As the risk-free rate drops to new lows, existing BDC debt holders are not benefiting. In fact, we worry about what the week ahead – if the current trends continue – might bring. We also update BDC Fixed Income news and the Fixed Income Table.
The BDC Reporter annotates the just released transcript of Capitala Finance’s earnings Conference Call and has a different perspective on a few items.
Moody’s has named the 17 top candidates amongst retail names to file bankruptcy in 2019. The BDC Reporter analyzes how BDC lenders might fare if the worst comes to pass.
Capitala announces two portfolio company exits. We analyze the news in the wider context of the BDC’s attempted turnaround and portfolio repositioning.
Why we invested in Capitala Finance as part of our Special Situations strategy.
The BDC mini rally hangs in there for another week. We discuss who was up and who was down and the lessons learned. Plus, we provide our best guess as to the short term outlook.
Nothing much happening in the foreground where BDC Fixed Income is concerned. In the background, though, the scene is being set for a huge expansion of the sector.
A very quiet week for BDC Fixed Income prices but two BDCs surprise with debt buybacks. In the future, though, the BDC Reporter expects much more issuance and redemption activity.
BDC Fixed Income prices do nothing very surprising on the week. However, the BDC Reporter is startled by Prospect Capital’s newest Baby Bond offering and its implications for the BDC debt market more generally.
BDC Fixed Income prices perk up…a little, as bond markets are roiled. Otherwise, not much happening as BDC issuers wait on the markets.
The BDC Common stock rally hangs in there for another week. The BDC Reporter – in a thoughtful mood – looks backwards and forwards at both stock prices and credit risk.
Capitala Finance’s Manager raises a new fund to invest in lower risk loans, but the BDC remains mired in higher risk credits with no signs of escape.
An uneventful week where BDC Fixed Income prices are concerned. The BDC Reporter, though, has been musing about debt, risk and frogs.
The BDC Sector moved up, then down and remained in the same place where it’s been for weeks. Trends are underway – both inside and outside the sector – that could change all that.
A Wild Week for both the markets and the BDC Sector. Maybe we reached a turning point in BDC history with the new looser leverage rules. Many asset managers think so and some analysts but the BDC Reporter has doubts.
