Share Name Share Symbol Market Type Share ISIN Share Description
Volta Fin LSE:VTA London Ordinary Share GG00B1GHHH78 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00 € +0.00% 7.56 € 7.51 € 7.61 € 7.56 € 7.56 € 7.56 € 0 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 0.0 12.6 34.5 21.9 276.31

Volta Fin Share Discussion Threads

Showing 176 to 199 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
22/6/2017
10:23
Liberum; CLO funds Slowdown in loan spread compression Event Carador Income Fund and Blackstone GSO Loan Financing (BGLF) have both announced NAV gains of 0.9% for May. US CLO debt tranches performed relatively well in the month (gains of 1.1% and 1.8% BB and B tranches) during a broadly positive period for credit markets. BGLF completed a €50m investment in Blackstone / GSO US Corporate Funding, the adviser's US affiliate which established two new US CLOs in the month. BGLF now has exposure to three US CLOs in its portfolio. BGLF has also applied to the UKLA for a premium listing on the Main Market (currently specialist fund segment). The quote will also change to Sterling to enable the company to be included in indices. CLO funds - NAV performance May-17 YTD 12 months Fair Oaks Income Fund n/a 5.8%* 31.5%* Carador Income Fund 0.9% 3.7% 24.9% Volta Finance 0.6% 3.3% 19.3% Blackstone/GSO Loan Financing 0.9% 1.3% 7.3% Source: Liberum estimates *figures to end of April 2017 Despite relatively low supply, spread compression across the loan market has decelerated. Loan issuance was the lowest month YTD with €5.6bn in Europe and $44.3bn in the US. In Europe, low loan supply in addition to a high level of prepayments led to an increase in the supply shortage. Loan repricing remains relatively high in the US and this is expected to continue into the end of Q2 2017 with 68% of the loan market trading above par. CLO equity investors have largely been able to offset the reduced yield on loan portfolios by refinancing/resetting CLO liabilities although the pace of refinancing activity slowed in May. Carador reset once CLO during the month which resulted in a 16% increase in valuation. Liberum view The reduction in yield compression echoes what NB Global Floating Rate Income Fund has been experiencing in relation to a slowdown in repricing activity as the yield to maturity on new issues has remained steady. CLO equity investors have benefited from the ability to refinance/reset CLO debt tranches at a lower average cost to maintain the arbitrage of the portfolio spread over the cost of funding. The length of reinvestment periods is also increasing to the benefit of equity investors. The CLO funds trade on an average 0.7% discount to NAV (10.9% dividend yield).
davebowler
12/6/2017
10:43
Twenty Four views on CLOs; wentyFour Asset Management The recent trend of spread tightening across the fixed income space is also impacting the leveraged loan market, with spreads tightening from 4.8% to 4.25% (Moody’s Analytics) on average over the past year. Not surprisingly, the more recently issued CLOs are more acutely impacted as they lack a base of more seasoned, higher yielding assets. These new CLOs are forced to buy lower spread assets, with the most recent deals investing with a weighted average spread of 3.8-4.1%. In addition, prepayment speeds are at elevated levels and hence we expect the average spread for 2015-2016 transactions to reduce further. Over the same period, however, average returns for the equity tranches have remained fairly stable. We have looked at the relevant statistics to understand what is happening to these transactions and how they can still pay the equity with a stable return. The initial reaction would be that managers must be increasing risk to maintain the same equity pay-out. However, we can see this has not been the case, when we look at the “Weighted Average Rating Factor” (WARF); it has deteriorated slightly but remains relatively comfortably around the B2 rating level. Encouragingly, over the same period we have seen portfolio diversification significantly improve. Source: Moody’s Analytics So managers have not added a significant amount of risk, spreads are tighter, but equity yields have been fairly stable? The first factor contributing to this is that default rates of leveraged loans are running at very low levels and even “distressed221; assets (priced below 80c on the dollar) are running at the lowest level seen since the financial crisis. The second factor has been managers selling assets, especially fixed rate bonds, that rallied a long way above par that became inefficient for the CLOs. Selling these assets at a premium resulted in a yield boost for the equity tranches. Lastly, and probably the most important factor, has been the ability of CLOs to adjust the cost of the liabilities to the new assets’ environment. Around €15bln of CLOs (source : Morgan Stanley) already repriced their liabilities focusing mainly on the senior, IG-rated part of the capital structure especially the AAA rated tranches that are the main driver of a CLO’s cost of funding, representing on average 60% of the total stack. As a result CLO spreads have tightened 60-250bps over the past 12-months in the AAA to B rated classes; although there remain large differences between managers and between vintages. This is one of the reason why CLOs were one of our top picks for 2017, and with BBs yielding around L+6% they still deliver attractive returns in a low yield environment without compromising on credit quality. That said we remain cautious on equity tranches, as the arbitrage is thin with little room for error and specific manager selection is now more important than ever!
