GlobeNewswire

Volta Finance Limited - Net Asset Value as at 31 May 2021

Share

Volta Finance Limited (VTA / VTAS)May2021 monthly report

NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

*****
Guernsey, 9 June2021

AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for May. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

PERFORMANCE and PORTFOLIO ACTIVITY

Volta has continued to perform well in May with +0.4%, reaching a total return of 8.9% for the first five months of 2021.

This time around, the performance was driven almost evenly by the good performance from CLO equity, CLO debt tranches, and Bank Balance sheet transactions. This month, the USD depreciation cost 0.7% of the monthly performance.

The monthly asset class performances** were: +1.4% for Bank Balance Sheet transactions, +1.6% for CLO equity tranches; +1.2% for CLO debt; -2.6% for Cash Corporate Credit and ABS (together representing 3.1% of GAV).

In terms of fundamentals, trailing-12-month default rates continued to decline in May, reaching post-Covid new lows with 1.7% default rate both for US loans and European loans. We were expecting default rates to converge between the US (where the impact of the Covid was more important) and Europe thanks to a faster economic recovery in the US at some point in time in 2021. It came sooner than expected and toward a lower default rate (our view was to expect a convergence in the area of 2/2.5%).

This relatively low default rate is manageable for CLOs and the improving situation should be favourable to the Company. It gives some ground to our strategy to reinforce our CLO Equity bucket in the recent years.

In terms of cash flows, May is structurally a weak month for Volta. Interests and coupons received during the month totaled the equivalent of €1.7m. On a 6-month rolling basis, Volta received the equivalent of €20.7m at the end of May, representing a 15.9% annualised cash flow yield, based on the end May NAV. We still expect overall cash flows to continue to increase in the coming months/quarters.

In May, Volta transformed a USD CLO warehouse into a new CLO and one existing USD CLO tranche was reset. All together the equivalent of €2.3m was allocated to these deals. On average, under market standard assumptions, the projected IRR of these add-ons was in the area of 13%.

As at the end of May 2021, Volta’s NAV was €260.6m or €7.12 per share.

The month-end cash position was €14.5m.

*It should be noted that approximately 9.5% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 8.5% as at 30 April 2021 and1.0% as at 31 March 2021.

** “performances of asset classesare calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

CONTACTS

For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay@axa-im.com

+33 (0) 1 44 45 84 47

Company Secretary and Administrator
BNP Paribas Securities Services S.C.A, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853

Corporate Broker
Cenkos Securities plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange's Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s investment objectives are to preserve capital across the credit cycle and to provide a stable stream of income to its shareholders through dividends. Volta seeks to attain its investment objectives predominantly through diversified investments in structured finance assets. The assets that the Company may invest in either directly or indirectly include, but are not limited to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage loans; and, automobile loans. The Company’s approach to investment is through vehicles and arrangements that essentially provide leveraged exposure to portfolios of such underlying assets. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

*****

ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 679 investment professionals and €858 billion in assets under management as of the end of December 2020.

*****

This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the "Volta Finance") whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

*****

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

*****
This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide - 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

*****

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Supersapiens Powered by Abbott’s Libre Sense Glucose Sport Biosensor Announces Garmin Integration22.6.2021 16:30:00 CEST | Press release

New Connect IQ app gives athletes timely glucose levels on their bike computer and wrist, allowing for real-time adjustments to sustain peak performance Atlanta, GA, USA, June 22, 2021 (GLOBE NEWSWIRE) -- Supersapiens, powered by Abbott’s Libre Sense Glucose Sport Biosensor, is announcing its initial integration of the Supersapiens Connect IQ app with Garmin®. The Supersapiens training ecosystem empowers athletes to optimize fueling, maximize training, and increase performance gains. The integration will provide select users with a compatible Garmin smartwatch or Edge® cycling computer with real-time glucose visibility allowing them to go faster longer. The Supersapiens app can be downloaded now from the Connect IQ™ store. A partnership with global healthcare leader Abbott makes Supersapiens the only energy management ecosystem that directly integrates with a Bluetooth-enabled sports continuous glucose monitor (CGM) — the Abbott Libre Sense Glucose Sport Biosensor. Supersapiens offers

Painter 2022: Must-Have Upgrade for Professional Artists Delivers a Faster, More Powerful Digital Painting Experience22.6.2021 15:01:00 CEST | Press release

