CQS Rig Finance Fund Limited Statement Re Monthly Shareholder Fact Sheet
24 4월 2014 - 7:01PM
UK Regulatory
TIDMRIG
CQS RIG FINANCE FUND LIMITED
Monthly Shareholder Fact Sheet
CQS Rig Finance Fund Limited (the "Company"), a closed-ended investment
company incorporated in Guernsey, is pleased to announce that its
Monthly Fact Sheet for March 2014 is now available on the Company's
website (www.cqsrigfinance.com) and includes further information on the
top ten investments and outstanding borrowings.
The Crimean situation dominated headlines, but global concerns faded
despite the region's annexation as all parties moved towards a
diplomatic resolution. US Federal Reserve Chairman Janet Yellen's
comments suggested a rise in rates might arrive earlier than
anticipated. The resulting sell-off was short lived, however, as markets
instead began to focus on improving data which lent credence to the
theory that recent economic weaknesses were a result of poor weather.
Emerging markets were boosted following speculation that stimulus
measures may be introduced to support the Chinese economy. In March, the
MSCI World Index rose by 0.2%, the MSCI Europe Index fell by 0.7% and
the MSCI AC Asia Index posted a marginal advance of 0.1%. Credit indices
on both sides of the Atlantic tightened.
Against this backdrop the Company's NAV, adjusted for the final dividend,
rose approximately 0.94% to close the month at 36.70p. The share traded
without the right to receive the 0.87p dividend during the month. Most
positions advanced over the month, with notable profits from the
convertible bonds of Italian oil services company Maire Tecnimont and
the notes issued by Bluewater Holdings (Bluewater). On March 26, Maire
Tecnimont announced the signing of a petrochemical deal with Carbon
Holdings in Egypt. The agreement, awarded on a direct negotiation basis,
envisages Engineering, Procurement, Construction and Commissioning
(EPCC) activities executed by a consortium of Maire Tecnimont Group and
Archirodon Group for an anticipated value of between $1.70bn and $1.95
billion, out of which 50 per cent would pertain to the Maire Tecnimont
Group (source: company website). This news, along with broker upgrades
during the month, saw the stock rally strongly and the bonds were marked
up approximately 25 points. Bluewater was awarded an engineering,
procurement and construction contract by Petrobas for three Turret-type
Single Point Mooring (SPM) buoys. In addition, Marine Current Turbines,
a Siemens company, and Bluewater Energy Services B.V. agreed the joint
development of a two-megawatt floating tidal current turbine, called
SeaGen F (source: company website). The bonds were marked up 2 points.
Profits were partially offset by losses in the Lukoil convertible bond
position. Following the development of the situation in Crimea, the
bonds were quoted down approximately three points and the Company took
the decision to exit the position.
There were three new deals of note during the month. The Harkand Group
issued a 7.5% 5-year 1st lien, senior secured bond with a premium call
structure. Ridgebury Crude Tankers issued a 3-year 1st lien secured
paper paying a 7.625% coupon, with the benefit of a premium call
structure. Oceanrig UDW issued 5-year premium callable unsecured notes
paying a 7.25% coupon. The proceeds were partially used to tender for
the existing Oceanrig 9.25% notes, which the Company was holding. The
Company subscribed for and was allocated an amount in each new issue and
tendered its holding in Oceanrig 9.25% at a percentage price of 105.375.
All market data sourced from Bloomberg and MSCI unless otherwise stated.
MSCI index returns are in local currencies with net dividends
reinvested.
For further information, please contact:
Corporate Secretariat
Kleinwort Benson (Channel Islands) Fund Services Limited
01481 710 607
Alastair Moreton, Darren Vickers
NOMAD and Broker
Westhouse Securities Limited
020 7601 6118
Monthly Fact Sheet - March 2014:
http://hugin.info/140293/R/1779581/608185.pdf
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: CQS Rig Finance Fund Ltd via Globenewswire
HUG#1779581
http://www.cqsrigfinance.com/
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