a credit breakdown, unlike the similar fund City Merchants High Yield. (

My gut feeling is that, since they tapped the market, and to get a continuously higher divi payout the quality of their holdings has reduced over time.

[neilyb675] 19/1/2016 16:35

CQS New City High Yield Fund Limited (ticker symbol NCYF) today
announces its second interim dividend of 0.97 pence per share payable on
29 February 2016 to shareholders on the register on 29 January 2016,
having an ex-dividend date of 28 January 2016.

[petewy] 14/1/2016 13:31

I sold this stock last November (I sold everything a la Robin Griffiths rec)
Since then I have read all posts.
But why the recent huge selling?