After a record week for BDC Fixed Income price drops, a reversal. We bring readers up to date on the ever changing numbers. Plus, we look ahead to what might happen under different scenarios, including the previously unthinkable.
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.
After a day of red ink in the markets, the BDC Reporter thought to analyze how the sector fared – both in absolute terms and against the broader indices – and to review the impact on the 45 public entities we track.
Two weeks into February and there are 4 new loans in default amongst some of the largest non-investment grade leveraged borrowers, according to S&P Global Market Intelligence. We review which BDCs are involved; to what degree and what this tells us about the private credit industry.
The BDC Reporter updates – now all the results are in hand – its previously published IIIQ 2019 preview of THL Credit’s performance, with a focus on what’s happening – and what not – to the BDC’s numerous under-performing investments.
BDC sector prices break a 2019 record on the way up. We wonder, though, where’s the usual enthusiasm associated with stock rallies, which is not showing up in much of the data. What’s more, how do high prices mesh with growing credit concerns at borrowers ?
The external manager of THL Credit (TCRD) is being acquired. The BDC Reporter reviews the details of the acquisition and analyzes the likely impact on the BDC and its shareholders, who have had a tough time of late.
We are back with the common stocks market recap just as the BDC sector ends November on a high note. Is BDC market enthusiasm justified by the recent fundamentals ?
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.
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.
THL Credit joins the swollen ranks of BDCs who’ve adopted the new higher leverage limit while also becoming one of a much smaller group of BDCs to cut contractual compensation costs. Both developments require analysis and commentary.
THL Credit makes a change in its dividend and compensation. The latter could have reverberations across the BDC sector.