davebowler
02/6/2017
13:58
TFG looks to be at a big discount to NAV.Some CLOs amongst motley other stuff in the portfolio.
davebowler
20/5/2017
22:40
Just gone through the April Monthly report. What is interesting(to me at least) is the reduction of CLO debt as a percentage of GAV-40% at end of April 17 compared to 53% at end of April 16 and the increase in CLO equity up from 19% to 27% in the same period. For now at least te increased risk is dampened as they have 10%+ of GAV in cash whereas last summer they had minimal cash balances.
cerrito
18/5/2017
12:33
10 May 2017 According to our early computations, the end of April Early Estimated NAV(*) of Volta is at EUR8.52 per share. Volta's Early Estimated NAV(*) performance is +0.1% for April 2017. The Early Estimated NAV(*) is published for information purposes only; the official Estimated NAV will be disclosed in the Monthly Report of Volta which will be published in the course of the month, on or around 19 May 2017. (*) Please note that this Early Estimated NAV has been computed on the basis of fair values for the portion of the portfolio for which end of months prices were available or were able to be collected as of 9 May 2017 and on the basis of estimated prices for the rest of the portfolio. Such estimated prices have been estimated based on market observations as of the end of April 2017. The Early Estimated NAV is therefore not an accurate or reliable reflection of the value of the assets of Volta as of the end of April 2017 and can significantly differ (upwards or downwards) from the published Estimated NAV that will be disclosed in the next Monthly Report of Volta and that will be subject to the limitations set forth therein.
davebowler
05/5/2017
14:18
hTTp://www.voltafinance.com/media/16470/march-2017-monthly-report.pdf
davebowler
19/4/2017
12:53
Liberum; Volta Finance (Mkt Cap £224m) Cautious short-term outlook Event Volta's NAV return in March was 0.9%. The mark-to-market performance of the various portfolio sub-sectors was +1.8% for CLO equity, +1.5% for CLO debt, +0.7% for synthetic corporate credit, -10.9% for cash corporate credit and 0.2% for ABS. Cash corporate credit reduced NAV by 0.4% in March. Cash corporate credit was impacted by the final payment of a German SME CDO that depended on the value of a pool of defaulted SME loans. Cash flows from the investment have been well ahead of expectations in recent years. Volta invested a total of €13.4m in the month in two USD CLO debt tranches, a new USD CLO equity position and a drawdown under the risk retention vehicle investment. The expected yield on new investments was 10.7% compared to a yield of 5.5% on the €10.8m of CLO debt tranches sold in the month. Cash is still relatively high at 9% of NAV and reflects the manager's caution on credit market valuations. The manager has also added a short S&P 500 position representing 2.5% of NAV to protect against short-term market volatility. Liberum view Volta continues to deliver attractive returns with a NAV return of +3.2% for Q1 2017 and +22.3% over the past 12 months. The company is on track to deliver another year of double-digit NAV performance. The manager has consistently used hedging and portfolio positioning to protect returns during periods of market volatility. The shares currently trade on an 11.4% discount to NAV
davebowler
10/4/2017
10:46
Liberum; Volta Finance (Mkt Cap £250m) 0.9% NAV gain in March Event Volta has published an early estimate of its NAV at 31 March 2017 which indicates growth of 0.9% over the month to €8.51. The monthly report will follow in due course around the 20 April. Liberum view Volta continues to deliver attractive returns with a NAV return of +3.2% for Q1 2017 and +22.3% over the past 12 months. The company is on track to deliver another year of double-digit NAV performance. The company's recent interim report projects the portfolio IRR at 10.4% and the manager has consistently outperformed the portfolio projections in recent years. The shares currently trade on an 11.9% discount to NAV.
