Aberdeen Asia-Pacific Income Investment Company Limited announces performance data and portfolio composition



    TORONTO, Feb. 3 /CNW/ - Aberdeen Asia-Pacific Income Investment Company
Limited (the "Company") (TSX: FAP), a closed-end investment company trading on
The Toronto Stock Exchange, today announced performance data and portfolio
composition details as of December 31, 2008.
    The Company's total returns for various periods through December 31, 2008
are provided below. (All figures are based on distributions reinvested at the
dividend reinvestment price and are stated net-of-fees):

    
    -------------------------------------------------------------------------
    Period                                             Market Price Total
                             NAV Total Return (%)           Return (%)
    -------------------------------------------------------------------------
                           Cumulative   Annualized   Cumulative   Annualized

    -------------------------------------------------------------------------
    Since inception
     (June 1986)              410.8          7.5        231.8          5.5
    -------------------------------------------------------------------------
    10-years                   30.3          2.7         11.8          1.1
    -------------------------------------------------------------------------
    5-years                    -1.6         -0.3        -22.5         -5.0
    -------------------------------------------------------------------------
    3-years                    -4.9         -1.7        -30.6        -11.5
    -------------------------------------------------------------------------
    1-year                            -6.3                     -25.8
    -------------------------------------------------------------------------

    The Company's returns, which are denominated in Canadian dollars, are
affected by the performance of the Canadian dollar against the various
currencies listed below.

    As of December 31, 2008, the portfolio was invested as follows:

    -------------------------------------------------------------------------
                            Currency Exposure (%)    Geographic Exposure (%)
    -------------------------------------------------------------------------
    Australia                      44.2                       37.4
    -------------------------------------------------------------------------
    New Zealand                     3.9                        3.9
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    United States (*)              31.7                        1.4
    -------------------------------------------------------------------------
    Canada                          0.2                        0.2
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Brazil                          7.3                        7.3
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    South Korea                     3.2                        4.8
    -------------------------------------------------------------------------
    Singapore                       3.1                        1.8
    -------------------------------------------------------------------------
    Thailand                        1.7                        3.7
    -------------------------------------------------------------------------
    Philippines                     1.2                       15.3
    -------------------------------------------------------------------------
    Malaysia                        2.4                        3.9
    -------------------------------------------------------------------------
    India                             -                        1.6
    -------------------------------------------------------------------------
    China                             -                        2.9
    -------------------------------------------------------------------------
    Hong Kong                         -                        2.3
    -------------------------------------------------------------------------
    Indonesia                       1.1                       13.1
    -------------------------------------------------------------------------
    Taiwan                            -                        0.4
    -------------------------------------------------------------------------
    (*) Of which 33.6% held in US$ denominated bonds issued by foreign
        issuers.

    As of December 31, 2008, the top ten holdings of the portfolio were as
follows:

    -------------------------------------------------------------------------
    Holding                                       Coupon / Maturity      (%)
    -------------------------------------------------------------------------
    Federal Republic of Brazil                        10%, 01/01/10      3.2
    -------------------------------------------------------------------------
    Banco ABN Amro Real SA                         16.20%, 02/22/10      3.0
    -------------------------------------------------------------------------
    Philippine Government                           8.75%, 03/03/13      2.9
    -------------------------------------------------------------------------
    Republic of Philippines                         7.75%, 01/14/31      2.7
    -------------------------------------------------------------------------
    Republic of Philippines                       10.625%, 03/16/25      2.7
    -------------------------------------------------------------------------
    Western Australia Treasury Corporation          7.00%, 04/15/11      2.5
    -------------------------------------------------------------------------
    Barclays Indonesia Government Bond Linked
     Note                                             10%, 07/17/17      2.5
    -------------------------------------------------------------------------
    Indonesia Government                           11.60%, 08/15/18      2.4
    -------------------------------------------------------------------------
    Malaysia Government                            4.262%, 09/15/16      2.1
    -------------------------------------------------------------------------
    Philippine Government                         12.375%, 02/24/15      2.0
    -------------------------------------------------------------------------
    TOTAL                                                               26.0
    -------------------------------------------------------------------------
    

    As of December 31, 2008 the holdings of the portfolio represented
approximately 45.1% sovereign and state government securities, 3.9%
supranationals, 48.1% corporates, 1.5% cash and 1.4% asset backed securities.
    As of December 31, 2008, the Company's net assets, including C$111.1
Million in bank borrowing, amounted to C$433.7 million. The net asset value
per ordinary share was C$6.22.
    As of December 31, 2008, 53.0% of the portfolio was invested in
securities where either the issue or the issuer was rated "A" or better, or
judged by the Investment Manager to be of equivalent quality.

