Net Asset Value(s)

UK Mortgages Ltd - Net Asset Value(s)

PR Newswire

London, May 21

UK MORTGAGES LIMITED(a closed-ended investment company incorporated in Guernsey with registration number 60440 )LEI 549300388LT7VTHCIT59 

Final Net Asset Value 

UKML RNS: Commentary accompanying UK Mortgages Limited March 2020 NAV

The UKML NAV per share was calculated for March 2020 month end at 79.57 pence per share.

The decrease of 0.14 pence per share was primarily driven by swap rates which continued to fall for a further month and, as a result, so did the valuation level of the interest rate swaps held in the portfolios to hedge the fixed rate mortgages. Similar to last month, the impact on the NAV of the swap MTM is limited to the proportion which is deemed ineffective under IFRS 9 accounting standards.

Furthermore, the two reductions in the Bank of England’s Base Rate that occurred during March supressed the pull to par effect from the Oat Hill transaction.

Meanwhile, the Fund’s investments continue to perform in line with expectations. However, it is worth noting that the impact of mortgage payment holidays granted to borrowers will not begin to feed through to the fund’s income figures until next month’s NAV.

More details will be available in the Fund’s next factsheet to be published shortly.

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Andrew Bonham 44 (0)1481 745302Date: 21 May 2020