TIDMMPLF
RNS Number : 4901L
Marble Point Loan Financing Limited
27 December 2018
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR
INDIRECTLY, TO U.S. PERSONS OR IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN, OR ANY
OTHER JURISDICTION, OR TO ANY PERSON, WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF APPLICABLE LAW.
27 December 2018
Marble Point Loan Financing Limited
Unaudited Net Asset Value and Publication of Monthly Report
As at the close of business on 30 November 2018, the estimated
unaudited net asset value ("NAV") per Ordinary Share of Marble
Point Loan Financing Limited ("MPLF") is as follows:
Share class November Month October Month Monthly Change Total Return
End NAV (1) End NAV (1) in NAV (1) since Admission
(1)
Ordinary Shares USD 0.8600 USD 0.9394 USD (0.0794) (8.48%)
---------------- --------------- ---------------- -----------------
For the month, MPLF's total return based on NAV is estimated at
-8.45%. The decline in NAV reflects the widening of credit spreads
on loans and the commensurate impact on discount rates on CLO
equity during the month. The CSLLI, the ICE BofAML HYI and the
S&P 500 registered total returns of -0.82%, -0.91% and 2.04%,
respectively, during the same period.(2)
November was a challenging month for credit and equity markets
as the CSLLI declined -0.91% during the month while the S&P 500
exhibited significant volatility with a mid-month swing of 6.4%
from high to low before finishing the month with a positive total
return of 2.04%. According to J.P. Morgan, retail loan funds faced
net outflows of $2.9 billion during this month. These outflows
forced retail loan funds to sell loans in order to meet their
redemptions and the selling pressure led to a 1.21 point drop in
the price of the CSLLI. MPLF's investment manager currently sees
attractive investment opportunity in this more volatile loan market
and believes that the locked-in financing of CLOs provides the
opportunity to improve cash flow over the long term by buying loans
at lower prices and/or with wider spreads.
As reported by S&P/LCD, 25 U.S. CLOs were issued during the
month, representing approximately $13.1 billion of volume, bringing
the YTD total to $123.2 billion (as compared to $108.2 billion for
the corresponding period in 2017). Reset activity continued to be
robust during the month, with $10.7 billion issued, bringing the
full-year reset total to $120.3 billion. November also saw $1.8
billion of refinancing activity, bringing the full-year total to
$32.2 billion.
Two constituents of the S&P/LSTA Leveraged Loan Index,
David's Bridal Inc. and Full Beauty Brands, defaulted in November.
Despite these two defaults, the lagging 12-month default rate
decreased to 1.61% as four issuers rolled off of the lagging
12-month calculation. MPLF had no exposure to the two defaulting
issuers.
MPLF's November 2018 Monthly Report is available on its website:
www.mplflimited.com
(1) The NAV figures shown are unaudited and estimated as of the
date noted by Marble Point Credit Management LLC ("Marble Point")
as the investment manager of MPLF, shown for informational purposes
only and subject to adjustment. Marble Point estimates MPLF's NAV
on a monthly basis. Estimates with respect to a date falling on a
calendar quarter end are subject to revision when the quarterly NAV
is determined. NAV is calculated as the sum of the value of MPLF's
investment portfolio, any cash or cash equivalents and other assets
less liabilities. NAV total return figures shown are estimated,
unaudited and subject to adjustment and reflect the net total NAV
return, inclusive of dividends, for the periods shown and as from
13 February 2018, the date of MPLF's admission to the Specialist
Fund Segment of the London Stock Exchange, after taking into
account listing and offering costs and profits and loss
pre-admission. Monthly and cumulative performance figures are
non-annualised and such results reflect the deductions of
applicable management fees and expenses at the MPLF Funding Ltd.
and underlying Marble Point CLO levels.
(2) The Credit Suisse Levered Loan Index ("CSLLI") tracks the
investable universe of the US dollar denominated leverage loan
market. The ICE BofAML US High Yield Index ("ICE BofAML HYI")
tracks the performance of US dollar denominated below investment
grade corporate debt publicly issued in the U.S. domestic market.
The S&P 500 tracks the performance of US equity markets. Index
returns do not reflect any deductions for fees, expenses or taxes.
You cannot invest directly in an index.
NOTE: PAST PERFORMANCE IS NOT INDICATIVE OF, OR A GUARANTEE OF,
FUTURE PERFORMANCE.
IMPORTANT INFORMATION
Marble Point Loan Financing Limited (the "Company" or "MPLF") is
a closed-ended investment company with its ordinary shares
("Shares") admitted to trading on the Specialist Fund Segment of
the Main Market of the London Stock Exchange. MPLF is invested in a
diversified portfolio of US dollar denominated, broadly syndicated
floating rate senior secured corporate loans via collateralised
loan obligations and related vehicles managed by Marble Point
Credit Management LLC ("Marble Point") and its affiliates. Marble
Point is an investment adviser registered with the U.S. Securities
and Exchange Commission.
