TORONTO, Jan. 06, 2025 (GLOBE NEWSWIRE) -- This press release is being disseminated as required by National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report by FAX Capital Corp. (FAX) regarding the disposition of common shares (Shares) of BioSyent Inc. (BioSyent) (TSXV:RX) through the facilities of the TSX Venture Exchange.
NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA assigns a 'AA-' rating to Series B Mandatory Redeemable Preferred Shares (“MRPS”) issued by abrdn Asia-Pacific Income Fund, Inc. (NYSE: FAX) (“FAX” or the “Fund”). Additionally, KBRA affirms the rating assigned to Series C, D and E Senior Notes. The Outlook on all ratings is Stable. The ratings continue to be supported by the asset coverage, the credit quality and liquidity of the underlying assets, and the management experience of the Fund's investment adviser,.
PHILADELPHIA, PA / ACCESSWIRE / August 19, 2024 / abrdn Asia-Pacific Income Fund, Inc. (NYSE American:FAX) (the "Fund"), a closed-end fund, announced today that the Fund's Board of Directors approved a 1-for-6 reverse stock split of the Fund's common stock. The Fund anticipates completing a 1-for-6 reverse stock split prior to the open of trading on the New York Stock Exchange (the "NYSE") on September 9, 2024, for common stockholders of record as of the close of business on September 6, 2024.
Emerging Asian bonds, the key focus of abrdn's Asia-Pacific Income Fund, have been a beacon of resilience this year. Relative spreads are perhaps too narrow at this point, though, and could be vulnerable to a correction as longer-duration Treasuries normalize. FAX hasn't offered the returns to justify its high expense, levered portfolio and could be particularly vulnerable in a downturn.
abrdn Asia-Pacific Income Fund (FAX) invests in fixed income securities in the Asia-Pacific region, with a history of paying dividends and a current yield of 12.6%. FAX primarily invests in growing, large, and less risky economies, with a portfolio that includes government bonds and investment-grade sovereign bonds. The fund has been relatively unaffected by interest rate hikes but has been impacted by credit spread widening, and its portfolio is considered relatively low risk.