The median BDC Fixed Income price drops slightly but investor enthusiasm remains high. We look forward to how Fed actions might affect prices in the very short term. Also, a new Baby Bond becomes the 43rd BDC public debt issued.
BDC sector prices outpace the major indices, now up for two weeks in a row. However, negative factors – including lower rates and credit problems – remain. Does the upsurge continue regardless ?
A famous discount retailer gets restructured and three BDCs with more than $50mn of exposure are involved. We re-publish our post from the BDC Reporter and discuss both the credit issues and the valuations involved.
We re-publish an article from the BDC Credit Reporter, covering the Chapter 11 filing of one of Prospect Capital’s largest borrowers, which has been in trouble for several years. The BDC Credit Reporter believes a major loss will need to be recorded by PSEC.
Another solid week for BDC Fixed Income but change is afoot thanks to the shift in future interest rate expectations. We parse the possibilities for the BDC sector and its debt investors.
The BDC sector followed – at a distance – the move upward by the major indices. That’s all well and good, but there are a couple of dark clouds on the horizon which may rain on this parade in the near-future.
A new non-traded BDC is making the move to the public market: Owl Rock Capital. The BDC Reporter takes a first quick look at what might shortly become the fourth sixth BDC we track.
The BDC Reporter updates where Goldman Sachs BDC stands in its plan to take advantage of the Small Business Credit Availability Act, and compares against projected income and distribution in the years ahead. Second in a series about the risk-return involved in the new rules.
We annotate the press release by NexPoint Capital after losing a key shareholder vote at Medley Capital and list out the many uncertainties remaining before the fate of the BDC will be known.
Publicly traded Fusion Connect files for Chapter 11 after acquisitions go wrong. We discuss the impact on the two BDCs involved in the financing and what’s been happening to other bankrupt BDC portfolio companies.
As the risk-free rate drops to new lows, existing BDC debt holders are not benefiting. In fact, we worry about what the week ahead – if the current trends continue – might bring. We also update BDC Fixed Income news and the Fixed Income Table.
The BDC sector joined the broader market rout, ending the 5 month long BDC rally. Besides the battle over tariffs, there are other threats to the sector, as we discuss.
The impact of the Small Business Credit Availability Act is beginning to be felt in the BDC sector, as we illustrate from our research. Time for a new article series from the BDC Reporter.
We annotate an article by Retail Dive about troubled retailers with additional information and analysis about BDC exposure and what we can learn from what has happened to date.
The BDC Reporter annotates TPG Specialty’s IQ 2019 Conference Call transcript.
As risk-free rates drop, BDC Fixed Income does not act as one might have expected. Plus, Medley Capital’s debt slumps.
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