The major indices dropped again. This time the BDC sector followed, but remains close to its highest levels. Outside of Main Street’s IVQ 2021 update – covered in a separate article – there were two credit developments worth knowing about.
A strange day in the markets is dissected by the BDC Reporter. In terms of news, Ares Capital issued new shares to its underwriters and Stellus Capital declared IQ 2022 distributions.
Now that Ares Capital has issued and priced its latest share offering we can crunch the numbers from a variety of perspectives.
The BDC rally rolls on, breaking new records. In major news, the leading BDC is selling new stock and a venture debt BDC provides a preview of some key data.
BDC sector prices increased even as most of the major indices faltered. Also, we highlight some interesting conversations and data generated by Saratoga; note Ares Capital’s latest trip to the capital markets and Capital Southwest’s most recent portfolio investment in what was a busy day.
First day back and the markets moved up strongly but the BDC sector less so. Also, plenty of new financing activity happening at three BDCs.
Another day of mixed prices for the major indices and the BDC sector. Otherwise, plenty of debt refinancing activity going on at three different BDCs.
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 indices – and the BDC sector – moved up marginally in price on Monday. Elsewhere, a BDC tried and failed – again – to buy back its expensive debt. Also, we share two new troubled companies written about in the BDC Credit Reporter.
All the major indices were in the red, including the BDC sector – just less so. At long last, a smaller BDC published its 10-K, officially ending BDC earnings season. Also one large cap BDC added new lenders and another made a presentation at a (virtual) conference.
BDC sector prices – and almost every stock – dropped with all the major indices on Tuesday. Otherwise, a popular BDC announced several new investments and the leading BDC received a shareholder nod.
The new month/week began with a modest BDC price rise. However, there was shocking news from one of the most popular – and idiosyncratic BDCs – out there just as earnings season shifted into high gear.
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.
On day two of BDC earnings season, the market leader offered up the biggest headlines. However, there was also some smaller BDC stories worth noting.
