NB Global Monthly Income Fund Ltd on Tuesday declared a fresh quarterly dividend and said it has disposed of assets over £100 million as its portfolio wind-down continues.

The Guernsey-based firm invests in traditional credit, such as bonds and loans, and in alternative credit such as distressed credit and mezzanine debt. In November 2022, it announced plans to wind down the company as NAV was expected to drop below £150 million due to a cash exit in December. The plans were approved at an emergency general meeting in late January.

NB said on Tuesday that it disposed of £100.4 million of portfolio assets, representing about 55.6% of its NAV at January 27, between then and June 30. It added that July has seen ‘further progress’ in ‘realising assets at the earliest opportunity’.

‘Credit markets in the US and Europe have continued to be volatile however in recent weeks we have seen some improvement in risk sentiment,’ NB remarked.

The firm said its NAV at June 30 was 79.90 pence per share, slightly down from 79.91p at March 31. Its portfolio yield increased to 11.82% from 11.53%.

NB also declared a 2.3p per share interim dividend for the quarter ended June 30, up from 1.48p for the quarter ended March 31.

Shares in NB were up 2.1% at 73.50p each on Tuesday in London.

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