The BDC Fixed Income market ends November in a familiar place, but multiple developments in the segment are likely to be on the way, some very soon.
We cannot tell a lie: the week ended November 1 was uneventful where BDC Fixed Income prices and news were concerned. We illustrate with numerous examples, and make some predictions for what to expect.
We review price developments and new issuance in the BDC Fixed Income segment for the week ended October 25, 2019.
We highlight current trends in the CLO market that might impact BDCs in the upcoming earnings season. We focus on 3 BDCs in particular.
The BDC Fixed Income median price barely changed for the week, but there was a shift among issues trading below par. Otherwise, new issue activity remained high and more is promised. It’s been a busy month for BDC unsecured debt and for the Reporter.
The BDC sector moved upward on the week, following the major indices renewed optimism. The BDC Reporter, though, shares its concerns about what might happen in the remainder of 2019 and into 2020.
A strange week for the broad markets, which filtered through to the BDC sector. We discuss short and longer term price trends; developments out of the SBA that could have major sector ramifications and note early signs of weakness in the credit markets that might make headline status in the weeks ahead.
The BDC Fixed Income sector continues to trade at record high levels, but there are two exceptions which bear watching, and which could yet give the segment a black eye.
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.
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.
BDC Fixed Income reaches a notable milestone. Plus, we discuss a bifurcated debt issuance market.
Prospect Capital yet again raises new unsecured debt. We focus on how this financing fits into the BDC’s business model and leaves shareholders wanting.
Prospect Capital’s earnings and stock price are up. Both an analyst and the BDC Reporter – for similar but still different reasons – are not convinced.
BDC Fixed Income moved up modestly in quiet week. However, changes are underway in how some BDC debt is rated which could have major implications.
The famously stable BDC Fixed Income market seems a little anemic. However, that’s nothing compared to what may happen as BDCs position themselves around the Small Business Credit Availability Act.
