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In our 18 January 2021 note, Portfolio repayments fund enhanced return pipeline, we noted the key considerations were i) RECI’s asset selection and management make it defensive to recessionary risks, ii) its customer base is robust, with £100m+ interest and principal repayments since March, and iii) lower-risk, higher-margin new business is available, as mainstream banks remain cautious. This has led to stable dividends (yield 8.4%). The discount has closed materially since March 2020 but, in the past (January 2020), the shares have been on a premium. As we detailed in our note, the NAV will increase if historical MTM losses reverse – management expects full repayment of these bonds.
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