davebowler
20/3/2017
11:15
Liberum; Volta Finance (Mkt Cap £234m) 0.9% NAV return in February Event Volta's NAV at 28 February 2017 was €8.58 per share which represents an increase of 0.9% over the month. The mark-to-market performance of the various portfolio sub-sectors was +0.2% for CLO equity, +0.5% for CLO debt, +1.8% for synthetic corporate credit, +1.5% for cash corporate credit and 0.1% for ABS. Volta invested a total of €15.7m in February in six USD CLO debt tranches and a drawdown request on the risk retention vehicle that was announced in January. Cash has increased to 10% of NAV as the manager's view is that credit markets are now quite fully valued and better opportunities should emerge in due course. Liberum view We calculate approximately half of the NAV return in the month was attributable to FX gains given the 2.1% appreciation of the US Dollar (portfolio exposure is 24% US Dollar). Volta continues to generate attractive returns and is well-placed to deliver another year of double-digit NAV performance. The shares currently trade on an 12.9% discount to NAV.
davebowler
09/3/2017
12:34
Liberum; Volta Finance (Mkt Cap £234m) FX gains drive NAV growth Event Volta has published an early estimate of its NAV at 28 February 2017 which indicates growth of 0.8% over the month to €8.57. The monthly report will follow in due course around the 20 March. Liberum view We calculate the majority of the NAV return in the month was attributable to FX gains given the 2.1% appreciation of the US Dollar during the month. Volta is well-placed to deliver another year of double-digit NAV performance. The shares currently trade on an 12% discount to NAV and offer an 8.2% prospective dividend yield. Specialist Fi
davebowler
23/2/2017
11:36
Its Tetragon HTtp://www.tetragoninv.com/about-us/about-us-overview HTtp://www.tetragoninv.com/~/media/Files/T/Tetragon-V2/financial-report/2017/161231-tfg-monthly-letter.pdf
davebowler
22/2/2017
21:36
Never heard of TFG, davebowler will try and fine time to take a look
cerrito
21/2/2017
14:28
Have you looked at TFG.L, Cerrito and atholl91?
davebowler
21/2/2017
10:12
Liberum; Specialist Finance CLO Funds Slower start to 2017 Event January was a weaker month for both Carador and BGLF, returning 0.8% and 0.1% over the month respectively following a strong 2016 for both funds and the sector as a whole. The year started strongly for the sector with the JP Morgan CLOIE post-crisis B-rated index up 10.9% in January. As CLO debt rallied CLO equity valuations were softer, driven by concerns around loan refinancings and an increased supply of CLO equity paper in the secondary market. CLO issuance in January totalled $1bn through two US CLOs and one €0.4bn European CLO. Refinancing and reset activity volumes totaled $8.0bn in the US and €1.3bn in Europe. Blackstone also announced this morning its intention to raise further capital under the 12 month placing programme announced in March 2016. The issue price will be €1.02, which constitutes a 2% premium to January NAV after adjusting for the dividend declared on 20 January, to be paid on 24 February. The number of new shares to be issued will be decided and announced following the close of the placing on 2 March 2017. Liberum view Carador now trades at a 1.9% premium to NAV, with Blackstone trading at a 2.4% premium; this compares to a -2.1% discount for the peer group. The CLO funds offer a 10% average prospective dividend yield and believe it represents one of the more attractive sub-sectors in the alternative funds universe given relatively low default outlook for the market. Volta and Fair Oaks remain our top picks in the sector.
davebowler
16/2/2017
18:40
Thanks to DB. I've sold some of my VTA as the discount doesn't seem to shift and I am Euro bearish. Bought some more CIFU & FAIR due to USD and better yields. Still think FAIR has the best Manager in this space but will be interesting to see how its fund raising goes Cerrito.
