Ellington Financial

Ellington Financial plans to issue unsecured senior notes with a principal amount of $100 million, a coupon of 7.375% and maturity in 2030 as an increase to an existing series. The new securities will be consolidated with the already issued $400 million bonds into a single class and guaranteed by Ellington Financial. Net proceeds are intended for general corporate purposes, including the partial repayment of repurchase agreement liabilities and the financing of investments; the offering will be to Qualified Institutional Buyers (Rule 144A) and outside the U.S. pursuant to Regulation S. » Więcej na de.investing.com

Moody’s has affirmed Ellington Financial’s Ba3 Corporate Family Rating and the B1 rating for its senior unsecured debt, and has changed the outlook for both to positive. The agency cites solid capitalisation, a diversified loan portfolio, a sophisticated hedging strategy and improved liquidity. Operational metrics improved: the average maturity of repo transactions increased, annualised net income relative to assets under management was 3.5%, and non-performing loans fell to 4.0%. Moody’s also notes risks from cyclical exposure to residential and commercial real estate, incomplete hedges and high dividend payouts. » Więcej na de.investing.com

Ellington Financial reports an estimated book value per common share of $13.63 as of July 31. The estimate includes the announced monthly dividend of $0.13 per common share, which will be paid on August 31 to shareholders of record as of July 31. The company notes that the estimated book value may change materially after completion of valuation procedures and does not represent results for upcoming reporting periods. » Więcej na de.investing.com