We re-publish an article from the BDC Credit Reporter about a non-performing Fidus Investment company. We also use the opportunity to offer up some of the key credit metrics of the BDC following IIQ 2020 results, which subscribers can access in the BDC Data Table.
BDC Fixed Income prices seemed to be headed in one direction just a fortnight ago, but now are moving in unexpected ways. We discuss both sector trends and the path of individual issues and what the future might hold, which is likely to be very different from the past.
BDC Fixed Income prices break through to a new level this week. The recovery, though, is incomplete even if the first BDC earnings results were auspicious.
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.
BDC Fixed Income – like common stocks – have a better week price-wise, but there are still strains. Investors look forward to BDC earnings season and what that might mean for fixed income prices and outlook, with three funds in the docket.
With BDC earnings season around the corner, the sector’s prices stabilized but individual BDCs remained highly volatile both up and down. The BDC Reporter discusses the upcoming earnings and portfolio releases and their importance in the short and longer term in what looks like a critical year in the history of the sector.
The BDC Reporter’s re-publishes and adds annotations to the IVQ 2019 Fidus Investment conference call transcript, which is jam packed with information not elsewhere available.
The BDC Fixed Income median price barely changed for the week, but there was a shift among issues trading below par. Otherwise, new issue activity remained high and more is promised. It’s been a busy month for BDC unsecured debt and for the Reporter.
The BDC Reporter compares what we had expected to happen at Fidus Investment before the second quarter 2019 results with what actually occurred. Coming next: the IIIQ 2019 Earnings Preview for Fidus.
BDC Fixed Income prices didn’t change much on the week, but the capital markets for new unsecured debt issuance were very busy and the BDC Fixed Income landscape is rapidly changing.
A BDC winning streak comes to an end this week, but the market remains buoyant nine months into the year. Little in the way of major developments to report, but credit continues to be a source of concern “maybe not today, maybe not tomorrow, but soon”.
The BDC sector followed the major indices down. And then up again. However, the second week of BDC earnings season was not an unalloyed success and future market direction is in question.