MCP Master Income Trust - IPO Open
MCP Master Income Trust (ASX: MXT), the first listed investment trust from Australian debt specialist fund manager Metrics Credit Partners (MCP), is now open.
The initial public offer (IPO) seeks to raise up to $500 million from investors in Australia and New Zealand.
MXT will provide investors direct exposure to the Australian corporate loan market, diversified by borrower, industry and credit quality. MXT will have exposure to in excess of 50 individual investments immediately, with a near-term target of 75-100 individual investments.
MXT's target return is the RBA Cash Rate plus 3.25% p.a. net of fees.
Commenting on the offer, MCP managing partner Andrew Lockhart said: “MXT offers investors exclusive access to the highly attractive risk-adjusted returns available in the corporate loan market, historically only available to regulated local and international banks."
He added: “We anticipate the IPO will resonate strongly with retail and SMSF investors, who have traditionally had low allocations to this asset class."
Offer opened: 10 August 2017
Offer expected to close: 19 September 2017
Scheduled to list on the ASX: 9 October 2017