atholl91
13/2/2017
18:19
Thank you very much Dave Bowler for posting that note which as a holder of VTA,FAIR and CIFU I read with interest. IMO they are right to say that CLO products are very attractive compared to most other fixed income products; that is not saying very much given the to me poor fixed income prospects. They correctly note the good default history over the recent past for the industry-especially excluding energy loans-and comment on the lack of interest rate duration risk. As in the past FAIR have said that an interest rate increase would have a reasonably important impact on the portfolio, I read note 21 of the VTA last AR more thoroughly than I had in the past; they did not quantify what would be the impact of an interest rate move . They did say that CLO equity(24% of portfolio) would be hit by any increase in rates given the floors and that floating rate assets would benefit from any increase. Incidentally this note 21 refers to the VTA holding in Alba UK Mortgage pool-which holders of QWIL/ERII will remember. On a broader level, the article did confirm my feeling that things are going very well for the sector at the moment…but is there scope for it to get much better?? For that reason I am not buying anymore and do not currently plan to participate in the FAIR equity raise(and it will be interesting to see how that goes)-nor am I selling In the next days we will be getting Jan 31 NAV figures and I am expecting a good increase
cerrito
13/2/2017
12:20
General opinion of CLO's from; John Magrath Partner, Head of Distribution 020 7015 8912 TwentyFour Asset Management Good Afternoon, It has been a very strong start of the year for risk assets as cash is being put to work but supply has been relatively limited, creating a strong technical backdrop. Within ABS, one of the best performing sectors has been mezzanine CLOs, where spreads have tightened 25-100 basis points for BBB to B rated bonds, and a greater degree of tiering has opened up between managers and vintages. 2013-2015 deals in particular are being priced to mature at the end of their 2 year non-call periods and prices have naturally gravitated towards par. New and refinanced CLOs are being printed at roughly 3.5-4.0% yield for BBB, 6-7% for BB and close to 9% for single-B rated bonds. However, loan issuance remains subdued hence CLO managers are struggling to ramp up new deals and get the old ones fully invested. For this reason you would expect single-Bs to price wider, as investors are taking the risk that the manager will not be able to ramp the deal efficiently, and it increases the chances of next year’s credit skeletons finding their way into the underlying collateral pool (as Mark wrote about last Friday). Last week CVC priced their new CLO, Cordatus 8, with the underlying portfolio being just 33% of the deal ramped. Although CVC is a very well respected CLO manager, we believe that there is better value in the older CLOs that are currently being refinanced, as the investor has greater transparency surrounding the collateral and there is less exposure to the primary loan market, where yield levels are tight and leave little margin for any market price correction. We have been selective sellers so far this year in the 2014/2015-vintage BB CLOs (trading at 99-100 with a coupon below Euribor + 550bps), in favour of the 2016 refinanced transactions that are trading close to par with Euribor +650-700bps coupons. The downside in any sell-off is limited as ramping a CLO in the first half of 2016 was attractive, due to the relative value of the underlying loans during that period. This does not take away from the fact that there is a lot of option value in potential call stories. We also recognise the value in selective single-B rated classes, where some tranches are trading at a discounted price in the mid-80s (due to their lower coupons at issuance). Underlying loan performance has been strong over the past year, aided by general improvement in ratings and a default rate of virtually zero. Despite the rally in the underlying loans, we think CLOs remain very attractive compared to most other fixed income products, with the added benefit of CLOs exhibiting no interest rate duration risk. With no obvious pick-up in leverage loan issuance and limited CLO primary supply, the strong market technical looks set to continue, hence our view that the outperformance of the CLO sub-sector is unlikely to change anytime soon.
