Hardman & Co Research
Hardman & Co Research: Re-Set, Re-Fi, Re-Light my Fire
In this note, we explore how favourable market conditions mean that CLO vehicles can re-finance debt cheaply, thus enhancing the value of Volta's equity positions, which have been increased substantially in recent years. We show the impact on Volta's CLO debt portfolio and the wider loan market, and what this means for new investment returns. The key message is that the favourable conditions are expected to lift returns by 1%-1.5% p.a. for several years. Volta is benefiting from the unexpectedly low levels of defaults. Despite this favourable outlook, Volta still trades at a 15% discount to NAV, albeit down from March 2020 highs.
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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.
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