A selection of credit developments at well performing BDC portfolio companies during the week ended April 19, 2019.
A round-up of news developments at under-performing BDC companies for the week ended April 19, 2019.
From a price standpoint, only a small move in BDC Fixed Income prices in this shortened week. However, Main Street’s new unsecured debt was an important development in a much larger liability management and earnings story.
A shortened market week and a BDC sector headed nowhere. Will the weeks ahead offer more of the same ?
Dissident shareholder FrontFour agrees a term sheet with Medley Capital and gets to appoint two directors to the Board. The BDC Reporter dissects the press release announcing this dramatic twist in the Medley story.
On paper, the Medley merger vote should be the biggest BDC news of the week, but we have our doubts if things will go as planned. Otherwise, we’ll continue to track BDC market prices for a sense of direction; look to the capital markets for debt issues and track credit troubles across thousands of BDC portfolio companies.
For a third week, BDC Fixed Income prices are moving up and have essentially wiped out unrealized losses incurred in late 2018, and better. However, the capital markets for BDC unsecured debt were deadly quiet in these last 5 business days.
The BDC sector was a quiet place in this past week. We look at the latest numbers but also take a medium and long term perspective when considering what the future might hold.
Two BDCs hit 52 week highs. We review the price action, the underlying causes and assess the longer term outlook.
This week the BDC Reporter will be keeping track of what is said – and not said – regarding the Medley merger; the price of Alcentra Capital after announcing its “strategic” alternatives probe and the direction of common stock prices and fixed income issuance.
Another week of moving upward for the BDC Fixed Income segment, in a pattern reminiscent of 2016. Plus, we formally increase total issues tracked to 42 and “do the numbers”.
For a second week in a row BDC common stock prices join the general merriment in the broader markets and move up. We place the current price level in context and ask hard questions about what might come next.
Alcentra Capital surprises the market -weeks after appointing a new CEO – by hiring a financial adviser and exploring alternatives. We discuss why and what the implications might be for the BDC and investors.
A large IT company files Chapter 11. Four BDCs are lenders. The BDC Credit Reporter assesses the likely damage. [Includes an update on Great Elm’s position]
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