UK Mortgages Ltd - Net Asset Value(s)
PR Newswire
London, March 18
UK MORTGAGES LIMITED
(a closed-ended investment company incorporated in Guernsey with registration number 60440 )
LEI 549300388LT7VTHCIT59
Final Net Asset Value
| FUND NAME | NAV | ISIN | NAV DATE |
| UK Mortgages Limited | £0.7984 | GG00BXDZMK63 | 31st January 2020 |
UKML RNS: Commentary accompanying UK Mortgages Limited January 2020 NAV
The UKML NAV per share was calculated for 31stJanuary 2020 at 79.84 pence per share.
The primary driver of the decrease of 1.22 pence per share was the quarterly dividend payment of 1.125 pence per share during the month.
In addition to the dividend payment, a significant flattening of the yield curve resulted in a muted pull to par on the Oat Hill transaction and the sharp fall in swap rates led to negative MTM movements in the interest rate swap hedges, of which the NAV is exposed to the proportion deemed to be ineffective under IFRS 9 accounting standards. Finally, whilst small loan write-offs are common in the Oat Hill portfolio when foreclosures are completed, one slightly larger than normal write-off this month also contributed to the reduction in the NAV.
Meanwhile, the Fund's investments continue to perform exceptionally well, in line with expectations, and new originations continue on both the forward flow arrangements with TML and Keystone.
More details will be available in the Fund's interim accounts due to be published shortly.
Enquiries:
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Bonham 44 (0)1481 745302
Date:18 March 2020
