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A major theme for Volta in 2021 will be the refinancing (where only the most senior debt tranches are called to be re-issued at lower spread) or reset (where all the debt tranches are called and re-issued and the deal is extended) of several CLO positions. The re-pricing down of CLO debt tranches is good for equity positions and roughly two-thirds of Volta’s CLO equity positions (which make up 65% of the book) are likely to benefit. The resultant gains could be substantial ‒ Volta estimates that these may add 1.0% to 1.5% to its return p.a. Six-month, rolling cashflows represent an annualised 16.1% of February NAV, representing strong support for the dividend.
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