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.
We review price developments and new issuance in the BDC Fixed Income segment for the week ended October 25, 2019.
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.
The BDC Reporter lifts the key long form sections of our BDC Earnings Preview to highlight OFS Capital in advance of IIQ 2019 results.
A weaker week for the markets and the BDC sector. We discuss both the week’s individual BDC winner and losers, while keeping an eye on earnings season right round the corner.
OFS Capital – in a BDC first – establishes a wholly owned subsidiary just to acquire senior loans. We discuss what we now know, what we don’t and why that matters.
OFS Capital joins a select group of BDCs that have offered to reduce a portion of their compensation over a certain leverage level. The BDC Reporter looks the gift horse in the mouth…
