As the major indices zagged upwards, the BDC sector zigged down on Thursday. Also, a well respected CFO leaves a mid-sized BDC and another BDC swaps out one long standing secured lender for another.
The major indices were all in the black on Tuesday, and the BDC sector largely followed along. There was big news in the form of a BDC going public; outstanding earnings from an existing mid-sized player and yet another low yielding issuance of unsecured debt.
August ended with a whimper where the major indices, and the BDC sector, were concerned. We run the numbers and discuss a just redeemed Baby Bond and a major corporate bankruptcy affecting two large cap BDCs.
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.
After Monday’s price slump, the BDC sector has recovered for a second day in a row. With little new developments to review, we have undertaken a BDC earnings preview and a credit update of a BDC portfolio company.
BDC sector prices gained substantially after doing the opposite the day before. Is this drawdown over or have we just begun ? Plus, a BDC raises its dividend and boost its price and two Baby Bonds get early redemption dates.
BDC stock prices dropped again, more or less across the board. News-wise, the BDC Reporter has two credit stories about BDC portfolio companies to share and a preliminary report of an expected unsecured debt offering.
The BDC Reporter reviews Saratoga Investment’s latest results and discusses the long term outlook for the successful lower-middle market focused BDC.
Over the past two days BDC sector prices have dropped, but not very far. Also one BDC has reported earnings and two others provided previews of second quarter activity.
As July began, BDC stock prices rose, with one mid-sized BDC leading the way. Also, a BDC changes its name,ticker and manager; a leading BDC amends its debt and another prepares to raise fresh capital. We also discuss ever improving credit conditions and what that might mean when IIQ results come out.
This was a historic day as two huge BDCs merged. We review some of the implications for the sector and the shareholders involved. Overall BDC stock prices returned to their winning ways after a one day hiatus.
Not much changed in BDC Fixed Income prices during the week, but there were a series of comings and goings that continues to reshape the sector. Watch out ! There’s more to come.