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Riverstone Credit Opportunities Income - Attractive returns with greater sustainability focus

13.10.21 07:30
Edison Investment Research

Although it can invest in credit across the mid-market energy sector, Riverstone Credit Opportunities Income (RCOI) has been repositioning its portfolio towards renewable as well as conventional sources, with a primary focus on infrastructure assets. It continues to focus on its niche market of low LTV, delayed draw loans of relatively short duration, often employed as bridge loans by the borrowers. These yields remain good (portfolio H121 YTM is c 13%), portfolio losses have largely been avoided and all loan exits have been profitable. NAV total return was 9% in the 12 months to end September. The energy credit markets have rebounded strongly from the 2020 crash, but RCOI continues to trade at a significant discount (13%) to NAV despite a dividend yield of 8.1% (it pays all proceeds after expenses). The continued strong performance and greener profile may result in a narrower (and more appropriate) discount to NAV.


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