RIG Cqs Rig

 
TIDMRIG 
 
 
   CQS RIG FINANCE FUND LIMITED 
 
   Monthly Shareholder Fact Sheet 
 
   CQS Rig Finance Fund Limited (the "Company"), a closed-ended investment 
company incorporated in Guernsey, is pleased to announce that its 
Monthly Fact Sheet for December 2013 is now available on the Company's 
website (www.cqsrigfinance.com) and includes further information on the 
top ten investments and outstanding borrowings. 
 
   Newsflow from the US dominated during December. The US Federal Reserve 
("Fed") announced it would begin to taper its asset purchase programme 
from January 2014. The Fed also upgraded its assessment of the economy, 
but suggested that rates would remain lower for longer than previously 
anticipated. European PMI data pointed to slowing growth momentum in 
several economies and contractions in France and Spain. In Asia, China 
suffered its second cash crunch of the year, forcing an injection of 
liquidity into the system from its central bank. In December, the MSCI 
World Index rose 2.1%, the MSCI Europe Index gained 1.0% and the MSCI AC 
Asia Index returned 1.2%. Credit indices on both sides of the Atlantic 
tightened. 
 
   The Company's NAV rose approximately 0.3% to close the month at 36.04p. 
There were small profits across a number of strategies. Iona Energy 9.5% 
2018 bonds advanced in particular, following the announcement that 
production at Huntington had returned to full capacity of approximately 
30,000 bbls/d of oil and 25 MMscf/d of natural gas. This was a result of 
the lifting of gas export restrictions at the BP Operated Central Area 
Transmission System.  Since coming on stream in April of 2013, thirteen 
cargos have departed Huntington and been sold at average realised oil 
prices attracting slight premiums to Brent. 
 
   Profits were partially offset by losses on the Ion Geophysical position 
following a downgrade of the company's debt by Moody's to B3 from B2. 
The rating outlook is negative. "ION's ratings downgrade and negative 
outlook reflects weaker fundamental performance than originally 
anticipated in the B2 rating," commented Gretchen French, Moody's Vice 
President. "In addition, the company has not built up its cash cushion 
as previously factored into the B2 rating, leaving the company with less 
financial flexibility to fund potential legal contingencies and weather 
industry cycles." The Company exited the small position in these bonds 
following the news. 
 
   Secondary trading was quiet in the run up to the Christmas holidays and 
there were no new issues of note. 
 
   All market data sourced from Bloomberg and MSCI unless otherwise stated. 
MSCI index returns are in local currencies with net dividends 
reinvested. 
 
   For further information, please contact: 
 
   Corporate Secretariat 
 
   Kleinwort Benson (Channel Islands) Fund Services Limited 
 
   01481 710 607 
 
   Alastair Moreton, Darren Vickers 
 
   NOMAD and Broker 
 
   Westhouse Securities Limited 
 
   020 7601 6118 
 
   December Monthly Factsheet: 
http://hugin.info/140293/R/1756046/592982.pdf 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: CQS Rig Finance Fund Ltd via Globenewswire 
 
   HUG#1756046 
 
 
  http://www.cqsrigfinance.com/ 
 

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