The major indices and BDC sector prices are all moved together in the week ended October 25, 2019. We discuss market conditions and the most important development of the week: New Mountain Finance’s equity raise.
We alert readers to several credit developments affecting multiple BDCs that we’ve covered in our sister publication, the BDC Credit Reporter, and discuss some lessons learned.
A major risks solutions company, to which 5 different BDCS have nearly $100mn of exposure to, has been acquired. We review impact on the BDCs involved.
Another solid week for BDC Fixed Income but change is afoot thanks to the shift in future interest rate expectations. We parse the possibilities for the BDC sector and its debt investors.
Here are some of the latest developments amongst under-performing BDC companies since our last report filed April 22, 2019
Highlights from the last two days of BDC portfolio company news, and the possible impact on the multiple BDCs involved.
New Mountain Finance is moving quickly to re-make its balance sheet to take advantage of the Small Business Credit Availability Act. The methods adopted and the pending results will be illuminating for all BDC investors.
New Mountain Finance continues to raise debt capital at an unequaled pace. We dig into the numbers and project out the balance sheet and earnings impact and – heaven forbid – the risks involved.
A mixed week in the BDC sector but the trend is still to the upside. The BDC Reporter also discusses the monumental changes underway amongst the bigger BDCs and what that might mean for the future.
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.
The BDC Fixed Income market was softer on the week, but that may be a short term phenomenon. More importantly, a BDC raised new unsecured debt in a manner that may be very instructive for the future of the sector.
Nothing to report on the BDC Fixed Income price front and only two minor debt raising developments. The big changes in this market remain in the (not so distant) feature.
New Mountain Finance joins TCG BDC in gaining shareholder approval for higher leverage but only makes the BDC Reporter and investors uncomfortable.
On the cusp of the most interesting Earnings Season in years, BDC stocks remained in a narrow range. We look forward to the debate about extra leverage but also beyond…
The BDC Sector moved up, then down and remained in the same place where it’s been for weeks. Trends are underway – both inside and outside the sector – that could change all that.
