Prospect Capital has issued new unsecured debt that will materially impact its balance sheet and earnings. We discuss the details but also place this development in the broader context of what we’re calling the Great Refinancing.
As expected, S&P has granted Prospect Capital’s new Perpetual Preferred offering a BB rating. The BDC Reporter digs into the Prospectus to discuss the implications for all stakeholders of the controversial BDC.
Prospect Capital is busy again re-organizing its balance sheet. This time, the BDC seeks to buyback its 2022 Convertible debt. We take a first look and are left unsure as to management’s motivation.
The penultimate BDC to report IIQ 2020 results is Prospect Capital. Here is the BDC Reporter’s First Look.
Prospect Capital – always marching to its own drummer – is launching the first Perpetual Preferred in the BDC sector. Here are the BDC Reporter’s first thoughts on this important, potential market moving development, drawn from the BDC News Feed.
We introduce a new regular feature: a comprehensive review of every BDC development during the week just ended, each annotated by the BDC Reporter.
BDC Fixed Income prices race up, ever closer to “normal”, leaving only a handful of debt issues in the basement. Even there, there’s an upward tilt, which we discuss.
Out of the blue – and a day after releasing its earnings, Prospect Capital pens an optimistic letter to shareholders. The BDC Reporter analyzes some of the contentions made and addresses the possible reasons for the unexpected communication.
The shaking and rattling of prices in the BDC Fixed Income sector quieted this week. We review the metrics and news developments affecting issuers. The BDC Reporter, though, explains why coming weeks may not be as quiet as this one.
The huge BDC rally of the week before came to a halt, but there were plenty of interesting and unusual price and news developments. The BDC Reporter takes this opportunity to worry aloud about what may lie ahead from a credit standpoint in a very uncertain economic, political and financial environment. Read with a stiff drink.
After a record week for BDC Fixed Income price drops, a reversal. We bring readers up to date on the ever changing numbers. Plus, we look ahead to what might happen under different scenarios, including the previously unthinkable.
The BDC sector reaches new lows not seen in over ten years but bounces part of the way back. Is the worse over ? The BDC Reporter argues that we’ve only just begun, and explains why.
The BDC Reporter describes the terrible, horrible, no good week just passed for the BDC sector, but cannot offer much in the way of immediate hope that we are at a turning point yet. As best we can, we look ahead as the extent of the damage to expect comes – very slowly – into focus. There are elegant solutions available here but will either the Federal government or Wall Street be up to the challenge.
The BDC Reporter re-publishes and annotates an important article in the financial press about an aspect of BDC liquidity in the coronavirus-era.
The BDC Reporter updates BDC Fixed Income prices after a week of huge – and uncharacteristic moves. We also look ahead to a week where more of the same seems to be in the cards.
