While BDC common stocks and the markets fluctuated widely this week, BDC Fixed Income’s movements were less spectacular. In terms of news, we focus on MVC Capital’s latest results and the implications for its Baby Bond holders.
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.
Even the stable price world of BDC Fixed Income debt could not withstand the market drop in the week ended February 28, 2020. We review the damage to the group and to individual names and offer up thoughts as to what might happen next to both prices and to the use of fixed income debt by BDCs.
The BDC rally hit an unexpected pothole this week, putting any further price expansion on hold. In terms of news, there was little to report except a setback for a long standing BDC lobbying campaign, but there’s hope yet.
MVC Capital reports fiscal fourth quarter and full year results through October 2019. We review the earnings press release, investor presentation and 10-K to summarize the latest performance.
MVC Capital surprises the BDC Reporter and increases its regular distribution before we expected. We review the details and discuss the pay-out increase in the context of MVC’s stock price and Baby Bond borrowings.
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.
We share highlights from the BDC Credit Reporter’s compilation for the week of developments amongst under-performing portfolio companies, naming the BDCs and the amounts involved.
MVC Capital has reported quarterly results ended January 2019. The BDC Reporter points out and dissects the most important items in the 10-Q and offers our ratings for the BDC’s debt and equity.
MVC Capital begins a pre-announced automatic share buy-back program. However, two shareholders will be missing: an MVC Director and the BDC Reporter. We explain the whys and wherefores.
In one of the BDC Reporter’s periodic articles for all readers, we review the latest Proxy from MVC Capital and discuss the state of corporate governance prior to an October shareholder vote on two items.