- High yield bond investor Invesco Enhanced Income reported a negative first-half performance but held its interim dividend steady.

The company's net asset value total return for the six months through March was negative 13.4%.

That compared to three month Libor of positive 0.4%.

It declared first-half dividends of 2.5p per share, unchanged on-year.

'High yield bond markets have repriced to reflect the severe economic shock that the crisis is inflicting,' the company's portfolio managers said.

'A lack of market liquidity at the start of the crisis exacerbated price moves and created some very attractive opportunities for the company.'

'We were able to add positions to the portfolio, buying bonds from companies that we believe have a balance sheet and business profile that can survive.'

'Looking ahead, although markets have rallied from the lows of 23 March 2020, credit spreads still offer some of the best value we have seen for many years.'

'That said, there are undoubtedly challenging times ahead for many companies and default rates are likely to increase.'

'A thorough and comprehensive analysis of each issuer and maintaining a diversified portfolio remain a crucial part of our approach, as we seek to add exposure and lock in value for when markets do recover.'

At 2:13pm: [LON:IPE] INVESCO Perpetual Enhanced Inc Ltd share price was +0.1p at 67.1p

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