NB Global Corporate Income Trust (“NBI”) Makes First Distribution
SYDNEY--(BUSINESS WIRE)--Nov 8, 2018--Neuberger Berman, manager of the newly listed NB Global Corporate Income Trust (“NBI”), is pleased to confirm that NBI has declared its first monthly distribution to investors in line with its investment objective.
Head of Asia Pacific for Neuberger Berman, Nick Hoar, noted that the payment of its first monthly distribution puts NBI firmly on track to achieving its Target Distribution 1 of 5.25% per annum (net of fees and expenses).
“NBI aims to deliver a consistent and stable income stream, paid via monthly distributions, by investing in a diversified portfolio of high yield bonds of global companies. We are delighted to announce that NBI will be paying its first distribution within six weeks of listing,” he said.
Mr. Hoar added that despite the volatility in global equity markets since NBI’s listing, the global high yield market has remained relatively stable.
“While equity markets have experienced a sharp sell-off, the global high yield market has experienced solid returns over the past few months, making it one of the few fixed income sectors enjoying positive year-to-date returns,” he said.
“In our view, the credit quality of the global high yield market remains stable, largely due to the robust performance of underlying issuers, which continue to exhibit improving revenue and earnings growth.”
As previously reported, NBI was fully invested within three days of listing and now holds a diversified portfolio of high yield bonds issued by large, liquid companies globally, including well known global brand names such as Virgin Media and Avis.
NBI’s Target Distribution is paid monthly, with its next distribution to be paid in early December.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 20 countries, Neuberger Berman’s team is more than 2,000 professionals. For four consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages A$441 billion 2 in client assets as of September 30, 2018. For more information, please visit our website at www.nb.com.
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PUB: 11/08/2018 04:55 PM/DISC: 11/08/2018 04:55 PM