The Renewables Infrastructure Group (TRIG), the £1.7bn renewables fund labouring under a 36% share price discount, has announced a £200m private debt placement to reduce its £398m revolving credit facility by the same amount. It comprises of two fixed rate loans, one in sterling for £100m and another in euros for €115m.
James Carthew at QuotedData said: “With 10-year gilts offering a yield of 4.55%, TRIG’s weighted average interest rate of 5.23% on debt that matures in about 10.5 years looks pretty competitive.”
Wealth manager shares tumbled yesterday after Altruist in the US unveiled a tool to help financial advisers personalise investment and tax strategies “within minutes”, The Times reported. St James’s Place (STJ) plunged 14%, Quilter (QLT) by 5%, AJ Bell (AJB) shed 8% and Aberdeen Group (ABDN), the fund manager that owns the Interactive Investor platform, closed 4.4% lower.
The UK economy grew by 0.1% in the fourth quarter of last year, Office for National Statistics says. Economic growth also increased by 0.1% in December with the ONS revising down November’s figure from 0.3% to 0.2%.
The US economy smashed expectations to generate 130,000 jobs last month, reducing the likelihood that the Federal Reserve will cut interest rates again before Jerome Powell leaves his post as chair. The Bureau of Labor Statistics said the unemployment rate dipped to 4.3% from 4.4% in December.
There has been scepticism in some quarters about the accuracy of the jobs data since Trump fired the head of the Bureau of Labor Statistics last year for releasing some numbers that made him look bad. It would be funny if the numbers had been massaged up only to block the interest rate cut that he so badly craves.