MCP Master Income Trust IPO exceeds $400m
Metrics Credit Partners’ (MCP’s) initial public offering (IPO) of its MCP Master Income Trust has exceeded $400 million thanks to investor interest in a listed fixed income product.
MCP said the trust offered direct, diversified exposure to Australia’s corporate loan market, had resonated strongly with retail and self-managed superannuation fund (SMSF) investors who looked for predictable and stable earnings, in addition to fixed income portfolio diversification.
The debt specialist fund manager’s managing partner, Andrew Lockhart, said the investor interest in the offer showed strong demand from retail investors to gain access to a listed, fixed income product.
“We have a unique offering, with significant skills to provide investors with access to the highly attractive risk-adjusted returns available in the corporate loan market,” he said.
“This has historically only been available to regulated local and international banks.”
The IPO is now heading towards the maximum raising of $500 million at a unit price of $2.00. The offer is expected to close on 19 September 2017 and is scheduled to list on the Australian Securities Exchange (ASX) on 9 October 2017.
The investment portfolio will be actively managed by MCP.
Recommended for you
Ausbil is to expand its active ETF range with two ASX-listed launches, one focusing on global small caps and one on listed infrastructure.
Up to 20 per cent of wealth and asset managers globally are set to be acquired in the next five years, according to Morgan Stanley, with focus expected to move to ‘inter-sector’ deals between industries.
Fidelity International has appointed Thomas Taw to the newly created role of head of ETF distribution for APAC, joining from a decade at BlackRock.
GQG Partners’ year-to-date flows are 80 per cent lower than the same period a year ago as underperformance prompts three consecutive months of outflows.
