TIDMMPLF
RNS Number : 9692U
Marble Point Loan Financing Limited
28 November 2023
28 November 2023
The net asset value ("NAV") of Marble Point Loan Financing
Limited ("MPLF") as at the close of business on 31 October 2023 is
as follows:
Share class October 2023 September 2023 Monthly Change
NAV per Ordinary NAV per Ordinary in NAV per
Share (1) Share (1) Share (1)
Ordinary Shares USD 0.5140 USD 0.5523 USD (0.0383)
------------------ ----------------- ---------------
PERFORMANCE
-- MPLF's ordinary share estimated NAV total return was (2.98%)
in October, compared to the total return of the Credit Suisse
Leveraged Loan Index ("CSLLI") of 0.03%.
-- Secondary loan prices moved lower in October as geopolitical
concerns around an escalation of the war in Gaza coupled with
sustained interest rate volatility pressured risk assets during the
month.
-- Quarterly distributions received by MPLF from its portfolio
holdings totaled approximately $11.2 million in Q4 compared to
$11.4 million in Q3, as most reinvesting CLOs saw distributions
remain in line with July figures and reference rate mismatches that
impacted prior distributions have subsided. Three older vintage
CLOs experienced cash flow diversion due to failing coverage tests
which adversely impacted headline distributions, however this
represented less than 10% of total distributions. MPLF's portfolio
distributions continue to exceed and support dividend and
liquidating share class distributions.
-- CLO equity valuations generally decreased during the month in
parallel with underlying loan price movements and broader equity
market declines as discount rates for CLO equity securities
widened.
-- As at 31 October 2023, MPLF's investment vehicles had an
approximate 0.80% exposure to Air Methods, the sole
Morningstar/LSTA index constituent that defaulted during the month.
The index's lagging 12-month default rate by notional amount
increased to 1.36%.
-- As previously noted, while headline default rates remain
below long term historical averages, we expect defaults to increase
in coming quarters as the impact of higher rates on leveraged
business models works through a cycle.
MARKET
-- The CSLLI delivered a 0.03% return in October as monthly
carry returns generally offset a decline in loan prices. The
average indicative bid price of the CSLLI declined to 94.12% at 31
October from 94.83% at 30 September while the weighted average
indicative bid price of MPLF's underlying loans decreased to 93.50%
at 31 October from 94.55% at 30 September.
-- October CLO issuance totaled $11.9 billion across 28 new
issue CLOs, which amounted to the second highest monthly figure for
the year. CLO issuance remained stable during the month despite
broader market volatility as many October transactions agreed on
pricing with anchor AAA investors in prior weeks and were eager to
take advantage of an opportunity to source assets at attractive
prices.
-- Institutional loan volume totaled $22.7 billion in October
according to Pitchbook/LCD. Headline volumes were lower than the
September issuance figures yet still higher than the monthly
average year to date. Despite the reasonable headline volume,
organic primary loan activity remains constrained as a significant
portion of the issuance related to opportunistic refinancing
activity that issuers lined up during the September market
rally.
-- Retail loan funds experienced an outflow of approximately
$0.7 billion in October according to J.P. Morgan. Fund flows turned
negative in October after seeing inflows in the prior two months as
retail investors rotated away from risk assets, including leveraged
loan funds, amidst broader volatility.
-- Since the end of October the average indicative bid price of
the CSLLI has increased by 0.38% to 94.51% (as at 24 November
2023). Broader markets rallied after the Federal Reserve announced
a pause in rate hikes at its November meeting and investors
expressed a confidence that the rate raising campaign was nearing
its end.
INVESTMENT
-- Subsequent to month end MPLF opportunistically sold $10.1
million notional of its investment in Marble Point CLO XXV equity
and $7.7 million notional of its investment in Marble Point CLO
XXIII equity. A portion of the proceeds of the sales will be
available for distribution to Liquidating Share Class holders.
-- Subsequent to month end Investcorp priced and closed a reset
of the Marble Point CLO XXV transaction. The existing transaction
exited its non-call period in October and the reset includes a new
five year reinvestment period while tightening the weighted average
cost of debt by approximately 30 basis points from S+292 to S+267.
Additionally, the reset upsized the target par amount of the
transaction by $100 million. In connection with the pricing of the
reset MPLF committed to invest an incremental $0.7 million in the
equity tranche.
