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QuotedData’s morning briefing 3 February 2021

In QuotedData’s morning briefing 3 February 2021 –

  • Chenavari Toro Income (TORO) reported annual results to 30 September 2020, with the total return NAV coming in at -11.2%. The share price total return was -15.2%. TORO’s chairman, Frederic Hervouet, noted that “TORO’s base case was assuming a second wave of defaults in H1 2021 with the annualised default rate to peak at circa 5%. Although we remain positive on the long-term on the European CLO market which offers resilience and attractive yields, we were cautious over the coming months as valuations had improved significantly and financial markets were likely to remain volatile, oscillating between fears over the rates of COVID-19 infection and a brighter outlook heralded by the prospect
    for effective vaccines.”
  • JPMorgan Global Core Real Assets (JARA) announced that a further $35.5m of its committed capital has been called, with a funding date on or around 16th February 2021. This capital will be invested into JPMorgan Asset Management’s Asia-Pacific Real Estate strategy. This takes total capital invested to $229.6m or 91% of the company’s net assets. Much of this capital is being utilised for investment primarily into industrial/logistic assets. This additional investment means JARA’s industrial/logistic exposure is now 14%.
  • Downing Renewables & Infrastructure (DORE) has completed the acquisition of a portfolio of eight operational hydropower plants in central and southern Sweden. The deal was initially announced on 21 December 2020. The portfolio was acquired from Fortum Sweden AB for a purchase price of approximately €65m on a debt and cash-free basis and comprises eight hydropower plants across three different rivers in Sweden, with an annual average production of 108 GWh. DORE notes that the portfolio has an operating track record spanning more than five decades.

We also have an intention to float announcement from Great Point Entertainment. It will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property rights.

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