VOLTA FINANCE LIMITED - AUGUST MONTHLY REPORT
(Thomson Reuters ONE) -
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES
*****
Guernsey, 23 September 2014 - Volta Finance Limited (the "Company" or "Volta
Finance" or "Volta") has published its monthly report. The full report is
attached to this release and is available on Volta Finance Limited's financial
website (www.voltafinance.com).
Gross Asset Value
+-------------------------------------+-------------+-------------+
| | At 31.07.14 | At 29.08.14 |
+-------------------------------------+-------------+-------------+
| Gross Asset Value (GAV / ? million) | 274.0 | 277.8 |
+-------------------------------------+-------------+-------------+
| GAV per share (?) | 7.51 | 7.61 |
+-------------------------------------+-------------+-------------+
At the end of August 2014, the Gross Asset Value* (the "GAV") of Volta Finance
Limited (the "Company", "Volta Finance" or "Volta") was ?277.8 m or ?7.61 per
share, an increase of ?0.10 per share from the end of July 2014.
This brings the performance for the first 8 months of 2014 to +7.5% including
the April dividend payment.
The August mark-to-market variations* of Volta's asset classes have been: +0.9%
for Synthetic Corporate Credit deals, +1.9% for CLO Equity tranches; +0.7% for
CLO Debt tranches, -0.4% for Cash Corporate Credit deals and +3.8% for ABS. The
positive performance of Volta in August is in line with positive credit markets
in August and is also due to the depreciation of the Euro against USD and GBP.
Volta's assets generated the equivalent of ?1.7m cash flows in August 2014 (non-
Euro amounts converted to Euro using end-of-month cross currency rates and
excluding principal payments from debt assets) bringing the total cash generated
during the last six months to ?15.6m.
In August, Volta made no new investment but the equivalent of ?14.6m was settled
from previous trades and commitments
At the end of August, Volta held ?4.7m in cash excluding payments to be settled
in the coming weeks.. Taking into account unsettled commitment (?4m committed
in the CESL Fund), Volta can be considered very close to be fully invested. It
can be mentioned, however, than one of the Bank Balance Sheet Transaction
(Alpine Taurus; ?2m principal) is going to be called at par and one of the
Synthetic Corporate Credit debt (Dryden XVII; USD4m principal) is going to be
reimbursed, both in September.
MARKET ENVIRONMENT
In August 2014, credit markets spread tightened, reversing the widening observed
in July both in Europe and in the US : the 5 year iTraxx European Main index
and 5 year iTraxx European Crossover Index (series 21) spreads went respectively
from 65 and 264 bps at the end of July 2014 to 60 and 242 bps at the end of
August 2014. In the US, in the same vein, the 5y CDX main index (series 22)
tightened from 64 to 57 bps. According to the CSFB Leverage Loan Index, the
average price for US liquid first lien loans was roughly unchanged from 98.65%
at the end of July 2014 to 98.59% at the end of August 2014. In Europe, the
price of the S&P European Leveraged Loan Index increased from 95.12% to
95.28%. **
VOLTA FINANCE PORTFOLIO
In August 2014, no particular event materially impacted any of Volta's assets.
The CLO warehouse we invested in during June has been fully drawn (USD20m) and
is expected to lead to a pricing of the CLO in October and a following closing
(terminating the warehouse) 4 weeks after.
We continue seeing opportunities in several structured credit sectors including
mezzanine or equity tranches of CLOs, RMBS tranches as well as tranches of Cash
or Synthetic Corporate Credit portfolios.
* "Mark-to-market variation" is calculated as the Dietz-performance of the
assets in each bucket, taking into account the Mark-to-Market of the assets at
month-end, payments received from the assets over the period, and ignoring
changes in cross currency rates Nevertheless, some residual currency effects
could impact the aggregate value of the portfolio when aggregating each bucket.
** Index data source: Markit, Bloomberg.
(Full monthly report in attachment or on www.voltafinance.com)
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey)
Law, 2008 (as amended) and listed on NYSE Euronext Amsterdam. Its investment
objectives are to preserve capital and to provide a stable stream of income to
its shareholders through dividends. For this purpose, it pursues a multi-asset
investment strategy targeting various underlying assets. The assets that the
Company may invest in either directly or indirectly include, but are not limited
to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage
loans; automobile loans. Volta Finance Limited's basic approach to its
underlying assets is through vehicles and arrangements that provide leveraged
exposure to some of those underlying assets.
Volta Finance Limited has appointed AXA Investment Managers Paris, an investment
management company with a division specialised in structured credit, for the
investment management of all its assets.
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company
within the AXA Group, a global leader in financial protection and wealth
management. AXA IM is one of the largest European-based asset managers with ?553
billion in assets under management as of the end of December 2012. AXA IM
employs approximately 2,450 people around the world and operates out of 21
countries.
CONTACTS
Company Secretary and Portfolio Administrator
Sanne Group (Guernsey) Limited
voltafinance(at)sannegroup.com
+44 (0) 1481 739810
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay(at)axa-im.com
+33 (0) 1 44 45 84 47
*****
This press release is for information only and does not constitute an invitation
or inducement to acquire shares in Volta Finance. Its circulation may be
prohibited in certain jurisdictions and no recipient may circulate copies of
this document in breach of such limitations or restrictions.
This document is not an offer for sale of the securities referred to herein in
the United States or to persons who are "U.S. persons" for purposes of
Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities
Act"), or otherwise in circumstances where such offer would be restricted by
applicable law. Such securities may not be sold in the United States absent
registration or an exemption from registration from the Securities Act. The
company does not intend to register any portion of the offer of such securities
in the United States or to conduct a public offering of such securities in the
United States.
*****
This communication is only being distributed to and is only directed at (i)
persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order") or (iii) high net worth
companies, and other persons to whom it may lawfully be communicated, falling
within Article 49(2)(a) to (d) of the Order (all such persons together being
referred to as "relevant persons"). The securities referred to herein are only
available to, and any invitation, offer or agreement to subscribe, purchase or
otherwise acquire such securities will be engaged in only with, relevant
persons. Any person who is not a relevant person should not act or rely on this
document or any of its contents.
Past performance cannot be relied on as a guide to future performance.
*****
This press release contains statements that are, or may deemed to be, "forward-
looking statements". These forward-looking statements can be identified by the
use of forward-looking terminology, including the terms "believes",
"anticipated", "expects", "intends", "is/are expected", "may", "will" or
"should". They include the statements regarding the level of the dividend, the
current market context and its impact on the long-term return of Volta's
investments. By their nature, forward-looking statements involve risks and
uncertainties and readers are cautioned that any such forward-looking statements
are not guarantees of future performance. Volta Finance's actual results,
portfolio composition and performance may differ materially from the impression
created by the forward-looking statements. Volta Finance does not undertake any
obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which
may not prove to be realised. Due to the uncertainty surrounding these future
events, the targets are not intended to be and should not be regarded as profits
or earnings or any other type of forecasts. There can be no assurance that any
of these targets will be achieved. In addition, no assurance can be given that
the investment objective will be achieved.
*****
August Monthly Report:
http://hugin.info/137695/R/1857851/650585.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Volta Finance Limited via GlobeNewswire
[HUG#1857851]
Unternehmensinformation / Kurzprofil:
Datum: 24.09.2014 - 08:00 Uhr
Sprache: Deutsch
News-ID 342626
Anzahl Zeichen: 10983
contact information:
Town:
St Peter Port
Kategorie:
Business News
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