Metrics Master Income Trust

29 Nov 2023

Gamma Advisory

Disclaimer:  This advice is general in nature and may not be construed as personal advice

Metrics Credit Partners (Metrics) are a leading Australian non-bank lender, and is offering sophisticated investors the opportunity to invest in a capital raise for Metrics Master Income Trust (MXT.ASX).

MXT Highlights:

  • Experienced and active management team with a proven track record.
  • Monthly Cash Income from floating rate Australian direct lending
  • Portfolio diversification provided by Australian corporate fixed income.
  • Attractive fee structure and stable Net Asset Value (NAV) backing.
  • ASX Market Liquidity
  • Target return – RBA Cash Rate +3.25% p.a. net of fees.

Metrics is looking to raise $175m with the proceeds from the raise being used to further diversify their portfolio and increase size and scale.

Details of the offer:

Offer Price :                         $2.00

Last Close Price:                $2.03

Offer Size:                            $175 million

Minimum Investment:         $20,000

ASX Code:                            MXT

Key points:

  • MXT is now diversified across 301 loan assets
  • MXT has delivered a net return of 5.79% p.a. since inception, a spread of +4.47% above the RBA Cash Rate, exceeding its target net return of RBA Cash Rate +3.25% p.a.*
  • The trailing 12-month net return of MXT is 9.1%* p.a., a spread of +5.41% above the RBA Cash Rate and forward 12 month yield 9.5% p.a.
  • MXT liquidity is ~$3m per day which has steadily increased as the size and investor base of MXT has grown (>$1.77bn of assets), making it consistently a top 5 most liquid LIC/LIT on the ASX **

*inception date is October 2017. Data to 31 October 2023. Past Performance is not a reliable indicator of future performance.

** Source: ASX. Subject to ASX trading levels.

Further, attached below is the BondAdviser report for MXT.ASX.


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