BioPharma Credit - A quality dividend play with FY22 yield of 12%
BioPharma Credit (BPCR) is on track to deliver a strong (possibly record-high) annual NAV total return (TR) in FY22 on the back of a high investment level in H122, rising interest rates benefiting its floating rate loans, as well as healthy prepayment and make-whole fees from the early loan repayments in recent months. This has allowed BPCR to announce a US$0.045 special dividend, which implies a 12.0% dividend yield for FY22 on the current share price. The above-mentioned fees also provide BPCR with a good income runway for the re-deployment of prepayment proceeds. Since being fully invested in August 2018, BPCR achieved a net NAV TR of c 8% per year.BioPharma Credit is a closed-ended investment company. Co.'s investment objective is to generate long-term shareholder returns, predominantly in the form of sustainable income distributions from exposure to the life sciences industry. Co. may acquire debt assets from a company operating in the life sciences; or an entity other than a life sciences industry which directly or indirectly holds an interest in royalty rights to certain products, including any investment vehicle or special purpose vehicle; or in the secondary market.
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