UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with
registration number 60440 )
Final Net Asset Value
| FUND NAME |
NAV |
ISIN |
NAV DATE |
| UK
Mortgages Limited |
£0.8982 |
GG00BXDZMK63 |
28th February 2017 |
UKML RNS: Commentary accompanying UK
Mortgages Limited February NAV
The UKML NAV per share was calculated for February month-end at
89.82 pence per
share.
The change in the NAV is primarily driven by the upfront costs
associated with the acquisition of the CHL portfolio close to the
end of the month. As a result of this acquisition, the fund’s
investable capital has now been fully deployed, with the estimated
IRR of the portfolio being 8.28% at purchase. Work has already
begun on the documentation, structuring and necessary third party
engagements and interactions (rating agencies, legal advisors etc.)
to enable the term out securitisation of the portfolio, as and when
those items are completed and subject to market conditions.
Currently RMBS markets are performing strongly and therefore the
cost of such funding is already cheaper than when the purchase was
completed, which should further improve the leverage on the
portfolio.
Meanwhile, the fund’s other investments continue to behave in
line with or better than our expectations, as the Malt Hill No.1
(Coventry Building Society) portfolio continues to perform
exceptionally well, whilst TML’s origination pipeline continues to
grow.
Further details on the portfolio and pipeline will be available
in the upcoming factsheet.
Enquiries:
Northern Trust International Fund
Administration Services (Guernsey) Limited
Andrew
Bonham 44 (0)1481 745302
Date: 13 April
2017