iann
Posts: 105
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Post by iann on Sept 3, 2020 17:09:35 GMT
Loan #1145 has been redeemed, £553K
Loan #1146 (same Borrower) has been redeemed, £416K
Loan #1205 has repaid £124K
Total so far: £1.093M
#1146 and #1205 seem to have distributed, payment of £9.03 per 10k has landed around 17:25
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alender
Member of DD Central
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Post by alender on Sept 4, 2020 8:35:02 GMT
My main comparison is the payments made to investors and actions taken. We can argue about prices, this is market sensitive but remember it was Stuart who like to use these comparisons.
Pick a time frame for the start of Covid, perhaps Feb 2020, Mar 2020, AC lock in date, Government home isolation date and then compare dividends from these so called "junk" bond funds like VSL, HONY, PSSL against AC, these are all loan companies. Only AC reduced rates, introduced lender fees, why are these other companies able to cope so much better the with the dividends let alone all the other things AC have done Post Covid.
Just a casual look, but shouldnt PSSL have declared a divided in Aug (looking at normal pattern)? As such isnt it therefore a little early to judge its Covid performance as the previous dividend was based on pre-lockdown performance? Just for the reocrd PSSL has now declared a dividend on 2/09/2020, 12p same as for previous years going back to 2017, judge for yourself.
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iann
Posts: 105
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Post by iann on Sept 4, 2020 9:12:49 GMT
Loan #578 has been redeemed, £46K principal and £23K interest
Loan #1273 has repaid £167K
Wasn't Loan #1273 from 1st September?
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cb25
Posts: 3,528
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Post by cb25 on Sept 4, 2020 9:17:57 GMT
Loan #578 has been redeemed, £46K principal and £23K interest
Loan #1273 has repaid £167K
Wasn't Loan #1273 from 1st September? You're correct, thanks for spotting that. I've amended my original post. I saw the loan had been updated today and saw the repayment in the Updates section, but failed to check the date.
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zlb
Member of DD Central
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Post by zlb on Sept 4, 2020 10:28:55 GMT
sorry if this is a stupid question but I really don't understand what is going on (I hate having to ask). AC comms implied (to me anyway) that to sell at discount (and get out quickly) one has to lose one's place in the queue and relist with the discount - which implies that it will then then be at the back of the queue. However I see people here are selling out quickly at a discount (unless those posts aren't referring to the AAs). I wrote to AC to ask a couple of weeks back how their prioritisation works for the AAs, no reply. If I have a place in the queue and am getting the dribble of repayment, will that be lessened or the same as before, now that there is discounting? Does discount selling in the MLA affect escape routes for the AAs?
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SteveT
Member of DD Central
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Post by SteveT on Sept 4, 2020 10:46:40 GMT
sorry if this is a stupid question but I really don't understand what is going on (I hate having to ask). AC comms implied (to me anyway) that to sell at discount (and get out quickly) one has to lose one's place in the queue and relist with the discount - which implies that it will then then be at the back of the queue. However I see people here are selling out quickly at a discount (unless those posts aren't referring to the AAs). I wrote to AC to ask a couple of weeks back how their prioritisation works for the AAs, no reply. If I have a place in the queue and am getting the dribble of repayment, will that be lessened or the same as before, now that there is discounting? Does discount selling in the MLA affect escape routes for the AAs? Previously there was only one queue, to withdraw at Par. Now there are separate queues at every discount level that's been offered. So if you offer 9.1%, say, when the currently "best available" discount is 9.0% you are, by definition, at the front of the front-most queue. The next person offering 9.1% goes behind your offer in the 9.1% queue. But if someone else offers 9.2% before your offer has sold then they go ahead of you in selling priority. The only reason you'd need to cancel a previous Par withdrawal instruction is if it was for your entire holding (or, at least, left less still available to withdraw than the value of the discounted instruction you wish to place). If you'd previously placed a Par instruction to withdraw half of your total holding, you'd be free to place another withdrawal request for the other half at a discount. It has no effect on the "dribble" of capital repayments you'll receive. Anyone with a withdrawal instruction in place, of any size and at any discount, will receive a pro-rata share of these capital repayments based on their TOTAL account holding (until their total withdrawal instruction has been fulfilled) Trading within MLA accounts has no direct effect on AA holders. However, if there are attractive discounts available via the MLA then indirectly this may encourage those looking to lend more to do so via the MLA rather than buy into the QAA at the prevailing market discount.
