By Pascal Dowling Investec Asset Management launches its split cap European closed end fund this w...
By Pascal Dowling Investec Asset Management launches its split cap European closed end fund this week. The Guernsey domiciled company will be listed on the London Stock Exchange. Assets will be split between ordinary shares, offering an initial dividend yield of 8.5%pa, at 53%, with 7% in zeros dividend preference shares and 40% in bank debt. The bank debt will be euro-dominated and is expected to be fixed at 6.6% and zeros will carry an estimated gross redemption yield of 9%. The trust will be marketed primarily through institutional investors in which private investors may hold stock...
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