The median price of the BDC Fixed Income issues we track dropped for a second week in a row. Nonetheless, other data suggests the public BDC debt sector is headed for expansion and higher prices.
Saratoga Investment issues a new publicly traded Baby Bond – first since the current crisis. We analyze the impact on the BDC’s balance sheet; earnings and liquidity as well as what this might mean for BDC debt issuance in the weeks ahead.
The BDC Reporter annotates a very long Saratoga Investment IQ 2020 conference call transcript, and weighs in on the controversy about the BDC’s dividend suspension. Plus, we offer new analysis about liquidity; the BDC’s CLO and much more.
The BDC sector did not move much overall from a price standpoint for a third week in a row and despite the beginning of earnings season. Big uncertainties,though, remain which the BDC Reporter discusses.
Another week of BDC Earnings Season and another week of a sector-wide price rally. We review the highlights of both, and add some context about longer term trends underway.
We review how BDC Fixed Income prices reacted to the latest “black swan” event, and how ever lower yields on new issues is bifurcating the debt market, with long term consequences for issuers and investors alike.
The stock markets may have pulled back on coronavirus fears but BDC Fixed Income prices did not flinch. Also notable during the week was an unexpected change of heart by a rating group and also one new debt issue and one debt redemption. Looking down the road, we also question how the public BDC debt space might change in the months ahead.
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.
The BDC sector follows the major indices higher in the week ended January 17. We discuss some of the winners in price terms for the week and one notable loser and speculate where BDC prices might go once earnings season begins shortly.
BDC Fixed Income prices reach a new high in the first full week of 2020. We discuss the details. Plus, we review one redemption and two new issuances of unsecured debt that may foretell what will be coming down the pike for the sector as a whole.
Saratoga Investment kicks off IVQ 2019 BDC earnings season because the BDC closes its books one month earlier than most everyone else. That gives the smaller sized BDC a chance to shine, with stellar results. We’ve reviewed everything but the Conference Call to prepare this summary.
Saratoga Investment is calling in the final portion of one of its Baby Bonds. We review the details of the imminent redemption and look forward to what the BDC’s balance sheet might look like in the future. [This article was updated after the publication of the BDC’s 10-Q]
After briefly reviewing price activity for the week in the BDC Fixed Income segment, we discuss a recent Baby Bond issuance and its implications for other players likely to come to market shortly.
The BDC Reporter undertakes a credit review of Saratoga Investment following the publication of its fiscal second quarter results.