    
    The credit quality and maturity breakdown of the portfolio was as follows:

    -------------------------------------------------------------------------
                             Credit Quality (%)
    -------------------------------------------------------------------------
       AAA/Aaa     AA/Aa         A         BBB/Baa     BB/Ba         B
    -------------------------------------------------------------------------
        27.2         9.9        15.9        16.0        29.2         1.8
    -------------------------------------------------------------------------


    -------------------------------------------------------------------------
                                Maturity (%)
    -------------------------------------------------------------------------
        (less than)                                         (greater than)
          3 Years          3-5 Years        5-10 Years         10 Years
    -------------------------------------------------------------------------
           26.8              19.9              34.6              18.7
    -------------------------------------------------------------------------
    

    As of December 31, 2008, the average maturity of the portfolio was 9.5
years.
    The Company has a Normal Course Issuer Bid ("NCIB") in place whereby
shares of the Company may be purchased at times when the market price per
share trades at a discount in excess of 8% to the Company's net asset value
per share. During the month of December 78,800 shares were purchased under the
NCIB. The Company will cancel the shares purchased under the bid.
    A revolving credit loan facility, in the amount of US$120,000,000, was
entered into on October 5, 2006 with the Bank of Nova Scotia, in order to fund
the redemption of the Company's Auction Market Preferred Stock ("AMPS") that
took place in October 2006. The revolving credit loan facility was amended
with effect from October 3, 2007, to increase the facility from US$120,000,000
to US$165,000,000. During the months of September and October the loan
outstanding was reduced by US$75,000,000, bringing the outstanding balance on
the loan to US$90,000,000.
    The leverage is used with the intent of enhancing returns by borrowing at
interest rates that are lower than the relatively higher yields of the
Asian-Pacific fixed income securities in which the Company invests. The
Company has entered into interest rate swap agreements in order to fix the
interest payable on a portion of the credit facility. Details regarding the
revolving credit loan facility and the interest rate swap agreements are
contained in the Company's annual and semi-annual reports to shareholders.

    
    Important Information

    Aberdeen Asset Management Inc., the Company's Administrator, has prepared
    this report based on information sources believed to be accurate and
    reliable. However, the figures are unaudited and neither the Company, the
    Administrator, Aberdeen Asset Management Asia Limited (the Investment
    Manager), Aberdeen Asset Management Limited (the Investment Advisor), nor
    any other person guarantees their accuracy. Investors should seek their
    own professional advice and should consider the investment objectives,
    risks, charges and expenses before acting on this information.

    Total return figures are stated net-of-fees, in C$ and represent past
    performance. They assume reinvestment of dividends at the dividend
    reinvestment price on the ex-dividend date and include long-term capital
    gains. The returns are not adjusted for any issuance of rights or
    warrants by the Company. Past performance is not indicative of future
    results, current performance may be higher or lower. Inception date
    June 13, 1986.

    Information in this press release that is not current or historical
    factual information may constitute forward-looking information within the
    meaning of securities laws. Implicit in this information, particularly in
    respect of future financial performance and condition of the Company, are
    factors and assumptions which, although considered reasonable by the
    Company at the time of preparation, may prove to be incorrect.
    Shareholders are cautioned that actual results are subject to a number of
    risks and uncertainties, including general economic and market factors,
    including credit, currency, political and interest-rate risks and could
    differ materially from what is currently expected. The Company has no
    specific intention of updating any forward-looking information whether as
    a result of new information, future events or otherwise, except as
    required by law.

    -------------------------------------------------------------------------
    If you wish to receive this information electronically, please contact
    InvestorRelations@aberdeen-asset.com
    -------------------------------------------------------------------------
    





For further information:

For further information: Aberdeen Asset Management Inc., Investor
Relations, (800) 992-6341, InvestorRelations@aberdeen-asset.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890