Nb Distressed Debt Inves... Share Discussion Threads

[tiltonboy] 17/5/2016 07:33

The seller is back, and it remains ridiculous that the Trust is only buying back 100k per day.

Can't wait for this to enter distribution mode!

[skyship] 17/5/2016 07:09

NAV breaches the 73p level:
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Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 13 May 2016:

Extended Life Share USD 0.9790
Ordinary Share USD 1.1371
New Global Share GBP 0.7342

[courant] 05/5/2016 08:54

Thanks SKYSHIP. I'm relatively sanguine about the NAV progression - we're in the middle of a default cycle and things will take time to wash out. Key thing is that there are opportunities to make money here! Interesting read here:

hxxps://www.bondvigilantes.com/blog/2016/05/03/how-severe-is-the-current-energy-sector-default-cycle/

[skyship] 05/5/2016 08:27

After many weeks the NAV finally breaches the 72p level again:
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04 May 2016

Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 03 May 2016:

Extended Life Share USD 0.9714
Ordinary Share USD 1.1135
New Global Share GBP 0.7264

[skyship] 28/4/2016 18:24

Well there's a surprise. Stephen Varil (Director) buys 45k NBDG @ 64.75p:



After graduating with a BSc in economics from Bath University in 1983, Stephen Vakil joined L Messel & Co and moved to Chase Manhattan in 1987 to focus on private client portfolio management. In 1989, he left to join Foster & Braithwaite where he established the research function and subsequently became a director. Following Foster & Braithwaite’s merger with Quilter Goodison to form Quilter & Co in 1996, Mr Vakil was given responsibility for the London investment teams, the research department and marketing function. He was made a managing director in 2001. Having played a key role in a number of corporate transactions, Mr Vakil left Quilter Cheviot in 2013. He is an Associate of the Society of Investment Professionals.

[skyship] 20/4/2016 15:42

Thnx to davebowlerr for the piece below lifted from the VTA thread.

NBDG doesn't depend upon CLO fluctuations; but the ABS Market is surely relevant. Disappointing therefore that the daily NAV is still chugging along on the bottom:

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Liberum mention: re. Toro Limited
Positive read-across for CLO funds

Event:
Toro's NAV rose 0.69% in March, driven by markups (0.85%) and cash flow realisations (0.59%), but partially offset by hedging costs (-0.75%). NAV total return in 2016 to date is -2.1%.

Synthetic credit markets experienced a very strong end to the quarter as a result of supportive central bank actions and statements. Spreads tightened considerably in both the US and Europe in March as evidenced by the movement in the iTraxx 5 year Crossover Index from 408 bps at 29 February to 304 bps at 31 March.

The European ABS market recovered some of the losses of the early part of the year. BB and B rated post-crisis CLO tranches tightened by 100bps and 150bps respectively.

Liberum view
The positive ABS market update highlighted by Toro should be helpful for CLO funds as the spread tightening should be reflected in CLO valuations in the near-term. The majority of these funds (Volta, Fair Oaks and Carador) have suffered significant mark-to-market writedowns in recent months and we believe the sector offers the strongest near-term recovery play in the alternative funds space.

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[skyship] 16/4/2016 09:16

Saw the post below on the FAIR thread. Perhaps surprising and disappointing that the NBDG NAV hasn't also recovered more these past few weeks.
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"FAIR's March monthly report out; not much to report. As anticipated NAV was up for the month -by 6.05%; that lagged the JPMorgan CLO single B index which went up 13.39% in the month."

[skyship] 18/3/2016 14:54

NAV back up to 72.06p; so decided to make a small top-up at 64.06p - an 11.1% NAV discount.

[skyship] 11/3/2016 10:32

Strewth - choppy market - NAV back down to 71.11. Should be headed back up again after Draghi's actions yesterday interpreted as bullish for the credit market.

[skyship] 09/3/2016 07:41

NAV resumes recovery after brief pause:
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08 Mar 2016

Net Asset Value Per Share

NB Distressed Debt Investment Fund Limited announces the following unaudited, estimated net asset values per share as at 07 Mar 2016:

Extended Life Share USD 0.9689
Ordinary Share USD 1.0950
New Global Share GBP 0.7328

[skyship] 01/3/2016 07:57

Extract from today’s Portfolio Update:



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Summary

In the fourth quarter of 2015, the NBDG NAV was impacted by mark-to-market volatility; however we believe that, on the whole, the true fundamental value of our positions will be realised over time given the quality of the underlying assets. Our portfolio also remains well diversified by sector…………………………………………
…………We remain positive about the investments in the portfolio and believe we can generate attractive returns from current mark-to-market valuations.

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NAV over the past couple of weeks has risen 4.8% from 69.47p to 72.78p. Sp showing signs of life; having hopefully bottomed out @62p it is now 63.5p-64.0p. At 64p they are offered at a 12% discount….so watch out for more buybacks and an improving share price

[skyship] 24/2/2016 09:45

Interesting to note that the NAV has risen 3.6% over the past week - up from 69.5p to 72.0p.

[skyship] 22/1/2016 11:33

Real Capital reveal that M&G at least feel there is still money to be made in the debt strategy sphere. Encouraging:
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M&G to raise new capital after investing £2.2 billion in debt in 2015

M&G Investments is planning to raise follow on capital for its European senior and junior debt strategies and is considering a development finance fund, after investing £2.2 billion in CRE debt in 2015, Real Estate Capital can reveal.

[jonwig] 15/1/2016 09:25

Thanks - his analyses are a lot clearer than those put out in RNSs by NBDx, which aren't always very helpful.

[courant] 15/1/2016 08:27

Howard Marks's latest memo has some interesting comments on the distressed debt market:

hxxps://www.oaktreecapital.com/insights/howard-marks-memos

[skyship] 14/1/2016 07:54

Buyback suggest very little stock around at these low levels:
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Transaction in Own Shares

The Company announces that pursuant to the general authority granted by shareholders of the Company on 4 June 2015 to make market purchases of its own New Global ordinary share capital ("New Global Shares"), it repurchased 20,000 New Global Shares at a price of 65.75 pence per New Global Share, to be held in Treasury, on 13 January 2016. This represents approximately 0.018 per cent. of the Company's current issued New Global Shares.

[badtime] 13/1/2016 11:19

Probably once and that was a mistake :)

[tiltonboy] 12/1/2016 18:59

Yes.

Have you ever written a post that goes to a second line!

[badtime] 12/1/2016 18:57

Tilts u back in UK?

[tiltonboy] 12/1/2016 18:04

Haven't seen anything. More likely to be the change in policy has seen them bid up.

[skyship] 12/1/2016 17:45

Tilts - do you see an off market bidder?

[jonwig] 12/1/2016 14:39

Strangely enough, ADVFN has reported only one trade today, and not a significant one.

So, either there are trades elsewhere than the LSE (possible) or much larger ones which can be reported after a delay (probable).

[skyship] 12/1/2016 14:26

Now jumping up!

If there were write-offs in the portfolio, especially perhaps from the 12% oil sector exposure, then might not today's Statement have been a reasonable time to declare. Possibly, there are no hidden write-downs to haunt us.

In which case the 10%+ GRY must surely be attractive for the Company to implement buybacks......so I suspect they will seek to clear the Market back up to the 69p/70p to which I referred above.

[badtime] 12/1/2016 14:18

Oh I say ...Sky happy?

[badtime] 12/1/2016 09:46

Nudging up