MPLF's October 2023 Monthly Report is available on its website: www.mplflimited.com
Enquiries:
Marble Point Loan Financing Limited
Investor Relations
T: +44 (0) 20 7259 1500
E: MPLF@wearecareys.com
Website: www.mplflimited.com
Corporate Broker :
Stifel Nicolaus Europe Limited
T: +44 (0) 20 7710 7600
(1) NAV figures are provided for informational purposes only and
are unaudited, estimated by Marble Point Credit Management LLC
("Marble Point"), the investment manager of MPLF, and subject to
adjustment. Marble Point estimates MPLF's NAV on a monthly basis as
at the end of each month. 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 is reduced by the amount of
a dividend to the extent the ex-dividend date occurs during the
period presented. 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
MPLF's admission to the Specialist Fund Segment of the main market
of the London Stock Exchange on 13 February 2018, after taking into
account applicable listing and offering costs and pre-admission
profits and loss. Monthly and cumulative performance figures are
non-annualised and such results reflect the deductions of
applicable management fees and expenses at the underlying
investment levels.
(2) Figures shown for effective yield are estimated, unaudited,
subject to change and based on the analysis of Marble Point Credit
Management LLC, the investment manager of MPLF, as at the Closing
Date. The estimated effective yield is provided for illustrative
purposes only. The actual effective yield, as recorded by MPLF or
other entity holding the investment may vary over time.
Past performance is not indicative or a guarantee of future
performance.
This release contains inside information.
About Marble Point Loan Financing
Marble Point Loan Financing Ltd. (LSE Ticker: MPLF LN (USD);
MPLS LN (GBX)) is a Guernsey-domiciled closed-ended investment
company. MPLF's investment objective is to generate stable current
income and grow net asset value by earning a return on equity in
excess of the amount distributed as dividends.
MPLF is invested in a diversified portfolio of US dollar
denominated, broadly syndicated floating rate senior secured
corporate loans owned via collateralised loan obligations ("CLOs")
and related vehicles managed by Marble Point Credit Management
LLC.
About Marble Point Credit Management LLC
Marble Point Credit Management LLC ("Marble Point") is a
specialist asset manager focused exclusively on leveraged loans.
Marble Point is 100% owned by Investcorp International Holdings
Inc. ("IIHI"), which is part of the Investcorp Group of companies.
The Investcorp Group effectively operates as a
management-controlled group, substantially all whose assets and
operations are owned and controlled by Investcorp S.A., a company
domiciled in the Cayman Islands. Investcorp Holdings B.S.C.
("Investcorp") a Bahrain based holding company is the parent
company of Investcorp S.A. ("S.A."). Certain of the Investcorp
Group's directors and senior executive officers have the ability to
indirectly control Investcorp S.A.
IMPORTANT INFORMATION
Marble Point Loan Financing Limited (the "Company") is a
closed-ended investment company incorporated in Guernsey with its
ordinary shares ("Shares") admitted to trading on the Specialist
Fund Segment of the Main Market of the London Stock Exchange
(ticker: MPLF.LN). The Company is invested in a diversified
portfolio of US dollar denominated, broadly syndicated floating
rate senior secured corporate loans via CLOs, loan accumulation
facilities and other vehicles managed by Marble Point Credit
Management LLC ("Marble Point") or its affiliates. Marble Point is
an investment adviser registered with the U.S. Securities and
Exchange Commission.
This document is provided for informational purposes only and
does not constitute an offer to sell any Shares, notes or other
securities (collectively, "Securities") issued by the Company or a
solicitation of an offer to purchase any such Securities in the
United States, Australia, Canada, the Republic of South Africa,
Japan or any other jurisdiction. This document may not be relied
upon, and should not be used, for the purpose of making any
investment decision. 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. Any 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 has
been issued by the Company and is the sole responsibility of the
Company.
The Securities 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.
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.
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 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.
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.
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.
A Note on the Use of Indices as Benchmarks. The indices shown
have not been selected to represent a benchmark for MPLF's
performance, but rather to allow for comparison of MPLF's returns
to those of known, recognized and/or similar indices. The Credit
Suisse Leveraged Loan Index (CSLLI) tracks the investable universe
of the U.S. leveraged loan market. The ICE BofAML US High Yield
Index (ICE BAML HYI) tracks the performance of USD-denominated
below investment grade corporate bonds publically issued in the
U.S. domestic market. The Standard & Poor's 500 Index (S&P
500) tracks the performance of U.S. public equity markets and is
based on the market capitalization of 500 large companies having
common stock listed on NYSE or NASDAQ. The performance of any index
is not an exact representation of any particular investment as you
cannot invest directly in an index.
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.
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.
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END
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