Neuberger Berman trust weighs up 'C' share issue

The largest investment trust to enter the market this year, the $507m Neuberger Berman Global Floating Rate Income fund, is proposing to raise additional capital through a ‘c' share issue.

The board said there had been a lot of demand from investors to access the trust, prompting them to consider a ‘c' share issue. The closed-ended trust raised more than double the group's initial target of $200m after launching on the main market of the London Stock Exchange on 20 April. The trust purchases senior secured bank loans that act as a hedge against rising interest rates via a floating rate of interest over base rates. The group said investors are finding the trust's investment horizon attractive in the current market. "The senior secured bank loan market in which the ...