Offering unprecedented performance, a streamlined workflow, and improved layer productivity, Painter 2022 makes it easier than ever for artists to create exceptional work OTTAWA, June 22, 2021 (GLOBE NEWSWIRE) -- Painter 2022 responds to users’ top requests and delivers a must-have upgrade by expanding creative possibilities. Designed for Windows 10 and macOS, this powerful and creative digital painting software adds enhancements that focus on accelerating workflows, boosting brush performance, and improving layer productivity to offer a game-changing digital art studio for today’s professional and aspiring artists. “We know the critical role Painter plays in professional artists’ workflows and are honored to be part of the creative process of bringing some of pop culture's most iconic movies, characters and games to life,” said Chris Pierce, Director of Product for Photo and Digital Arts at Corel. “With this version we focused on our customers’ top requests and whether it’s improvemen

IMCD N.V. shareholders adopt all resolutions at AGM22.6.2021 13:55:00 CEST | Press release

ROTTERDAM, The Netherlands (22 June 2021) – IMCD N.V. (hereafter “IMCD” or the “Company”) announces that all resolutions proposed to the shareholders at the Company’s Annual General Meeting (“AGM”) held today were adopted. This includes the adoption of the financial statements for the year 2020 and approval of the dividend proposal of EUR 1.02 per share in cash. The dividend calendar is as follows: Thursday 24 June 2021 - Ex-dividend date Friday 25 June 2021 - Record date Monday 28 June 2021 - Payment date Further resolutions included the reappointment of Deloitte Accountants B.V. as external auditor for the year 2021. The 2020 Remuneration Report received a positive advisory vote with over 94% of voted casted in favor of the report. Details of the Annual General Meeting, including the voting results, are available at IMCD’s corporate website. Attached, please find the press release in pdf format. Attachment PR_IMCD 2021 AGM resolutions

About making of a mandatory share buy-back offer22.6.2021 13:25:00 CEST | Press release

Joint stock company “Olainfarm”, hereinafter referred to as - “the Company”, hereby informs that on the 22nd of June, 2021 Joint stock company “AS “AB CITY””, registration number 40203174414, according to the clause 1 of the article 73 of the Financial Instrument Market Law, informed the Board of the Company about making of a mandatory share buy-back offer. The Board of the joint stock company “Olainfarm” will prepare conclusion and announce its opinion about the offer within terms set by the Financial Instrument Market Law after an advertisement regarding making of a share buy-back offer is published. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Phone: +371 29178878 Email: janis.dubrovskis@olainfarm.com

Verisk’s AIR Updates Its Terrorism Model to More Comprehensively Model Damage from Conventional Bomb Blast Attacks22.6.2021 12:11:00 CEST | Press release

BOSTON, June 22, 2021 (GLOBE NEWSWIRE) -- Catastrophe modeling firm AIR Worldwide announced that it has updated its Terrorism Model for the United States to more comprehensively model the extent of damage from conventional bomb blast attacks. Starting with the size and location of the bomb, the model propagates the appropriate blast intensity within a built environment from the exterior to the interior of buildings to yield damage and loss estimates, including property damage and workers’ compensation, and personal injury. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. “When terrorists use conventional weapons—the effects of which tend to be highly localized—they are likely to be targeting specific buildings or facilities,” said Tao Lai, vice president, research, AIR Worldwide. “The amount of damage that occurs at or near the site of an attack depends on a wide variety of factors. In addition to the type of weapon used, the surrounding buildings, building dimensions and blast intens

RESULT OF RIKSBANK REVERSED AUCTIONS KOMMUNINVEST BONDS22.6.2021 11:07:00 CEST | Press release

RESULT OF RIKSBANK REVERSED AUCTIONS KOMMUNINVEST BONDS Auction date2021-06-22Loan2311 Coupon1.00 %ISIN-codeSE0010948240Maturity2023-11-13 Tendered volume, SEK mln500 +/- 250 Volume offered, SEK mln2,020Volume bought, SEK mln500Number of bids6Number of accepted bids2Average yield0.034 %Lowest accepted yield0.033 %Highest yield0.034 %% accepted at lowest yield 56.82 Auction date2021-06-22 Loan2505 Coupon1.00 %ISIN-codeSE0011414010Maturity2025-05-12 Tendered volume, SEK mln1,000 +/- 500 Volume offered, SEK mln3,000Volume bought, SEK mln1,000Number of bids8Number of accepted bids1Average yield0.219 %Lowest accepted yield0.219 %Highest yield0.219 %% accepted at lowest yield 100.00 Auction date2021-06-22 Loan2805 Coupon0.75 %ISIN-codeSE0015660139Maturity2028-05-12 Tendered volume, SEK mln750 +/- 350 Volume offered, SEK mln1,000Volume bought, SEK mln750Number of bids3Number of accepted bids1Average yield0.623 %Lowest accepted yield0.623 %Highest yield0.623 %% accepted at lowest yield 100.00