NB Global Corporate Income Trust (“NBI”) Makes First Distribution
09 November 2018 - 8:55AM
Business Wire
Neuberger Berman, manager of the newly listed NB Global
Corporate Income Trust (“NBI”), is pleased to confirm that NBI has
declared its first monthly distribution to investors in line with
its investment objective.
Head of Asia Pacific for Neuberger Berman, Nick Hoar, noted that
the payment of its first monthly distribution puts NBI firmly on
track to achieving its Target Distribution1 of 5.25% per annum (net
of fees and expenses).
“NBI aims to deliver a consistent and stable income stream, paid
via monthly distributions, by investing in a diversified portfolio
of high yield bonds of global companies. We are delighted to
announce that NBI will be paying its first distribution within six
weeks of listing,” he said.
Mr. Hoar added that despite the volatility in global equity
markets since NBI’s listing, the global high yield market has
remained relatively stable.
“While equity markets have experienced a sharp sell-off, the
global high yield market has experienced solid returns over the
past few months, making it one of the few fixed income sectors
enjoying positive year-to-date returns,” he said.
“In our view, the credit quality of the global high yield market
remains stable, largely due to the robust performance of underlying
issuers, which continue to exhibit improving revenue and earnings
growth.”
As previously reported, NBI was fully invested within three days
of listing and now holds a diversified portfolio of high yield
bonds issued by large, liquid companies globally, including well
known global brand names such as Virgin Media and Avis.
NBI’s Target Distribution is paid monthly, with its next
distribution to be paid in early December.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages a range of
strategies—including equity, fixed income, quantitative and
multi-asset class, private equity and hedge funds—on behalf of
institutions, advisors and individual investors globally. With
offices in 20 countries, Neuberger Berman’s team is more than 2,000
professionals. For four consecutive years, the company has been
named first or second in Pensions & Investments Best Places to
Work in Money Management survey (among those with 1,000 employees
or more). Tenured, stable and long-term in focus, the firm fosters
an investment culture of fundamental research and independent
thinking. It manages A$441 billion2 in client assets as of
September 30, 2018. For more information, please visit our website
at www.nb.com.
1.
The Target Distribution is only a target and may not be
achieved. Actual distributions will be monitored against the Target
Distribution. The Target Distribution will be formally reviewed at
least annually (as at the end of each financial year) and any
reduction in Target Distribution will be notified by way of ASX
announcement as required. Investors should review the “Risk
Factors” set out in Section 8 of the PDS. Please refer to the PDS
for full details of the terms of the Offer, including Section 10
for the fees and costs that apply.
2.
Source: Neuberger Berman, as of September 30, 2018. Exchange rate 1
USD = 1.40315 AUD
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version on businesswire.com: https://www.businesswire.com/news/home/20181108005262/en/
For further information please contact:WE BuchanArthur
Chan, 02 9237 2805neuberger@we-buchan.com
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