davebowler
19/1/2017
09:32
Liberum; CLO funds Positive trend continues in December Event Volta Finance and Carador Income Fund have reported positive NAV performance for the month of December (Volta +1.4%, Carador +3.1%). This maintains the trend of strong monthly returns since the CLO market recovery began in March 2016. In December, all post-crisis CLO tranches experienced a positive month with BB and B US debt tranches rising 2.7% and 4.5%. These tranches have delivered a return of 21.7% and 23.6% in 2016 respectively. Three CLO funds have reported figures to the end of December (BGLF is yet to report) and it has been a strong year for the sector with an average NAV return of 20.1% across the three funds. Fair Oaks Income Fund has generated a return of 24.9% in 2016 followed by Carador (20.1%) and Volta (15.2%). Carador has also announced a dividend of $0.0275 per share for Q4 2016 bringing total dividends for the year to $0.095 per share. This is ahead of target dividend of $0.09 per share as the re-weighting of the portfolio between mezzanine and equity tranches during the year has enabled a higher distribution. Liberum view After a turbulent start to 2016, the CLO market has benefited from significant spread tightening to deliver a year of healthy returns. CLO spreads have tightened for a number of reasons including a higher allocation from investors seeking floating rate exposure. There was a significant level of refinancing activity ahead of the risk-retention deadline in the US. Almost $50 billion of refinancings occurred in 2016 with $37 billion of this taking place in Q4. The resulting lower weighted average cost of the debt tranches can provide a meaningful uplift to the IRR expectation of equity tranches investors. The CLO funds trade on an average 2.4% discount to NAV and offer a 10% prospective dividend yield. We believe this represents one of the more attractive sub-sectors in the alternative funds universe given relatively low default outlook for the market and the ability to capitalise on relative value opportunities. Volta and Fair Oaks remain our top picks in the sector.
davebowler
11/1/2017
16:05
Liberum on CLOs; CLOs Fair Oaks Income Fund (Mkt Cap £250m) 26.4% NAV return in 2016 Event Fair Oaks Investment Fund's (Fair Oaks) NAV per share was $1.005 as at 30 December 2016, a 3.8% monthly return including dividends. The company declared a dividend of 5.75 USD cents per share in December that brings the total dividend for the year at 13.45 USD cents per share. The shares will go ex-dividend on 12 January 2017. The JP Morgan CLOIE post-crisis B rated index was up 4.5% in December. Fair Oaks’ positive monthly performance was driven by both equity and mezzanine investments. Market default rates in the US decreased slightly to 2.06%. Fair Oaks has confirmed its intention to proceed with the proposals under which Shareholders will be offered an option (but will not have an obligation) to extend the duration of their investment, and also with a further equity raise through a C share. The documentation in respect of the proposals is expected to be published in early March, with a deadline for elections under the proposals and applications under the fund raise in late March. Fair Oaks believes that control positions in new CLOs have the potential to offer one of the most compelling investment opportunities in credit markets at this point in the cycle given supportive loan fundamentals and tight CLO liabilities. Liberum view Fair Oaks' 2016 NAV total return was 26.4% validating Fair Oaks' strategy and the significant investment opportunities CLOs present. We expect the positive NAV performance to continue based on the strong credit performance of the equity investments during the year and the opportunistic investment in mezzanine tranches. Fair Oaks currently trades on a 2.7% discount to its December NAV against the peer group average of 3.1%. The current yield is 13.8%.
davebowler
21/12/2016
11:03
Liberum; CLO Funds Strong monthly returns continue Event The monthly results for Blackstone/GSO Loan Financing (Blackstone) and Carador Income Fund (Carador) continue the run of strong monthly results for the sector, with NAV up 1.96% and 2.16% respectively. The strong positive performance comes against a backdrop where equity markets have hit all time record highs following the US election and US Treasuries lost 2.67% in November (the worst performance since 2009). Fixed income weakness has carried over to credit, with investment grade credit losing a similar 2.68% during the month (Barclays U.S. Corporate Index); high yield credit lost 0.07% over November (Credit Suisse High Yield Index), while leveraged loans performed better, gaining 0.32% (Credit Suisse Leveraged Loan Index). November issuance outpaced that seen in October and was the most active month for US CLO issuance since June 2015, with demand boosting issuance before the introduction of US risk retention rules in December. US volumes totalled $10.9 bn through 21 issues, the European market was also active with five new issues totalling €2.0 bn. Spreads continue to tighten, with the most recent European CLO reduced its AAA spread from 145bps to 85bps. Liberum view The CLO sector is one of the most attractive on a relative basis in our alternatives universe. There is potential for further yield compression in the short-to-medium term and the underlying cash return from CLOs has been strong given that defaults remain low. The CLO funds trade on a peer group average discount of -5.1%, which has narrowed c.1% over the past month. Carador trades in line with the average, at a discount of -5.4%, while Blackstone is tighter at -1.4%. The sector has an average prospective dividend yield of 10.4%.
