Credit Analyst, BondAdviser

Jack Pobjoy

Credit Analyst

Australian bonds & fixed income research

BondAdviser

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Thematic (Sector/Industry)

The MCP Master Income Trust is a listed income trust designed to provide investors with access or exposure to the Australian corporate loan market (ASX: MXT). This sub-asset class is a major pillar of the Australian corporate debt market but has historically been restricted to major global banks and institutional investors. For this reason, MXT offers a unique investment opportunity and exposure to a market typically not accessible to retail investors.The investment objective of the trust is to provide stable income with a target return of the RBA cash rate plus 3.25% p.a. (currently 4.75%) after fees payable monthly. The trust has invested in the MCP Wholesale Investments Trust which in turn invests in wholesale diversified corporate loan funds that invest across the credit risk spectrum and are managed by MCP. The Trust Company (RE Services) Limited serves as the Responsible Entity. The trust commenced trading on the 9th of October 2017 on the ASX at a Net Asset Value (NAV) of $2.00 (equal to the issue price of $2.00 per unit).On the 26th of February 2018, the RE announced an Entitlement Offer and placement to the guided value of $303.6 million. The entitlement offer ratio is 1 new unit for every 1.7 existing units and holders who take up their full entitlement may also apply for new units under the Oversubscription Facility. Any units not taken up under the Entitlement Offer will be offered to new investors under the Shortfall Offer (placement) and a further $77.4 million (to $381 million) can be raised should the Shortfall Offer exceed the guided size of the Entitlement offer.The offer opens and closes on the 5th and 29th of March 2018 respectively. The additional units are expected to be issued on the 9th of April 2018 at NAV ($2.00) and assuming success, will increase total funds raised to at least ~$820 million.Figure 1.  NAV/Unit and Unit Price Performance<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/045/671/original/nav13.png?1519712603" class="editor-image img-responsive" data-smartkarma-image-id="45671"></figure><div style="text-align: left;" class="content-caption">Source: BondAdviser, Bloomberg</div>

The MCP Master Income Trust is a listed income trust designed to provide investors with access or exposure to the Australian corporate loan market (ASX: MXT). This sub-asset class is a major pillar of the Australian corporate debt market but has historically been restricted to major global banks and institutional investors. For this reason, MXT offers a unique investment opportunity and exposure to a market typically not accessible to retail investors.The investment objective of the trust is to provide stable income with a target return of the RBA cash rate plus 3.25% p.a. (currently 4.75%) after fees payable monthly. The trust has invested in the MCP Wholesale Investments Trust which in turn invests in wholesale diversified corporate loan funds that invest across the credit risk spectrum and are managed by MCP. The Trust Company (RE Services) Limited serves as the Responsible Entity. The trust commenced trading on the 9th of October 2017 on the ASX at a Net Asset Value (NAV) of $2.00 (equal to the issue price of $2.00 per unit).On the 26th of February 2018, the RE announced an Entitlement Offer and placement to the guided value of $303.6 million. The entitlement offer ratio is 1 new unit for every 1.7 existing units and holders who take up their full entitlement may also apply for new units under the Oversubscription Facility. Any units not taken up under the Entitlement Offer will be offered to new investors under the Shortfall Offer (placement) and a further $77.4 million (to $381 million) can be raised should the Shortfall Offer exceed the guided size of the Entitlement offer.The offer opens and closes on the 5th and 29th of March 2018 respectively. The additional units are expected to be issued on the 9th of April 2018 at NAV ($2.00) and assuming success, will increase total funds raised to at least ~$820 million.Figure 1.  NAV/Unit and Unit Price PerformanceSource: BondAdviser, Bloomberg

Entitlement Offer: MCP Master Income Trust (ASX: MXT)

Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Credit

The MCP Master Income Trust (MCP MIT) is a listed income trust designed to provide investors with access or exposure to the Australian corporate loan market (Prospective ASX Code: MXT). This sub asset-class is a major pillar of the Australian corporate debt market but has historically been restricted to major global banks and institutional investors. For this reason, MCP MIT offers a unique investment opportunity and exposure to a market typically not accessible by retail investors.Specialist…

The MCP Master Income Trust (MCP MIT) is a listed income trust designed to provide investors with access or exposure to the Australian corporate loan market (Prospective ASX Code: MXT). This sub asset-class is a major pillar of the Australian corporate debt market but has historically been restricted to major global banks and institutional investors. For this reason, MCP MIT offers a unique investment opportunity and exposure to a market typically not accessible by retail investors.Specialist…

Australia

MCP Master Income Trust is a listed investment trust incorporated in Australia. The Fund specializes in direct lending and private debt market investments. The Fund offers lending solutions for a range of activities by corporate, project and infrastructure, real estate, and structured finance borrowers. (Please turn DPDF<GO> off to view the unadjusted NAV history)

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Mcp Master Income Trust (MXT AU)

Entitlement Offer: MCP Master Income Trust (ASX: MXT)

The MCP Master Income Trust is a listed income trust designed to provide investors with access or exposure to the Australian corporate loan market...

BondAdviser

New Issue: MCP Master Income Trust

The MCP Master Income Trust (MCP MIT) is a listed income trust designed to provide investors with access or exposure to the Australian corporate...

BondAdviser

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