Out of the blue a BDC seeks to switch managers and two others prepare to merge, but all are related.
Harvest Capital is to merge into Portman Ridge, continuing a public BDC consolidation process. We analyze what we know about the merger but also look at the bigger picture of a changing BDC landscape.
A portfolio company of Harvest Capital that was on non accrual and in Chapter 11 has been sold, as discussed by the BDC Credit Reporter. We provide some details about how this affects the BDC’s overall credit position.
Another Harvest Capital portfolio company has gotten into trouble and filed for Chapter 11. Using BDC Credit Reporter data, we update the number and value of underperforming and non performing companies at the BDC. We also review where the BDC sector stands in terms of new portfolio company bankruptcy filings.
The BDC Fixed Income sector was not to be left out of the general price reflation that occurred across all markets in the week ended June 5. Is the market about to “get back to normal” ? We consider the evidence and note a major omission.
For a second week BDC common stock prices rally along with the broader indices. However, there’s a very long way for prices to go before returning to pre-Covid levels and multiple challenges ahead.
Harvest Capital and its secured lenders come to an agreement that will require the BDC to repay its outstandings in the months ahead. We review the details of the agreement and the likely impact on the BDC, both in the short and long term.
BDC Fixed Income prices drop slightly in the week. We discuss the challenges the weaker BDCs face and how that’s translating to the value of their debt.
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.
The shaking and rattling of prices in the BDC Fixed Income sector quieted this week. We review the metrics and news developments affecting issuers. The BDC Reporter, though, explains why coming weeks may not be as quiet as this one.
The huge BDC rally of the week before came to a halt, but there were plenty of interesting and unusual price and news developments. The BDC Reporter takes this opportunity to worry aloud about what may lie ahead from a credit standpoint in a very uncertain economic, political and financial environment. Read with a stiff drink.
The BDC Reporter reviews a strange week in the markets as investors switched from rampant optimism back to white knuckled fear. We also offer up our candid view of what might happen next, and our surprise as to how the markets have behaved to date.
First few days of 2020 for the BDC sector, whose rally seems to be in neutral. Most of the news developments in the period were on the credit front.