In QuotedData’s morning briefing on 18 September 2024:
- SEGRO (SGRO) announced the pricing of a €500m senior unsecured bond issue for an eight-year term priced at 123 basis points above euro mid-swaps with an annual coupon of 3.5%. The bond issuance was over six times subscribed at peak. The proceeds of the issue will principally be used to refinance existing indebtedness, with a focus on bank loans maturing in early 2026. As a result, the average cost of debt (including joint venture debt at share) falls to 2.6% (from 2.7% at 30 June 2024) and the average duration increases to 7.3 years (from 6.8 years at 30 June 2024).
- Foresight Solar Fund (FSFL) announced its interim results for the six months to 30 June. The company’s NAV total return was down 3% while the share price total return fell 8%.The company noted that despite one of the wettest first quarters in UK recorded history and poor weather in Spain and Australia, an improved performance in the second quarter led to revenue of £74.5m, only 6.6% behind budget. During the year, the Board initiated the second phase of its divestment programme with the commencement of the sale process of the Australian portfolio. Closing is expected in the first half of 2025 and the current intention is that proceeds will be predominantly used to pay down debt further.
- M&G Credit Income Investment Trust (MGCI) announced its interim results for the six months to 30 June. The company delivered a NAV total return of 4.59% for the period. This was broadly in line with the benchmark of SONIA plus 4% (return of 4.69%) and compared favourably to the performance of investment grade fixed income indices such as the ICE BofA Sterling Corporate and Collateralized Index (-0.01%). The company noted that there has been a divergent performance between interest rates and credit spreads in the first half of the year. While interest rates have notably widened over the period, credit spreads have closed to historically tight levels which has helped to drive positive NAV performance. It says the current macroeconomic environment remains supportive for investment grade credit. The pipeline of private asset opportunities looks healthy and the investment manager is negotiating on a number of new facilities which it hopes to transact in the coming months.
We also have: Annual results from Ruffer Investment Company, Murray Income, and City of London Investment Trust
