A third week of dropping BDC sector prices as market confidence falters. We review the three biggest losers and one of the few weekly winners and also discuss an update from New Mountain Finance and a buyback at THL Credit. We end with the inevitable review of BDC credit trends.
We re-publish a BDC Credit Reporter about yet another BDC portfolio company bankruptcy. First, though, we pen a bromide about the “fair market” valuation system and how investors can be misled by the methodology employed.
For the last time – given that BDC earnings season launches this week – the BDC Reporter updates its compendium of all BDC developments since the Covid-19 crisis began. Plenty of items to review, but less than we expected.
New Mountain Finance joins the long list of BDCs providing updates to its “stakeholders”. The BDC Reporter annotates the letter.
The BDC sector dropped back again last week after a head fake the week before. We review the numbers and evaluate what we’ve been learning from the BDCs themselves all week and what remains unknown.
Yet another development at a troubled BDC-financed company that the BDC Reporter has been writing about for a year now. Given that four BDCS – including three public players – have sizeable exposure, we have chosen to republish an article from the BDC Credit Reporter, and provide a preamble explaining why this is a company worth following the progress of.
The BDC Reporter re-publishes an article from Leveraged Commentary & Data about third quarter 2019 trends and uses the opportunity to discuss some of the fundamental changes going on before our eyes in how the sector does business.
A publicly-traded portfolio company which four BDCs have exposure to falls out with its lenders after months of forbearance. We discuss the possible implications for the company itself and its BDC lenders, which include several well known names.
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.
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.
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.