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QuotedData’s morning briefing 21 July 2022

In QuotedData’s morning briefing 21 July 2022:

  • NB Global Monthly Income (NBMI) is increasing its target distribution rate to 6.75% of NAV per year for the rest of 2022. The increase reflects the positive effect of rising interest rates (especially higher US rates – US loans account for about 80% of the fund) on the fund’s returns. The new target distribution will, for the remainder of the year, represent a level which is 19.7% higher than the total dividends paid in 2021. The portfolio yield is expected to continue to rise as higher rates are factored in.
  • NextEnergy Solar (NESF) has been classified as an Article 9 Fund in accordance with the EU Sustainable Finance Disclosure Regulation. It qualifies as all of its investments are in either solar PV, co-located battery storage and standalone battery storage assets which (1) substantially contribute to the climate change mitigation, environmental objective through a) generating and storing renewable energy, and b) establishing energy infrastructure required for decarbonising energy systems; (2) Meet the criteria of “doing no significant harm”; and (3) Meet “minimum safeguards” as explained in NextEnergy Capital’s sustainable investment policy and human rights position statement.
  • EPE Special Opportunities (ESO) has extended the maturity of its 7.5% loan notes to 24 July 2023 and can now extend this further to 23 July 2024 but only if it agrees to increase the coupon to 8%.
  • Seed Innovations says that over the year to 31 March 2022, its NAV fell from 11.72p to 9.62p, mainly driven by a sharp fall in the share price of Yooma Wellness.

We also have news of a disposal by Baker Steel Resources

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