Invesco Bond Income Plus issued another 350,000 shares on 29 October at 164.50p, meeting Demand while its shares traded slightly above net asset value (NAV). The bond-focused company is due to pay a 3.0625p Interim Dividend on 17 November.

What happened

The new shares were allotted under the company's block listing Facility to satisfy Secondary Market demand, taking the total in issue to 299,434,911. shows similar issues on several days through September and October, including 28 October, plus daily NAV statements up to 30 October.

The third interim dividend for the year to 31 December 2026 was announced on 1 October. It went ex on 15 October, with a Record Date of 16 October. No results have been published since the half-year report in August. A factsheet to 30 September appeared on 15 October, though the announcement itself contains no figures.

Why it matters for investors

Invesco Bond Income Plus (LSE:BIPS) is a constituent of the FTSE All-Share index and an Investment company investing mainly in bonds and other fixed-interest securities, with some Equity exposure. Its aim is a high level of dividend income relative to prevailing interest rates.

AJ Bell shows a NAV of 162.06p at 28 October and a 1.51% premium, in line with a 12-month average of 1.53%. Issuing shares at a premium allows the company to grow without diluting NAV. In the first half alone, it issued 43.5 million shares for net proceeds of £74.8m, AJ Bell reported in August. The managers said issuance improves Liquidity and spreads fixed costs across a larger base.

The dividend is the main draw. Interim dividends declared for the first half totalled 6.125p, and the company said it remains on course for its full-year target of 12.25p, the same as 2025. Revenue per share of 6.34p covered those first-half payments. AJ Bell's data page shows a 7.62% yield, though that is a data-provider calculation.

How the shares have performed

The last trade shown by AJ Bell was 164.5p on 30 October, with a 12-month range of 150.112p to 177.50p and a Market Value of £491.09m. The shares were 170.50p when half-year results appeared on 13 August, so they have since fallen. NAV has also dropped, from 171.46p at 30 June, although that comparison includes dividends going ex in July and October.

Half-year NAV total return was 2.8% and share price total return was 3.0%. European high-yield bonds, the benchmark, returned 2.0%. Most of the return came from income rather than capital gains.

Full-year 2025 was stronger, with NAV total return of 8.7% against 7.4% for the ICE BofA European High Yield Index. Five-year NAV total return was 23.9%, narrowly behind the index at 25.4%.

What to watch next

Credit and rates are the principal drivers. High-yield exposure rose to 69% at 30 June from 66% at the end of December, with investment grade falling to 25%. Middle East developments and their impact on energy, Inflation and interest rates were highlighted as key influences.

The managers, Rhys Davies and Edward Craven, expect default rates to stay relatively low. Ineos, Isabel Marant, 888.com and Saffron Building Society contributed positively in the half, while Grupo Antolin, Virgin Media O2 and Thames Water Finance detracted. Those names show how specific Credit events can move returns even in a diversified portfolio.

The 17 November payment is the next scheduled event, after which a fourth interim would complete the 12.25p target if met. Analysis note: the size of the premium is also worth following, because a move to a discount would remove the basis for continued issuance. Gearing, at 2.8% net at the end of 2025, and ongoing charges of 0.88% provide further context.