UK Mortgages Ltd Net Asset Value(s)
May 21 2020 - 6:55AM
UK Regulatory
TIDMUKML
UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with registration
number 60440 )
LEI 549300388LT7VTHCIT59
Final Net Asset Value
FUND NAME NAV ISIN NAV DATE
UK Mortgages Limited GBP0.7957 GG00BXDZMK63 31st March 2020
UKML RNS: Commentary accompanying UK Mortgages Limited March 2020 NAV
The UKML NAV per share was calculated for March 2020 month end at 79.57 pence
per share.
The decrease of 0.14 pence per share was primarily driven by swap rates which
continued to fall for a further month and, as a result, so did the valuation
level of the interest rate swaps held in the portfolios to hedge the fixed rate
mortgages. Similar to last month, the impact on the NAV of the swap MTM is
limited to the proportion which is deemed ineffective under IFRS 9 accounting
standards.
Furthermore, the two reductions in the Bank of England's Base Rate that
occurred during March supressed the pull to par effect from the Oat Hill
transaction.
Meanwhile, the Fund's investments continue to perform in line with
expectations. However, it is worth noting that the impact of mortgage payment
holidays granted to borrowers will not begin to feed through to the fund's
income figures until next month's NAV.
More details will be available in the Fund's next factsheet to be published
shortly.
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Bonham 44 (0)1481 745302
Date: 21 May 2020
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