We cannot tell a lie: the week ended November 1 was uneventful where BDC Fixed Income prices and news were concerned. We illustrate with numerous examples, and make some predictions for what to expect.
First week of BDC earnings season and the sector moved up in price, but so did the broader indices. We review our regular metrics and several BDC winners and losers from a price standpoint and identify who might move markets in the weeks ahead.
We review price developments and new issuance in the BDC Fixed Income segment for the week ended October 25, 2019.
The major indices and BDC sector prices are all moved together in the week ended October 25, 2019. We discuss market conditions and the most important development of the week: New Mountain Finance’s equity raise.
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.
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.
While the broad stock market indices moved wildly up and down this last week, BDC Fixed Income prices did not. We discuss what did happen and review the latest developments in this still thriving corner of the Fixed Income market.
A publicly traded BDC portfolio company is dropping in price and impacting the fair market value of three listed-BDCs for a second quarter in a row.
As we do every week, we discuss price trends overall and for select BDCs where publicly traded unsecured debt is concerned. Plus, we review several major capital markets developments that occurred in the week, with the promise of more to come.
BDC Fixed Income prices continue to enjoy an Indian Summer price-wise, but there are very few news developments to discuss. Prices are not expected to change much in the near future but the news flow should.
This week, interest rates changed course, affecting pricing in the BDC Fixed Income sector, but not too much yet. Otherwise, there were no other developments this week but that could change in the rest of 2019 and – possibly – provide insights into what the future of the BDC Fixed Income segment might look like.
The BDC Fixed Income prices moved upward in the week, but there are still a couple of sore spots, which we discuss. Also, a BDC gets an investment grade nod and the BDC Reporter discusses what the rest of the year might look like in pricing terms.
As the risk free yield continues to drop, BDC Fixed Income prices moved up, but only slightly. We also discuss the latest unsung development over at Medley Management and predict what the rest of 2019 might bring in term of prices and new activity.
We review and summarize the results of all the public BDCs. In the second quarter of 2019, arguably the worst performer has been Capitala Finance.
The BDC Fixed Income market zigged as the risk free rate zagged; a Term Preferred was redeemed and we discuss who will be next and how all that capital going out the door might return later.