LONDON (Alliance News) - Chenavari Capital Solutions Ltd, which was established to acquire assets from UK and European banks looking to prepare for more stringent rules on capital requirements, Monday said its investment adviser is working on a number of deals with a view to completing at least one inside the first two quarters of 2014.
In its first interim management statement since raising GBP130.3 million in its October 2013 initial public offering, Chenavari said the potential deals include mid-cap corporate loans, large multinational corporate loans and CVA.
At the end of December Chenavari had about GBP128.7 million in net assets and was about 65%-invested in Bank Capital Solutions transactions, which are made with banks looking to reduce risk-weighted assets or to optimise their capital levels, with "no significant change" since then.
Since launching last year, Chenavari's net asset value per share has increased by 0.73 pence to 98.73 pence.
Chenavari shares were Monday quoted at 102.62 pence, flat.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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