- SEQI, the specialist investor in economic infrastructure debt, has seen its net asset value (NAV) rise to 102.41p per share, an increase of 0.13p on the month prior.

The decrease in asset valuations in the NAV attribution this month is primarily due to several sizeable US power positions being marked down as a result of the negative impact of the lower than expected 2022/23 Base Residual Auction (BRA) PJM capacity results that were released.

SEQI also had a significant price decline in one of its least liquid positions based on a small secondary trade in the bond near the end of May.

It is expected that the previously identified uplift in valuations of the assets where COVID-19 has impacted performance to continue. This trend is likely to persist as economies continue to recover and lockdowns start to further ease globally.

As at 28 May 2021, the company had cash of £84.7 million and had drawn £83.6 million on its £280 million revolving credit facility. It had also undrawn commitments on existing investments collectively valued at £72.6m.

The company's invested portfolio comprised of 63 private debt investments and 11 infrastructure bonds across eight sectors and 30 sub-sectors, with an annualised yield-to-maturity (or yield-to-worst in the case of callable bonds) of 9.0% and a cash yield of 5.6%.

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