Share Name Share Symbol Market Type Share ISIN Share Description
P2P Global Investments LSE:P2P London Ordinary Share GB00BLP57Y95 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +2.00p +0.24% 830.00p 831.00p 832.00p 832.00p 828.00p 830.00p 15,471 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 130.6 16.1 20.2 41.2 643.99

P2P Global Share Discussion Threads

Showing 476 to 500 of 500 messages
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DateSubjectAuthorDiscuss
07/6/2018
13:17
hTTp://citywire.co.uk/investment-trust-insider/news/p2p-champ-quits-as-global-loan-fund-vies-to-hit-target/a1126759?re=55682&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
04/5/2018
10:01
Liberum P2P Global Investments (Mkt Cap £622m) Low cost of debt on new securitisation Event Further to last week's announcement, P2P Global Investments has completed the securitisation of a portfolio of UK SME loans originated by Funding Circle. The senior tranche represented 62% of the overall structure and was awarded a Aa3 rating by Moody's. The spread on the senior tranche was 75bps. Investors in the securitisation included the European Investment Fund (part of the European Investment Bank) and KfW, the German development bank. The transaction is backed by 4,007 loans with a total remaining balance of £206.6m (original balance £255.6m). The weighted average interest rate on the portfolio is 10.0% and the average remaining balance is £52k. The weighted average seasoning of the loans is 8.6 months and the average remaining term is 44.7 months. Liberum view The weighted average spread on the overall securitisation has not been revealed yet but it should help to lower P2PGI's cost of funding (1.9% average spread at 31 December 2017). In addition, it broadens the company's sources of funding. The shares currently trade on a -17.3% discount to NAV. Specialist Finance
davebowler
27/4/2018
15:59
Hi Yieldsearch thanks for that background. I'm still not sure I follow how it works. What you are describing is say P2P buying £10m of 10% yielding loans, and then raising finance (borrowing money) @ 4% from somewhere to fund £9.5m of the assets. So leveraging themselves up 20x. But a securitisation is where you package and sell the loans on to other investors, who in return get the income from the 10% yielding assets? So who will actually own the £10m of loans in this case (and were they already on p2p books), who is borrowing the funds at libor + x and from where, what does it mean when it says P2P will retain 5% of the structure?
aroon001
27/4/2018
13:39
never a daft question, and hope that my answer is making sense: basically providing high leverage. say you have a pool of loans yielding 10%. Issuance of securitisation (for 95% of the loan) is costing 4% ( libor +some margin.. i dont have the figures). So the 95 is costing 4% (3.8), the assets (100) is generating 10 (10pc of 100), leaving 6.2 for the holder of 5% (10-3.8=6.2). So the retention holder could have an asset (5) generating 6.2 per year (much larger running yield than the original 10pc). Above very approximate and just one dummy example, not linked to the above real life securitisation, please do not assume that they can make such a high return as you have to factor cost of issuance, margin on the securitisation and running costs etc.. the downside is that if the underlying pool has more than 5% losses, the p2p exposure could be wiped out (again not taking into account features protecting the 5%, such as provisionning of losses through interest margin etc..) diversifying: as it is using the capital market, it is not using bank funding so could free up available bank line. but again i don't have the details
yieldsearch
27/4/2018
12:38
Daft question, could somebody explain how these securitisations work? if P2P is packaging loans (it already owns?) and sells them off to investors, how does this benefit P2P? What does it have to do with diversifying P2P's source of funding?
aroon001
27/4/2018
09:36
Liberum; P2P Global Investments (Mkt Cap £619m) Potential securitisation of Funding Circle loans Event Bloomberg reports indicate that P2P Global Investments is seeking to arrange a new securitisation backed by UK SME loans originated through the Funding Circle platform. This follows the company's securitisation of Zopa loans in Q4 2017. The transaction is backed by 4,007 loans with a total remaining balance of £206.6m (original balance £255.6m). The weighted average interest rate on the portfolio is 10.0% and the average remaining balance is £52k. The weighted average seasoning of the loans is 8.6 months and the average remaining term is 44.7 months. P2P GI would retain at least 5% of the structure in order to comply with risk retention requirements Liberum view Last year's Zopa transaction priced attractively with a weighted average cost of 1-month Libor +99bps and we would expect the proposed Funding Circle transaction will also help to diversify the source of funding and lower the company's existing cost of debt. UK SME loans accounted for 9.2% of NAV in February. The fund continues to reposition the portfolio and is targeting a covered 15p quarterly dividend by the end of Q2 2018 (implied 7.5% dividend yield). The shares currently trade on a 16.6% discount to NAV.
davebowler
06/3/2018
00:38
This stock is turning into a disaster. Nav is now hit a new low of 950 pence odd. And shares still trade at almost 20% discount to nav.
