27th Apr 2020 18:26
(Alliance News) - Investment firm Marble Point Loan Financing Ltd on Monday reported a fall in net assets and raised its payout.
Its net asset value per share at December 31 was 4.9% lower at USD0.78 from USD0.82 the year before.
Shares in the company closed untraded at USD0.51 each in London on Monday.
Marble Point said: "The loan market exhibited a reasonable degree of volatility during 2019. Following the decline in the loan market at the end of 2018 stemming from record outflows from mutual funds and exchange traded funds that invest in leveraged loans, the year began with renewed demand for the asset class. The market came back strongly in early January as these retail oriented funds found themselves in an oversold position and became buyers of loans."
The company raised its payout by 60% to 8 US cents from 5 US cents.
"The novel coronavirus and the actions taken around the world to slow its spread, have had a dramatic effect on the global economy. This has caused a significant adverse repricing of risk assets including leveraged loans," Marble Point.
By Eric Cunha; [email protected]
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