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2015-03-26

Volta Finance Limited: VOLTA FINANCE - FEBRUARY MONTHLY REPORT

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES

*****

Guernsey, 25 March 2015 -
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

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| At 30.01.15 At 27.02.15 |
| Gross Asset Value (GAV / € million) 290.2 293.9 |
| GAV per share (€) 7.95 8.05 |
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PERFORMANCE

At the end of February 2015, the Gross Asset Value* (the "GAV") of Volta
Finance Limited (the "Company", "Volta Finance" or "Volta") was €293.9 m or
€8.05 per share, an increase of €0.10 per share or 1.3% since the end of
January 2015 GAV.

The YTD performance for 2015 stands at +5.0% as at the end of February. It is
an encouraging start to the year following a gain of 12.4% for 2014
(including the April&December 2014 dividends).

During the preparation of Volta's interim financial report, to be published in
the coming days, the reconciliation of the end of January GAV estimate
published last month has identified a small understatement. The January GAV
should have been €7.95 per share rather than the reported €7.92.

The February mark-to-market variations* of Volta's asset classes were: +1.4%
for Synthetic Corporate Credit deals, +4.0% for CLO Equity tranches; +1.9%
for CLO Debt tranches, -0.3% for Cash Corporate Credit deals and +0.3% for
ABS. The positive performance of Volta in February is in line with the better
tone to credit markets and the further appreciation of the USD against Euro.
At 27th February 2015 Volta had 43.1% net exposure to the US Dollar, after
accounting for the impact of currency hedging.

Volta's assets generated the equivalent of €2.4m cash flows in February 2015
(non-Euro amounts translated 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 €17.2m.

In February, Volta invested the equivalent of €4.7m in 2 CLO tranches : the B
and the equity tranche of a new USD CLO (Flatiron 2015-1). Together, these
two positions have an expected performance circa 10%. The equivalent of €9.6m
was drawn down on existing commitments. No assets were sold during the month.

At the end of February, Volta held €6.4m in cash, excluding €2.5m pledged as
margin under its currency hedging facilities and €4.7m.due to broker in
relation with the most recent purchases.

Since the end of February Volta has announced that it has entered into a
repurchase agreement with Societe Generale. USD30m has been received against
some of the USD CLO debt tranches of the Company. The proceeds will be used
principally to purchase debt tranches of CLOs. This should increase the
implied IRR of the portfolio and boost the net yield. A further USD30m can
be drawn using a similar repurchase agreement, subject to certain conditions.

Through this repurchase agreement Volta will, in effect, have incurred
leverage and contracted a debt for USD30m. As Volta has now direct leverage
in operating its investment strategy, the Company will provide additional
reporting henceforth to allow investors to have a clearer understanding of
the gross and net asset values of the Company.

The Company will continue to calculate and report a Gross Asset Value ("GAV")
in accordance with the existing methodology and the Company's investment
restrictions will continue, where relevant, to be measured and monitored in
relation to GAV.

The Company will report a new measure on a monthly basis - an Estimated NAV.
Estimated NAV will be net of the liabilities coming from repurchase
agreements. The Estimated NAV will continue to allow shareholders to have a
fairly accurate estimate of the likely NAV of the Company on a monthly basis.
A fully reconciled NAV will continue to be reported as at 31st January and
31st July, as previously.

MARKET ENVIRONMENT

In February 2015, credit market spreads tightened significantly both in the US
and in Europe. The tightening was more pronounced in Europe than in the US
following the introduction of Quantitative Easing from the ECB. The 5 year
iTraxx European Main index and 5 year iTraxx European Crossover Index (series
22) spreads tightened from 60 and 323 bps at the end of January 2015 to 50
and 261 bps at the end of February 2015. In the US, the 5y CDX main index
(series 23) tightened from 70 to 61 bps. According to the CSFB Leverage Loan
Index, the average price for US liquid first lien loans increased modestly
from 96.12% at the end of January 2015 to 97.18% at the end of February 2015.
In Europe, the price of the S&P European Leveraged Loan Index increased as
well from 96.54% to 96.73%. **

VOLTA FINANCE PORTFOLIO

In February 2015, no particular event materially impacted any of Volta's
assets.

We continue to see 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.

SHARE PRICE PERFORMANCE

Recent share price performance has been encouraging, with the shares rallying
from around €6.25 at the beginning of the year to around €7.00 by mid March.
Strong buying interest has been seen from a range of existing and new
investors. According to Bloomberg and including volume across brokers, 6.2m
shares traded in February. As a result, the share price discount has
narrowed to approximately 10% relative to the previously published GAV.
However, the discount remains markedly wider than the Company's London listed
peers.

As recently announced, the Company's listing on the London Stock Exchange is
anticipated to occur in May 2015.

* "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 onwww.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
€607 billion in assets under management as of the end of September 2014. AXA
IM employs approximately 2,300 people around the world and operates out of 21
countries.

CONTACTS

Company Secretary

Sanne Group (Guernsey) Limited
voltafinance@sannegroup.com
+44 (0) 1481 739810

Portfolio Administrator

Sanne Group (Guernsey) Limited
voltafinance@sannegroup.com

For the Investment Manager

AXA Investment Managers Paris
Serge Demay
serge.demay@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 ...

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