This document has been issued by the Company and is the sole
responsibility of the Company. This document and the information
and views included herein do not constitute investment advice, or a
recommendation or an offer to enter into any transaction with the
Company or any of its affiliates. Each recipient of this document
should make such investigations as it deems necessary to arrive at
an independent evaluation of any investment and should consult its
own legal counsel and financial, actuarial, accounting, regulatory
and tax advisers to evaluate any such investment. This document is
provided for informational purposes only, does not constitute an
offer to sell the Shares issued by the Company or a solicitation of
an offer to purchase any such Shares in the United States,
Australia, Canada, the Republic of South Africa, Japan or any other
jurisdiction, and is not a prospectus. This document may not be
relied upon and should not be used for the purpose of making any
investment decision.
Past performance is not a reliable indicator of current of
future results. The value of investments may go down as well as up
and investors may not get back any of the amount invested. The
value of investments designated in another currency may rise and
fall due to exchange rate fluctuations in respect of the relevant
currencies. Adverse movements in currency exchange rates can result
in a decrease in return and a loss of capital.
This document is for information purposes only. No recipient may
forward, reproduce, distribute, or make available in whole or in
part, this document (directly or indirectly) to any other person.
The distribution of this document in certain jurisdictions may be
restricted by law and recipients of this document should inform
themselves about and observe any such restrictions and other
applicable legal requirements in their jurisdictions. This
document, and the information contained therein, is not for
viewing, release, distribution or publication in or into the United
States, Australia, Canada, the Republic of South Africa or Japan or
any other jurisdiction where applicable laws prohibit its release,
distribution or publication, and will not be made available to any
national, resident or citizen of the United States, Australia,
Canada, the Republic of South Africa or Japan. The distribution of
this document in other jurisdictions may be restricted by law and
persons into whose possession this document comes must inform
themselves about, and observe, any such restrictions. Any failure
to comply with the restrictions may constitute a violation of the
federal securities law of the United States or the laws of other
jurisdictions.
The Shares have not been and will not be registered under the
U.S. Securities Act of 1933, as amended, or with any securities
regulatory authority of any state or other jurisdiction of the
United States and may not be offered or sold in the United States
to, or for the account or benefit of, U.S. persons unless they are
registered under applicable law or exempt from registration. The
Company has not been and will not be registered under the U.S.
Investment Company Act of 1940, and investors will not be entitled
to the benefits of such Act.
There is no guarantee that any of the goals, targets or
objectives described in this document will be achieved. The
investment strategies of the Company described herein may not be
suitable for all investors and are not intended to constitute a
complete investment program. Neither Marble Point nor the Company
makes any representation or warranty (express or implied) with
respect to the information contained herein (including, without
limitation, information obtained from third parties) and each of
them expressly disclaims any and all liability based on or relating
to the information contained in, or errors or omissions from, these
materials; or based on or relating to the use of these materials;
or any other written or oral communications transmitted to the
recipient or any of its affiliates or representatives in the course
of its evaluation of the information herein.
None of the Company, Marble Point or any of their respective
parent or subsidiary undertakings, or the subsidiary undertaking of
any such parent undertakings, or any of such person's respective
partners, shareholders, directors, members, officers, affiliates,
agents, advisors or representatives shall have any liability
whatsoever (in negligence or otherwise) for any loss howsoever
arising from any information or opinions presented or contained in
this document nor shall they accept any responsibility whatsoever
for, or make any warranty, express or implied, as to the truth,
fullness, accuracy or completeness of the information in this
document (or whether any information has been omitted from the
document) or any other information relating to the Company, Marble
Point or their respective subsidiaries or associated companies, in
any form whatsoever, howsoever transmitted or made available or for
any loss howsoever arising from any use of this document or its
contents or otherwise arising in connection therewith. This shall
not affect any liability any such person may have which may not be
excluded under applicable law or regulation.
A Note on Forward Looking Statements. This document includes
forward-looking statements. Forward-looking statements include all
matters that are not historical facts. Actual results may differ
materially from any results projected in the forward-looking
statements and are subject to risks and uncertainties. Such
statements are based on current expectations, involve known and
unknown risks, a reliance on third parties for information, and
other factors that may cause actual results to differ materially
from the anticipated results expressed or implied by such
forward-looking statements. The Company and Marble Point caution
readers not to place undue reliance on such statements. Neither the
Company nor Marble Point undertakes, and each specifically
disclaims, any obligation or responsibility, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement. Actual results may differ materially from the Company's
and/or Marble Point's expectations and estimates.
The information shown herein is estimated, unaudited, for
background purposes only, representative as of the dates specified
herein, subject to adjustment and not purported to be full or
complete. Nothing herein shall be relied upon as a representation
as to the current or future performance or portfolio holdings of
the Company or any strategy or investment vehicle. Certain
information presented herein has been obtained from third party
sources and is believed to be reliable. However, neither the
Company nor Marble Point represents that the information contained
in this document (including third party information) has been
independently verified or is accurate or complete, and it should
not be relied upon as such. Index information, if any, has been
provided for illustration purposes only. Any such information does
not reflect the effect of transaction costs, management fees or
other costs which would reduce returns. An investor cannot invest
directly in an index.
Any of the views or opinions expressed herein are current views
and opinions only and may be subject to change. Statements made
herein are as of the date of this document and should not be relied
upon as of any subsequent date. All information is current as of
the date of this document and is subject to change without
notice.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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