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zlb
Member of DD Central
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Post by zlb on Sept 4, 2020 11:04:53 GMT
sorry if this is a stupid question but I really don't understand what is going on (I hate having to ask). AC comms implied (to me anyway) that to sell at discount (and get out quickly) one has to lose one's place in the queue and relist with the discount - which implies that it will then then be at the back of the queue. However I see people here are selling out quickly at a discount (unless those posts aren't referring to the AAs). I wrote to AC to ask a couple of weeks back how their prioritisation works for the AAs, no reply. If I have a place in the queue and am getting the dribble of repayment, will that be lessened or the same as before, now that there is discounting? Does discount selling in the MLA affect escape routes for the AAs? Previously there was only one queue, to withdraw at Par. Now there are separate queues at every discount level that's been offered. So if you offer 9.1%, say, when the currently "best available" discount is 9.0% you are, by definition, at the front of the front-most queue. The next person offering 9.1% goes behind your offer in the 9.1% queue. But if someone else offers 9.2% before your offer has sold then they go ahead of you in selling priority. The only reason you'd need to cancel a previous Par withdrawal instruction is if it was for your entire holding (or, at least, left less still available to withdraw than the value of your new discounted instruction). If you'd previously placed a Par instruction to withdraw half of your total holding, you'd be free to place another withdrawal request for the other half at a discount. It has no effect on the "dribble" of capital repayments you'll receive. Anyone with a withdrawal instruction in place, of any size and at any discount, will receive a pro-rata share of these capital repayments based on their TOTAL account holding (until their total withdrawal instruction has been fulfilled) Trading within MLA accounts has no direct effect on AA holders. However, if there are attractive discounts available via the MLA then indirectly this may encourage those looking to lend more to do so via the MLA rather than buy into the QAA at the prevailing market discount. Thank you. So people selling at discount get repaid more quickly; but those who are not, are still repaid at the same rate as before discounting (my understanding is that the pro-rata share repayment was in place before the discounting system)? How is that enabled? Is the 9.1% transferred across given that the discounting seller is happy to go without it?
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SteveT
Member of DD Central
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Post by SteveT on Sept 4, 2020 11:10:00 GMT
Thank you. So people selling at discount get repaid more quickly; but those who are not, are still repaid at the same rate as before discounting (my understanding is that the pro-rata share repayment was in place before the discounting system)? How is that enabled? Is the 9.1% transferred across given that the discounting seller is happy to go without it? They don't get "repaid" any more quickly, in the sense of receiving repayments of their capital from AC. And these capital repayments go to everyone at Par, regardless of any discount offered to "sell". However they manage to "sell" their capital to another lender more quickly, by offering it for less than Par. So someone offering to sell a £1000 QAA holding at 9% discount will receive only £910 in cash for it, whilst the buyer will receive the full £1000 holding at a cost of just £910 cash.
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garfield
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Post by garfield on Sept 4, 2020 11:13:58 GMT
Thank you. So people selling at discount get repaid more quickly; but those who are not, are still repaid at the same rate as before discounting (my understanding is that the pro-rata share repayment was in place before the discounting system)? How is that enabled? Is the 9.1% transferred across given that the discounting seller is happy to go without it? Anyone selling, whether at par or at a discount(*), gets a pro rata share of distributions, whether they had withdrawal instructions in place before the SM or not. The playing field has been re-levelled if you like.
(*)The discount is ignored in this instance. All distributions are at par.
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zlb
Member of DD Central
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Post by zlb on Sept 4, 2020 12:54:19 GMT
Thank you. So people selling at discount get repaid more quickly; but those who are not, are still repaid at the same rate as before discounting (my understanding is that the pro-rata share repayment was in place before the discounting system)? How is that enabled? Is the 9.1% transferred across given that the discounting seller is happy to go without it? Anyone selling, whether at par or at a discount(*), gets a pro rata share of distributions, whether they had withdrawal instructions in place before the SM or not. The playing field has been re-levelled if you like.
(*)The discount is ignored in this instance. All distributions are at par. ok....thanks, so the discounting system doesn't help those who were already in the QAA queue and in receipt of repayments? (ie it only helps me if I want to reinvest at a discount)
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zlb
Member of DD Central
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Post by zlb on Sept 4, 2020 12:56:16 GMT
It is my imagination or have pro rata repayments been significantly lower since the SM launched? I thought it looked lower than a few months back. But I've not been counting.
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dead-money
Rocket to the Moon
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Post by dead-money on Sept 4, 2020 13:20:53 GMT
It is my imagination or have pro rata repayments been significantly lower since the SM launched? I thought it looked lower than a few months back. But I've not been counting. As construction works have recommenced the cash needed to cover tranche drawdowns has resumed.
That said recently, some of the largest developments have moved to CBILS loans for future tranche drawdowns, which should reduce demands on the AA in that regard.
Conversely the level of forebearance continues for those in the hospitality sector, expect future suspended loans there.
Also there's the rumblings regarding the level of provision fund cover and ringfenced funds; which remains as opaque as ever.
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iann
Posts: 105
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Post by iann on Sept 4, 2020 15:41:14 GMT
Looks like loans #578, #845 and #1145 have distributed now.
Payout of around £6.36 per 10k
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tjtl
Posts: 232
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Post by tjtl on Sept 4, 2020 15:48:16 GMT
Anyone selling, whether at par or at a discount(*), gets a pro rata share of distributions, whether they had withdrawal instructions in place before the SM or not. The playing field has been re-levelled if you like.
(*)The discount is ignored in this instance. All distributions are at par. ok....thanks, so the discounting system doesn't help those who were already in the QAA queue and in receipt of repayments? (ie it only helps me if I want to reinvest at a discount) Selling and repayments are two different things. Repayments come from existing loans repaying- discount is irrelevant- everyone is equal. Selling is to a buyer- there the discount matters as it determines who the buyer buys from.
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iann
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Post by iann on Sept 8, 2020 16:17:27 GMT
Loan #368, £201k repaid - not much exposure on AA though.
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