TwentyFour AM signals ‘buy’ intent as euro ABS widens

By Asad Ali
26 Nov 2018

TwentyFour Income Fund Limited, a closed-end fund with a market capitalisation of £475m ($606.94m), is intending to grow by raising additional equity capital in response to investor demand and favourable market conditions. The fund, which invests in euro ABS, intends to issue new shares at a 2% premium to the unaudited net asset value per share.

CLOs (32.6%) and non-conforming RMBS (31.3%) account for the bulk of the fund’s investments, according to a company fact sheet, with other allocations — below 10% — including consumer ABS, prime RMBS, BTL RMBS, auto loan ABS and CMBS.

The drive to invest in the euro ABS market ...

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