Multi-asset manager Peter Doherty has said he will be aiming to access more off-the-radar plays after gaining access to a niche bond.
The manager of the Tideway Global Navigator fund said he had recently bought into a bond issued by specialist mortgage lender Jerrold.
Mr Doherty said the issuance had been a ‘tap’ issue, a method of raising more debt under the covenant of an existing bond.
This means the company does not have to issue a new bond, which comes with associated legal costs and production of a prospectus. This move suits firms that want to raise a relatively small amount of debt swiftly.
“We were impressed by the management team and their focus on loss mitigation and risk management,” Mr Doherty said.
“Getting access to the market is a challenge, but by explaining Tideway’s approach, attending the deal roadshow, and following up with specific questions to the company, we accounted for ourselves very well and got a good allocation, which we expect to hold until maturity.
“We expect to repeat this exercise and build our profile in order to develop access to interesting deals.”
Elsewhere, the manager said his fund’s 0.9 per cent return in April had been an “excellent performance” given credit markets were mixed and government debt had sold off.
