Icg-longbow Senior Secur... Investors - LBOW

Icg-longbow Senior Secur... Investors - LBOW

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Stock Name Stock Symbol Market Stock Type
Icg-longbow Senior Secured Uk Property Debt Investments Limited LBOW London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 89.90 08:45:19
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davebowler: Liberum; ICG-Longbow Senior Secured UK Property Debt Investments Strong interims but returns likely to decrease over medium term Event NAV per share at 31 July 2016 was 102.7p per share which equates to a NAV total return of 5.5% for the six-month period. Returns have been ahead of of expectations because of prepayment fees relating to the Mansion and First Light loan repayments. The portfolio comprises 10 loans with a weighted average LTV of 57.3% and expected gross IRR of 8.7%. The weighted average residual term was 2.3 years of which an average 1.2 years remains income protected. There is potential for further loan repayments in the loan portfolio over the next year as the income protection period reduces. The manager has indicated that the redeployment of capital over the medium term will struggle to meet the existing return targets as interest rates on senior loans are significantly lower than at the time of the IPO. The manager expects to bring forward proposals to update the company's investment policy to allow the company to reinvest repayment proceeds having regard to current market conditions. Liberum view Interim results for the period to July 2016 were strong with the company's income protection providing a boost to returns from early repayments. The medium-term outlook for the company is uncertain as investors face the prospect of moving up the risk curve to maintain the level of returns or accepting a lower return for deployment in loans with similar risk characteristics to the existing portfolio. The company trades on a 0.3% premium to NAV (5.8% dividend yield).
ptolemy: Been looking at this one. Could anyone reconcile these two statements, a paragraph apart in the recent update: "we do not currently foresee the opportunity to deploy any further new capital at levels which would be accretive to investors" "We are actively looking at possibilities for redeploying this capital and I look forward to being able to report to you further on this in due course." They also state that the dividend is maintainable, but with capital being returned to them and (according to the quote above) with no foreseeable opportunity to reinvest, just how will they manage to maintain the divi?
davebowler: Investec Insights ¢ Today's announcement is excellent news and takes LBOW to substantially fully-invested, and more-or-less within the time-frame set out at launch (12 months). This is in contrast with SWEF which has struggled to deploy the capital it raised at launch. We understand the property-lending space remains competitive – and we prefer the regional UK exposure the LBOW team offer, rather than a London-centric approach. ¢ The underlying loan metrics mean the company's target return of a 6% pa dividend should be more than fully met going forwards. Net of fees and expenses, we believe a run-to-maturity IRR of 7.2% pa looks achievable. We think ICG Longbow have now demonstrated they are amongst the market leaders in UK Commercial Property Senior Secured Lending. ¢ We continue to like the property debt space and think LBOW highlights the very attractive risk / reward profile experienced managers can offer to investors right at the top of the capital structure with low LTVs. (In all cases, LBOW's loans are given the senior secured position and the average portfolio LTV is 61%, with 160% interest coverage ratio.) ¢ We note the potential tenth investment opportunity and look forward to an announcement on it (in the near future. We also expect the company's maiden set of final results soon. ¢ Looking at the other funds within the property debt space – which, to reiterate, we main bullish on – LBOW offers the purest senior-loan exposure but we also believe RECI's more diverse strategy of bond and loan exposure offers investors excellent returns; a 12 month dividend yield of 6.1% with the shares trading around par. This is a much more attractive proposition, in our view, than SWEF which is currently 71% committed and trades at a premium of 3.4% and yields 3% (although this should increase when the fund becomes fully invested).
goodgrief: The £50bn investment opportunity from banks' retreat Graham Emmett, partner at ICG Longbow, talks about an opportunity in commercial property debt for income investors. http://www.citywire.co.uk/money/the-50bn-investment-opportunity-from-banks-retreat/a671120
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