aroon001
23/1/2018
10:56
P2P is one of Winterfloods picks -see pie chart; hTTps://www.investmentweek.co.uk/investment-week/news/3024190/winterflood-focuses-on-value-opportunities-for-2018-recommendations-list?utm_medium=email&utm_content=&utm_campaign=IW.Daily_RL.EU.A.U&utm_source=IW.DCM.Editors_Updates&utm_term=&;im_company=&utm_medium=email&companysize=&im_edp=410979-05474982d5ce102b%26campaignname%3DIW.Daily_RL.EU.A.U
davebowler
12/1/2018
15:40
hTTp://citywire.co.uk/investment-trust-insider/news/winterfloods-investment-trust-picks-for-2018/a1082501?ea=252901&re=51816&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly#i=5 Winterfloods view- Backing a P2P turnaround P2P Global Investments (P2P) had a tough 2017. It fell from a significant premium to NAV to a 16% discount on the back of concerns relating to some of its loans and expensive fees. Although recent performance has been disappointing, the Winterflood team initiated a notional position in the fund because they believe a turnaround is under way. Last year the portfolio was repositioned, with exposure to US and UK credit significantly reduced. ‘While it is still not particularly cheap, the fund’s fee structure has also been amended,’ Winterflood said. ‘Taking all this into account, and with its shares trading at a 16% discount to NAV and offering a prospective yield of 7.3%, we think that the fund now represents one of the debt sector’s more compelling value opportunities.’
davebowler
30/11/2017
09:48
Liberum; Strategy update Event P2P Global Investments' strategy update presentation highlights that the manager expects to cover a dividend of at least 15p per quarter by the end of Q2 2018. The quarterly dividend will be at least 12p per share in the intervening period. The company has recently accelerated the portfolio repositioning with the sale of a portion of its US consumer exposure. The transaction represented a reduction in company's net exposure to US consumer loans of £37m (4.6% of NAV). Gross exposure decreased by £167m with a consequent reduction in leverage and hedging requirements. The portfolio sale was the main reason for the -1.0% NAV decline during October. Two-thirds of the credit assets are now at or exceeding return targets. The company intends to increase its exposure to specialist and secured assets and has £400m pipeline of new investments with existing and new partners. Secured assets are expected to be 39% by Q2 2018 vs. 25% currently.
davebowler
27/10/2017
20:21
P2P Global Investments (P2P) Numis Securities believes there could be a pick-up in P2P Global Investments’ sorry share price. The largest of the listed funds in the direct lending sub-sector, P2P lost investors’ confidence when currency hedging costs and rising delinquencies on its high US consumer exposure meant it failed to hit its annual return target of 6-8%. Earlier this year, its manager merged with Pollen Capital, the manager of its more successful and UK-focused rival Honeycomb (HONY). With the discount on the shares having widened to 22% - giving it a Z-score of 1.1% - and a strategy update expected early next month, Numis analyst Sam Murphy is cautiously optimistic, writing this week that: ‘We now see only modest downside, with the potential for the discount to narrow if returns start to pick-up or if the November strategy update provides an improved outlook. The fund is paying quarterly dividends at a rate of 12p, equivalent to 48p pa and a 6.1% yield on the current share price. We expect that over time P2P’s portfolio will look a lot more like Honeycomb IT, which is also managed by Pollen Street. ‘This raises potential for a merger in future, in our view, and it is notable that Invesco Asset Management is the largest shareholder in both funds,’ he said.
thompson_alan
26/10/2017
08:57
Yes the current portfolio is clearly full of junk but the new managers brought in seem to have expertise in this area and the Honeycomb trust has performed well. It's just a question of how long it will take to reposition the fund, given its size I suspect quite a long time.
riverman77
26/10/2017
00:29
So 0.14% return on the month, which is like 1.5% return per annum without buybacks. Comparable to a regular high interest savings account, but exposed to more credit risk and leverage, and paying a performance fee on top. They really need to wind this down and return funds to investors. Ideally before the next recession.
aroon001
25/10/2017
14:15
Liberum; Event NAV per share at 30 September was 1002.2p which represents an increase of 0.19% in the month of which share buybacks added 0.05%. NAV return in Q3 was 0.77% and in 2017 to date is 3.1%. Exposure to US consumer loans has reduced to 34% of NAV (June 2017: 39%). Hurricanes in the quarter impacted the US portfolio by increasing delinquencies in affected states such as Texas and Florida. The corporate debt facility has increased from £150m to £200m as the company is seeking to move away from US Dollar financing. P2P GI is also seeking to arrange a securitisation of Zopa loans which should help to reduce the cost of funding. The transaction is backed by 31,153 Zopa loans with a total outstanding balance of £209m, which represents the majority of the company's existing UK consumer loan exposure (20% of NAV at 30 September 2017) An unchanged dividend of 12p has been declared for Q3. 5.7p of this was covered by income and 6.3p is from the special distributable reserve of which 2.1p relates to share buybacks. Liberum view P2PGI's returns remain subdued (12-month NAV return of 3.7%) which has led to the discount widening to -21% in recent months. In terms of credit performance, the 6-month rolling annualised impairment rate has declined slightly in the quarter but remains high at c.4.5%. The focus will now shift to the strategy update which is due in early November as investors seek clarity on how the portfolio will change over the next 12-18 months.
davebowler
25/10/2017
09:44
OK-questions answered by today's company announcements...all looks on track to maintain the dividend plans
lurker
24/10/2017
13:35
...............we would expect the proposed transaction will also help to reduce the company's existing cost of debt.........
