REG - City of London IT - Net Asset Value(s)

City of London Investment TrustAnnouncement

25/03/2024 16:30

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RNS Number : 2120I  City of London Investment Trust PLC  25 March 2024
 Trust Name                             THE CITY OF LONDON INVESTMENT TRUST PLC

 Legal Entity Identifier                213800F3NOTF47H6AO55

 NAV Details                            As at close of business on 22 March 2024, the unaudited net asset value per
                                        share calculated in accordance with the AIC formula (including current
                                        financial year revenue items and excluding shares held in treasury) was 410.8p
                                        and the net asset value per share with debt marked at fair value was 416.1p.

                                        As at close of business on 22 March 2024, the unaudited net asset value per
                                        share (excluding current financial year revenue items and shares held in
                                        treasury) was 407.7p and the net asset value per share with debt marked at
                                        fair value was 413.0p.

                                        Debt marked at fair value is the Company's estimate of the "fair value" of its
                                        senior secured notes. The current estimated fair value of the Company's
                                        senior secured notes is based on a discount rate calculated using the
                                        redemption yield of the relevant existing UK Gilt plus a credit spread
                                        determined by the month-end difference in redemption yields between the  ICE
                                        BofAML 5-10 Year A Sterling Non-Gilt Index and the ICE BofAML 5-10 Year UK
                                        Gilt Index for the 4.53% senior secured 2029 notes, and the spread between the
                                        redemption yield of the ICE BofAML 15+ Year A Sterling Non-Gilt Index and the
                                        ICE BofAML 15+ Year UK Gilt Index for the 2.67% senior secured 2046 notes and
                                        the 2.94% senior secured 2049 notes. The discount rate is calculated and
                                        updated monthly and applied daily to determine the Company's published fair
                                        value NAVs. In addition, evidence of issues in the private placement market
                                        may be taken into consideration where spreads significantly diverge from those
                                        in the public market.

 For further information, please call:  Wendy King

                                        Janus Henderson Investors

                                        Telephone: 020 7818 1818

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