CQS Rig Finance Fund Limited Statement Re Monthly Shareholder Fact Sheet

 
TIDMRIG 
 
 
   CQS RIG FINANCE FUND LIMITED 
 
   Monthly Shareholder Fact Sheet 
 
   CQS Rig Finance Fund Limited (the "Company"), a closed-ended investment 
company incorporated in Guernsey, is pleased to announce that its 
Monthly Fact Sheet for March 2014 is now available on the Company's 
website (www.cqsrigfinance.com) and includes further information on the 
top ten investments and outstanding borrowings. 
 
   The Crimean situation dominated headlines, but global concerns faded 
despite the region's annexation as all parties moved towards a 
diplomatic resolution. US Federal Reserve Chairman Janet Yellen's 
comments suggested a rise in rates might arrive earlier than 
anticipated. The resulting sell-off was short lived, however, as markets 
instead began to focus on improving data which lent credence to the 
theory that recent economic weaknesses were a result of poor weather. 
Emerging markets were boosted following speculation that stimulus 
measures may be introduced to support the Chinese economy. In March, the 
MSCI World Index rose by 0.2%, the MSCI Europe Index fell by 0.7% and 
the MSCI AC Asia Index posted a marginal advance of 0.1%. Credit indices 
on both sides of the Atlantic tightened. 
 
   Against this backdrop the Company's NAV, adjusted for the final dividend, 
rose approximately 0.94% to close the month at 36.70p. The share traded 
without the right to receive the 0.87p dividend during the month. Most 
positions advanced over the month, with notable profits from the 
convertible bonds of Italian oil services company Maire Tecnimont and 
the notes issued by Bluewater Holdings (Bluewater). On March 26, Maire 
Tecnimont announced the signing of a petrochemical deal with Carbon 
Holdings in Egypt. The agreement, awarded on a direct negotiation basis, 
envisages Engineering, Procurement, Construction and Commissioning 
(EPCC) activities executed by a consortium of Maire Tecnimont Group and 
Archirodon Group for an anticipated value of between $1.70bn and $1.95 
billion, out of which 50 per cent would pertain to the Maire Tecnimont 
Group (source: company website). This news, along with broker upgrades 
during the month, saw the stock rally strongly and the bonds were marked 
up approximately 25 points. Bluewater was awarded an engineering, 
procurement and construction contract by Petrobas for three Turret-type 
Single Point Mooring (SPM) buoys. In addition, Marine Current Turbines, 
a Siemens company, and Bluewater Energy Services B.V. agreed the joint 
development of a two-megawatt floating tidal current turbine, called 
SeaGen F (source: company website). The bonds were marked up 2 points. 
Profits were partially offset by losses in the Lukoil convertible bond 
position. Following the development of the situation in Crimea, the 
bonds were quoted down approximately three points and the Company took 
the decision to exit the position. 
 
   There were three new deals of note during the month. The Harkand Group 
issued a 7.5% 5-year 1st lien, senior secured bond with a premium call 
structure. Ridgebury Crude Tankers issued a 3-year 1st lien secured 
paper paying a 7.625% coupon, with the benefit of a premium call 
structure. Oceanrig UDW issued 5-year premium callable unsecured notes 
paying a 7.25% coupon. The proceeds were partially used to tender for 
the existing Oceanrig 9.25% notes, which the Company was holding. The 
Company subscribed for and was allocated an amount in each new issue and 
tendered its holding in Oceanrig 9.25% at a percentage price of 105.375. 
 
   All market data sourced from Bloomberg and MSCI unless otherwise stated. 
MSCI index returns are in local currencies with net dividends 
reinvested. 
 
   For further information, please contact: 
 
   Corporate Secretariat 
 
   Kleinwort Benson (Channel Islands) Fund Services Limited 
 
   01481 710 607 
 
   Alastair Moreton, Darren Vickers 
 
   NOMAD and Broker 
 
   Westhouse Securities Limited 
 
   020 7601 6118 
 
   Monthly Fact Sheet - March 2014: 
http://hugin.info/140293/R/1779581/608185.pdf 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: CQS Rig Finance Fund Ltd via Globenewswire 
 
   HUG#1779581 
 
 
  http://www.cqsrigfinance.com/