NB Income Trust closes $340m raise

fixed-income/Neuberger-Berman/ASX/australian-securities-exchange/capital-raise/

26 February 2020
| By Oksana Patron |
image
image image
expand image

Global investment manager, Neuberger Berman, has announced that its Global Corporate Income Trust (NBI) will become the largest global fixed income listed investment trust (LIT) on the Australian Securities Exchange (ASX) with a market capitalisation of around $1.25 billion.

This followed a successful completion of capital raise for NBI, which exceeded $340 million at the close of the offer on 21 February, which according to the company underscored Australian investors’ demand for global corporate bond market.

The raise in the fund, which invests in the corporate bonds of large and liquid global companies and targets a monthly distribution of 5.25% per annum, was driven by both existing and new investors.

“We are pleased to witness the strong support from both existing and new investors,” NB’s head of intermediary distribution, Matt Thompson, said.

“The significant growth in the number of new investors shows that Neuberger Berman’s fixed income capability has struck a strong chord with Australian investors since NBI’s listing in September 2018.”

Thompson also said that the interest in a fund was helped by the current low interest rate environment which forced investors to look for higher yields and alternative sources of income and to diversify across geographies and sectors.

Performance of NB Global Corporate Income Trust v the global bond sector since the start of the data to 25 February 2020

 

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 3 days ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies. ...

3 days 3 hours ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 6 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Powered by MOMENTUM MEDIA
moneymanagement logo