Abrdn Asia-Pacific Income Fund VCC
ABAKF
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- abrdn Asia-Pacific Income Fund VCC (ABAKF) is a closed-end fixed income fund that seeks current income, with incidental capital appreciation, through investments primarily in long-term debt securities of the Asia-Pacific region. The fund invests up to 100% of its total assets in Asia-Pacific debt securities, including sovereign, quasi-sovereign, financial institution, and corporate bonds from countries such as India, Indonesia, China, Australia, and Malaysia; U.S. dollar-denominated or regional currency-denominated instruments; supranational and emerging market debt; convertible and hybrid securities; and asset-backed securities, with active management of currency, interest rate risks, and leverage via derivatives including interest rate swaps, futures, and forwards. It employs a revolving credit facility with BNP Paribas, amended and restated in November 2024 with a US$45 million limit maturing November 2025, to enhance income through a positive interest rate differential. The fund is managed by abrdn Asia Limited in Singapore, with sub-advisory from abrdn Investments Limited, administration by abrdn Canada Limited, and investor relations by abrdn Inc. Originally incorporated in 1986 and previously domiciled in the Cook Islands, the fund redomiciled to Singapore as a Variable Capital Company (VCC) in December 2021, with headquarters at 7 Straits View, #23-04 Marina One East Tower, Singapore 018936; its shares trade on the Toronto Stock Exchange under FAP and OTC under ABAKF, targeting income-seeking investors exposed to Asia-Pacific and emerging fixed income markets. In recent developments, shareholders approved amendments to the VCC Constitution at the March 14, 2025 annual general meeting, eliminating the 10% annual redemption cap from 2026 to allow up to 100% redemption when trading discounts exceed 12%, while granting the board discretion to wind up the fund if economically unviable post-redemption; the leverage facility saw a net paydown of US$1.5 million by April 30, 2025, reducing outstanding debt to US$32.6 million or 43.5% of NAV; and an Expense Limitation Agreement with abrdn Asia caps ordinary operating expenses at 1.20% of average daily managed assets, with C$157,923 waived in the six months ended April 30, 2025.