BDC Fixed Income prices didn’t change much on the week, but the capital markets for new unsecured debt issuance were very busy and the BDC Fixed Income landscape is rapidly changing.
While the broad stock market indices moved wildly up and down this last week, BDC Fixed Income prices did not. We discuss what did happen and review the latest developments in this still thriving corner of the Fixed Income market.
When the broader markets catch a cold the BDC sector sneezes, as this week proves again. Otherwise very little news but plenty to discuss where BDC portfolio companies credit troubles are concerned.
As we do every week, we discuss price trends overall and for select BDCs where publicly traded unsecured debt is concerned. Plus, we review several major capital markets developments that occurred in the week, with the promise of more to come.
BDC Fixed Income prices continue to enjoy an Indian Summer price-wise, but there are very few news developments to discuss. Prices are not expected to change much in the near future but the news flow should.
This week, interest rates changed course, affecting pricing in the BDC Fixed Income sector, but not too much yet. Otherwise, there were no other developments this week but that could change in the rest of 2019 and – possibly – provide insights into what the future of the BDC Fixed Income segment might look like.
The BDC Fixed Income prices moved upward in the week, but there are still a couple of sore spots, which we discuss. Also, a BDC gets an investment grade nod and the BDC Reporter discusses what the rest of the year might look like in pricing terms.
There was a paucity of news affecting the BDC sector in the week ended September but developments out of the SEC could change price dynamics.
As the risk free yield continues to drop, BDC Fixed Income prices moved up, but only slightly. We also discuss the latest unsung development over at Medley Management and predict what the rest of 2019 might bring in term of prices and new activity.
The BDC Fixed Income market zigged as the risk free rate zagged; a Term Preferred was redeemed and we discuss who will be next and how all that capital going out the door might return later.
We discuss a record-breaking week for BDC Fixed Income and the continuing shift in who’s financing the BDC unsecured debt pile.
The broad market indices bobbed around in the week and the BDC sector followed suit. We discuss two BDCs that did well, and four that did not and project out how the rest of the year is likely to play out.
The BDC Reporter reviews in great detail the credit performance and outlook of Medley Capital following the publication of the second quarter results. The value of the portfolio is a critical element of the two different transactions currently being weighed by the BDC.
The BDC Fixed Income segment had another good week, with one notable exception where Medley Capital is concerned. We explain why the troubled BDC – and its debt holders – are not out of the woods yet.
The BDC sector followed the major indices down. And then up again. However, the second week of BDC earnings season was not an unalloyed success and future market direction is in question.