A third week of dropping BDC sector prices as market confidence falters. We review the three biggest losers and one of the few weekly winners and also discuss an update from New Mountain Finance and a buyback at THL Credit. We end with the inevitable review of BDC credit trends.
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.
BDC Fixed Income prices race up, ever closer to “normal”, leaving only a handful of debt issues in the basement. Even there, there’s an upward tilt, which we discuss.
BDC Fixed Income prices moved up sharply on the week and the sector reached a favorable milestone. However, there are still several BDCs whose future is far from assured. We name names and get into the weeds to discuss them and their specific debt issues.
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.
With BDC earnings season around the corner, the sector’s prices stabilized but individual BDCs remained highly volatile both up and down. The BDC Reporter discusses the upcoming earnings and portfolio releases and their importance in the short and longer term in what looks like a critical year in the history of the sector.
BDC Fixed Income prices have a good week, mirroring their common stock counterparts. Yet, we’re far from the days when most every unsecured debt issue traded at par. Just how far and what might need to happen for that to change is discussed in this latest version of the BDC Fixed Income Market Recap.
The BDC sector reaches new lows not seen in over ten years but bounces part of the way back. Is the worse over ? The BDC Reporter argues that we’ve only just begun, and explains why.
The BDC Reporter updates BDC Fixed Income prices after a week of huge – and uncharacteristic moves. We also look ahead to a week where more of the same seems to be in the cards.
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.
Lower interest rates across the board are continuing and impacting BDC Fixed Income in several ways, including price.
We review how BDC Fixed Income prices reacted to the latest “black swan” event, and how ever lower yields on new issues is bifurcating the debt market, with long term consequences for issuers and investors alike.
The stock markets may have pulled back on coronavirus fears but BDC Fixed Income prices did not flinch. Also notable during the week was an unexpected change of heart by a rating group and also one new debt issue and one debt redemption. Looking down the road, we also question how the public BDC debt space might change in the months ahead.
There was a slight – and we mean tiny – shift in BDC Fixed Income prices in the week ended January 17, 2020. Also, two BDCs were in the market issuing new debt: one for a very large and one for a very small amount, but both are instructive.
BDC Fixed Income prices surprise the BDC Reporter in the first few days of the new year. Plus, a BDC taps the unsecured market for the first time.