Sequoia Economic Infrast... Share Discussion Threads

[williamcooper104] 12/11/2021 12:46

So sounds like the Aussie mining development loan is money good (I note my almost complete lack of experience in both mining and Australia) The Bulb loan, appreciate they are the only senior creditor, looks more concerning If it goes into administration it will be the first company to go into a new special form of admin set up to prioritise customers - which doesn't exactly sound good for a par or possibly any recovery I'm out and watching at moment - a bad loan loss and the premium is likely to go to a discount as well as the NAV credit losses

[williamcooper104] 30/10/2021 01:32

More on Bulb https://www.google.co.uk/amp/s/news.sky.com/story/amp/government-accelerates-planning-for-collapse-of-big-energy-supplier-bulb-12453948Seems that it could go into a special government led administration (which has never been done before) - but the administrator will owe a duty to Bulbs customers as opposed to a primary duty to Bulbs assets So looks like it would mean selling of Bulbs customers quickly

[williamcooper104] 29/10/2021 16:10

Bulb = £55m/3 percent of NAV SEQI seems to have a senior position and has said that it's comfortable that it's loan is money good Still means at least 5 percent of NAV in administration

[williamcooper104] 29/10/2021 16:07

Telegraph reporting that Bulb is likely to go into administration

[starpukka] 28/10/2021 13:53

My spreadbet a/c pays out divs after closing on the day before XD day. I recalled SEQI actually rose on last XD day; so I opened long SB yesterday. Sure enough it's risen again today; allowing me to close for a profit.
I wish more did this.

[gateside] 28/10/2021 13:48

Ex dividend and the share price is up!

[cwa1] 28/10/2021 08:09

As mentioned, XD this morning, pay day 3/12

[cwa1] 27/10/2021 16:11

Can't really see what it is myself. Tipped somewhere? Broker rec? It does go XD this Thursday but wouldn't have thought that would be much to do with it...

[chucko1] 27/10/2021 15:45

Cannot think what was said in the budget would have helped. Also, it did most of its moving prior to that.

[nicd] 27/10/2021 15:41

Budget news perhaps?

[williamcooper104] 27/10/2021 12:08

Any idea why the share price move up today

[cocopah] 22/10/2021 08:23

An update on Bulb would be good too.👍ㇿ5;

[cwa1] 19/10/2021 07:26

19 October 2021

Sequoia Economic Infrastructure Income Fund Limited

(the "Company")

Dividend Declaration

Interim Dividend for the Period Ended 30 September 2021

The Directors of the Company have declared that an interim dividend of 1.5625p per share will be payable to holders of Ordinary Shares as follows in respect of the three-month period ended 30 September 2021:


Ex-Dividend Date: 28 October 2021
Record Date: 29 October 2021
Scrip Reference Price 4 November 2021
Announced:
Deadline for Scrip Elections: 19 November 2021
Payment/Allotment Date: 3 December 2021
Dividend per Ordinary 1.5625 pence per share
Share:

[cocopah] 14/10/2021 17:16

Decent incremental increase in the NAV to 102.94 and good to see the improvement in Talen as #Chucko1 observed. Not so good on the Bulb investment although fully secured so we shall see:)

The Company's settled investment activities during September include:

· An additional $35.0m to Brightline, a privately owned passenger rail project in Florida;

· A $50m loan to Perc HoldCo, to finance the acquisition of energy efficiency assets linked to steel production at two steel mills in the USA.



The following assets sold or prepaid in September:

· A full sale of £12.1m of Heathrow 2027 bonds, a UK Airport;

· A partial £5.0m sale of American Shipping Company (AMSC) 2025 bonds, a US-based tanker company;

· A partial £6.0m sale of Navigator Holdings 2025, a US-based specialist shipping company;

· A $31.5 primary loan to Sunrun Hera, a US-based manufacturer of solar energy equipment;

Heathrow 2027, AMSC 2025 and Navigator Holdings 2025 were sold to mitigate any breach to the fixed-to-floating rate ratio.

[cocopah] 30/9/2021 08:21

#chucko1 Good to know that there has been a recent uptick in the performance of the bonds (I couldn’t find anything positive on Talen, so defer to your knowledge - edited posts to take the heat out of them). Assuming that the exposure is only $21m I agree that even a total loss wouldn’t impact SEQI hugely. The share price had overshot the average recent premium to NAV so perhaps a combination of both? Previous dips have bottomed at 1.04ish. Thinking about interest rate rises, that focus has drifted a bit recently, there’s been more debate on when to reduce tapering but even that’s a few months off. Next update is in 10 working days so perhaps some inkling then.🤔

[chucko1] 29/9/2021 22:46

The fall in the share price coincides with a RISE in the value of the TALEN bonds! The bonds had fallen a lot (from 90% to 40% from the end of May to the end of August) but have now risen to 56%. $21mn represents 0.8% of the market cap, so either this is an absurd overreaction or there are other worries. Like higher interest rates looming (some may say).

In any event, they will have marked these bonds to market and assuming a recovery of perhaps 20% upon default, the further possible loss is around 0.25% of the market cap.

[cocopah] 29/9/2021 20:31

Found 3 SEQI investments in Talen Energy (6.5% 2024 and 6.5% 2025 and 10.5% 2026). Hoping the last one wasn’t priced to reflect the deterioration in risk! Anyway the total investment is c$21m (not sure if/how they are secured).

It would be good if the next monthly update gave investors a more fulsome picture.

[cocopah] 29/9/2021 20:04

The current situation looks poor for Talen with further investigation (Talen are $4m in debt and it’s bonds have been downgraded). I don’t think it’s a game-changer at all for SEQI, however a default will hurt somewhat.🤷‍♂️

hxxp://ieefa.org/colstrip-operator-talen-falls-4-billion-into-debt-bonds-downgraded/

[cocopah] 29/9/2021 19:41

I would imagine that apart from overshooting the average c5% premium the Talen issues aren’t helping.⬇A039;

hxxps://news.bloomberglaw.com/bankruptcy-law/talen-energy-bonds-drop-on-earnings-outlook-debt-concerns

[nerja] 24/9/2021 14:13

Something not quite right with this of late, is there a large seller bailing?

[chucko1] 23/8/2021 14:55

No you couldn't - we're all hooked, and I reckon you know that!

[mach100] 22/8/2021 22:14

haha Coco I sure did. I only wish I woke up and it was true :) I could give up investing :)