Whereas the major indices dropped, the BDC sector increased in price on Tuesday. Also, two BDCs announced distributions: one increased and one unchanged, and a large cap player pays off expensive debt.
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.
For a second day, both the major indices and BDC sector prices pull back. Also a larger BDC issues new debt at a very low yield while a peer redeems its Term Preferred, plus another BDC discloses insider ownership
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.
The BDC sector price dropped on the day, but possibly for a technical reason that we discuss. Also, the leading venture debt lender announced enviable results and another BDC dishes about a new add-ion investment.
The median price of public BDC debt moved down on the week, but not far. We also discuss what we learned from BDC conference calls about the outlook for multiple debt issues.
The BDC Reporter tries something new: annotating and commenting on the sections of BDC conference call transcripts that deal with credit matters. First up: Gladstone Investment.