davebowler
24/10/2017
13:33
Does anybody know when the next dividend is likely to be declared, and also when the next monthly update posted?
lurker
18/10/2017
23:36
So P2P global is packaging up a group of loans that us shareholders are currently receiving income from, and sells them on to other investors (whilst retaining a small portion). How does that benefit current shareholders as surely P2P now has to find other assets to invest in, and what does it mean reduces P2P costs of funding?
aroon001
18/10/2017
13:35
Liberum; P2P Global Investments (Mkt Cap £634m) Potential securitisation of Zopa loans Event Trade press reports indicate that P2P Global Investments is arranging a new securitisation backed by Zopa loans. This would be the company's second securitisation of Zopa loans following a similar transaction last year. The transaction is backed by 31,153 Zopa loans with a total outstanding balance of £209m, which represents the majority of the company's existing UK consumer loan exposure (20% of NAV at 31 August 2017). The average balance of the loans is £6,708. The weighted average age of the loans is 4.5 months and the average remaining term is 45.7 months. The average interest rate is 7.2%. According to a Moody’s report 88% of borrowers are in full time employment and the loans are mainly used to finance cars (30.8%), debt consolidation (38.0%) and home improvements (20.9%). The securitisation is called Marketplace Originated Consumer Assets 2017-1. Moody's main model assumptions are 7.0% lifetime defaults with 10% recoveries. The most senior tranche has been given a provisional rating of Aa3. P2P GI would hold at least 5% of the structure in order to comply with risk retention requirements. Liberum view Last year's transaction priced attractively with a weighted average cost of 1-month Libor +168bps and we would expect the proposed transaction will also help to reduce the company's existing cost of debt. It would also release a significant amount of capital back to the company as it continues to reposition the portfolio towards specialist assets. The shares currently trade on a 22.5% discount to NAV.
davebowler
05/9/2017
23:03
And why is the share price tanking? the monthly nav was ok even if it is partly due to buy backs. anything we missing?
aroon001
01/9/2017
10:43
Can anybody explain why the two very large trades (looking like a rollover at 830??) from the end of the day yesterday, do not appear in either today's or yesterdays total volume figures?
lurker
31/8/2017
13:41
Liberum P2P Global Investments has published its Interim Results for the half year to 30 June 2017, NAV growth was 2.3% over the period; stripping out the impact of share buybacks we calculate NAV return of c.1.8%. The company bought back a total of 2.6m shares during the period at an average price 824.25p; this provided an uplift of 5.6p per share. 24p of dividends have been declared and paid during H1. The allocation to US consumer loans has reduced over the half year to 39% (December 2016: 55%). This capital has been predominantly reinvested in UK assets across real estate, consumer and SME loans. The main platforms for new origination in the quarter were Zopa (35%; UK consumer), Zorin (28%; UK real estate) and Funding Circle (20%; UK SME). In terms of credit performance, the aggregate 6-month rolling annualised impairment rate declined marginally in Q2, but remains within the 4.5%-5.0% range. Borrowing margins improved in Q2 to 245 bps (previously 260 bps); as at 30 June the gearing ratio had declined to 72% (December 2016: 82%). The increase in USD Libor has offset the reduced margins but the company's lower US exposure will reduce the US Dollar funding requirement. In line with changes require by IFRS 9, P2P Global Investments will make provisions for expected future credit losses from January 2018 onwards. It should result in a smoother NAV performance but there will be a larger one-off adjustment in the early months of the adoption of the standard. Liberum View A key development during the half year was the implementation of the strategic review of the investment management arrangements and proposals to re-orientate the portfolio away from the US consumer and towards higher quality platforms; the company has advised that this transition could take up to 18 months to achieve. Immediately preceding the announcement of the review the shares were trading at a 22.7% discount to NAV, which subsequently narrowed to c.13%. The shares are currently trading at a 16% discount to NAV, compared to a peer group average discount of 2.6% for the direct lending peer group; the current yield is 5.4%. Underlying performance has gradually improved in 2017 and the fund will need to maintain this progression in order to achieve the targeted 6-8% return level and a re-rating towards par.
davebowler
29/8/2017
10:30
I have not sold...actually was thinking of buying more
lurker
28/8/2017
23:56
This post makes no sense to me. Buy backs weren't supporting the price recently. Was the news of lower fees and change of investment manager. When you say everyone sold out around 900p who are you talking about? There's no news of mass selling of the stock that I've missed? And why would 'everyone' logically sell out in absence of new negative information anyhow. The recent share price drop last week or two is probably due to Friend Providrnt news nothing to do with buy backs.
aroon001
28/8/2017
16:08
Well, it looks like everyone, including me, sold out here while they had the chance at around 900p when the buy backs were buoying up the price. The price has now drifted back to below 850 as the buy backs start losing their influence and the monthly Nav increase remains anaemic. At what price do these become interesting again? I'm thinking at around 825 in the absence of any further news. Below 800 might prompt something decisive like a wind down and return of value to investors. On the other hand, an improvement in returns would probably see the drift downwards reversed.
argoal
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