davebowler
21/11/2016
09:54
Liberum; CLO funds Double-digit NAV returns likely for 2016 Event Three of the CLO funds have announced October performance figures this morning with a continuation of the recent trend of strong monthly returns. CLO debt tranches were broadly positive during the month with BB and B tranches in the JP Morgan CLO Index rising 0.9% and 1.6% respectively. According to the index, CLO equity prices lost -1.3% in the month although this mainly reflects quarterly distributions during October. The majority of the London-listed funds experienced positive returns from their CLO equity investments. All three funds (Volta, Fair Oaks and Carador) with mark-to-market valuation policies experienced strong returns in the month. Fair Oaks Income Fund was the best performing fund in October (+2.6%) and over the past 12 months (+14.8%). CLO issuance reached its highest level since June 2015 during October as demand from investors helped to boost issuance before the introduction of US risk retention rules. Equity investors should benefit as spreads on senior tranches tightened to 143bps (161bps in June) on US CLOs and as low s 98bps on European CLOs. Liberum view The CLO funds trade on an average 6.0% discount to NAV and offer a 10.6% prospective dividend yield. We believe this represents one of the more attractive sub-sectors in the alternative funds universe given relatively low default outlook for the market and the low exposure to oil and gas / energy. Volta and Fair Oaks remain our top picks in the sector. Specialist Finance
davebowler
12/11/2016
17:45
The biggest risk recently was the likelihood of a £Sterling bounce from an oversold 1.10....rallied to 1.16 last week, knocking 5% off the Sterling price. Quite likely further to go...
skyship
06/11/2016
14:30
Had a close read of the Annual Report just out. I found the commentary on Principal Risk Factors very useful and the Chairman’s statement. I was surprised that I could find no info on defaults in the portfolio(especially as we do not get this info in the Monthly Report) or of Shareholders with 3%+. They also gave no figures on the projected impact on the portfolio of a change in interest rates-something I was looking for- but did note the following from the Risk section quote Given that the Company’s investments have floating interest rate characteristics, risk arising from interest rate volatility is modest unquote-would have preferred it if it had been quantified.
cerrito
20/10/2016
11:27
Liberum; CLO Funds Positive performance in September Event Volta Volta's NAV per share as at 30 September 2016 was €8.2 including the dividend of €0.15 paid in the month. The September NAV is higher by 1.4% compared to the August NAV mainly due to positive performance in most credit and equity markets. In September, Volta sold four positions (two USD CLO debt and two European CLO debt) with expected yields close to 4.5%; no purchases were made. The company generated cash of €1.0m in interest and coupons during the month bringing the total cash holdings to €8.0m. The mark-to-market variations in September were +1.2% for Synthetic Corporate Credit deals, +1.8% for CLO Equity tranches, +1.7% for CLO Debt tranches, +1.8% for Cash Corporate Credit deals, and, +0.7% for ABS. Carador Income Fund Carador's NAV per share as at 30 September 2016 was $0.7466 a 1.6% increase to August NAV per share. In the quarter, the company received estimated net cash flows of $20m or 0.0371 per share increased by 14% compared to Q2 2016. Carador traded $101m in nominal value during the month of September and the weighted average risk-adjusted IRR for all investments is approximately 14.1%. The company also sold three tranches of 1.0 BBs and three tranches of 2.0 Income Notes at a weighted average risk-adjusted IRR of approximately 10.38%. As at September 2016, the portfolio comprised 73.93% of NAV in Income Notes and 26% of Mezzanine Notes. The Q3 2016 dividend of $0.0225 per share will be paid on 2 November 2016. Liberum view The CLO issuance grew this quarter and could potentially pick up before the risk retention requirement starts to apply at the end of December. The high yield and loan markets continue to advance and should allow CLO funds to maintain their positive performance. Volta is trading at a 10% discount approximately to its September NAV and Carador at 2.9%. The average for the sector is 2.8%, with Fair Oaks trading at a 2.3% premium.
davebowler
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