The markets were in the black on Tuesday and the BDC rally continued. There were multiple news items, including an increased dividend and new senior managers at a large cap BDC plus positive credit developments at Capital Southwest.
After a big drop on Covid variant worries on Friday, Monday saw the major indices – and the BDC sector – regain some lost ground. Also, yet another public Baby bond gets (partly) redeemed; a venture debt player breaks a record and a large cap BDC reports results.
The major indices were all up in price on Thursday. So was the BDC sector, ending up just below record levels. Plus, two new BDCs reported earnings, another raised 10 year unsecured debt and another for 5 years while a third player quietly launched a new joint venture. Busy days.
For a second day in a row, the BDC sector failed to follow the major indices upward. Also, BDC earnings season begins with high expectations and three BDCs do not disappoint. There’s other news besides on a busy day for BDCs.
Most of the major indices – and the BDC sector – continue to move upward, closing in or breaking records.Plus, a huge dividend is announced and a secondary offering launched by two mid-sized BDCs.
The major indices – and BDC sector prices – were mixed on Monday. On the news front, a leading venture debt player raised a substantial amount of debt at a very low rate. We discuss the implications , both in the short term and long term.
The first day of the business week did not go well for the BDC sector. We discuss the details. Also, we review new investments by a popular BDC; new unsecured debt planned by a venture-debt behemoth and new equity raised by a pint sized player.
This was a consequential week that included the month end and the beginning of earnings season. Nonetheless, BDC sector prices barely budged. We discuss why there’s a strong possibility that might change shortly.
The BDC sector price dropped on the day, but possibly for a technical reason that we discuss. Also, the leading venture debt lender announced enviable results and another BDC dishes about a new add-ion investment.
Hercules Capital announces IIIQ 2021 distributions. We compare the likely payout for 2021 with 2020 and 2019 and wonder about 2022.