Edison issues review on Riverstone Credit Opps.
London, UK, 17 April 2023
Edison issues review on Riverstone Credit Opportunities Income (RCOI)
Riverstone Credit Opportunities Income posted a healthy NAV total return of 14.5% in FY22, benefiting from rising base rates, as well as seven full exits (realised at an IRR of 14.3-32.5%) and six new investments resulting in the recognition of call premiums (exits) and upfront fees (investments). RCOI's focus on short-duration lending allowed it to swiftly rebalance its portfolio to energy-transition focused investments. The process is now complete, with over 95% of the end-2022 portfolio being either green loans or sustainability-linked loans (vs c 35% at end-2021).
RCOI currently trades at a c 20% discount to NAV. This is despite a relatively benign outlook for the oil and gas industry, the continued solid performance of the portfolio and a good dividend stream.
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