Information  X 
Enter a valid email address

CQS RIG Finance Fund LTD (RIG)

  Print      Mail a friend

Thursday 11 September, 2008

CQS RIG Finance Fund LTD

Monthly Shareholder Fact Sheet


                         CQS RIG FINANCE FUND LIMITED                          

                        Monthly Shareholder Fact Sheet

11 September 2008

CQS Rig Finance Fund Limited (the "Company") a closed-ended investment company
incorporated in Guernsey, is pleased to announce that its Monthly Fact Sheet
for August 2008 is now available on the Company's website:

www.cqsrigfinance.com

The investment manager's commentary in the Fact Sheet is as follows:

During August, there was generally positive fundamental news flow from
companies in the offshore oil and gas infrastructure sector; however, liquidity
factors rather than fundamentals appear to have driven the price performance of
underlying bonds.

Volumes picked up markedly during August as market participants returned from
the traditional summer holiday season, with selling pressure in the markets in
which the Company invests. Sellers appeared to be concentrated among those
market participants who are leveraged and/or requiring liquidity, particularly
in Norway. This is consistent with what we believe has been occurring in the
broader credit markets, where credit funds have been de-leveraging in response
to what we believe are redemptions by their investors. Bonds held in the
Company's portfolio were generally marked down across-the-board.

At the portfolio level during the month, two of the Company's holdings in bonds
issued by Marine Subsea were partially redeemed at 107% and 108%, in line with
respective loan documentation which was referred to in the July Fact Sheet.

Given the largely US dollar denominated asset base and matching US dollar
funding, depreciation of the pound against the dollar during August generated
an increase in the Company's borrowings in sterling terms. In practice, this
impact has been partially offset through a reduction in the Company's bond
holdings.

On 13 August 2008, the Company announced its third interim dividend for the
financial year ending 30 September 2008 of 1.98 pence per Ordinary Share. The
dividend will be payable on 15 September to shareholders of record on 22
August.

All market data is sourced from Bloomberg

For further information, please contact:


Lynette LeProvost                           Alastair Moreton
Secretary                               Director, Corporate Finance

Kleinwort Benson (Channel Islands) Arbuthnot Securities
Fund Services Limited                 

01481 727111 020 7012 2000

END