A total eight new issues have attracted investment of £1.3bn, an increase on the £296m from the four new issues during the same period in 2012, according to data provided by the AIC.
New issue activity has already outstripped total levels for both 2011 and 2012, although remains some way off the record level seen in 2007 of £4.7bn.
The table shows new issues in 2013 year-to-date.
Month | Company | Manager | Sector | Launch assets (£m) |
Feb | ICG-Longbow Senior Secured UK Property Debt Investments | ICG-Longbow | Sector Specialist: Debt | 105 |
Mar | Greencoat UK Wind | Greencoat Capital | Sector Specialist: Environmental | 260 |
Mar | TwentyFour Income | TwentyFour | Sector Specialist: Debt | 150 |
March | Target Healthcare REIT | Target Advisers | Property Specialist | 49 |
Jun | CVC Credit Partners European Opportunities | CVC Credit Partners | Sector Specialist: Debt | 299 |
Jun | JPMorgan Global Convertibles Income | JPMorgan | Sector Specialist: Debt | 136 |
Jul | Polar Capital Global Financials | Polar Capital | Sector Specialist: Financials | 153 |
July | Bluefield Solar Income Fund Limited | Bluefield Partners | Sector Specialist: Environmental | 130 |
Activity level is attributed to both improved investor sentiment and the demand for income, as launches focus mainly on specialist and innovative ways of generating income.
This search for income is also reflected in new share issuance, which has been especially prevalent in the income-focused sectors.
Demand in the infrastructure sector is also proving strong as a result of the higher than average dividend yields available. International Public Partnerships has issued £46m of share so far this year and John Laing Infrastructure raised £35m.
Last week John Laing revealed it had made a £123m purchase on the secondary market.