The S&P hit a new high, but the BDC sector dropped. Leading the news – despite multiple earnings releases – was the decision by one BDC to quit and become a national bank.
A deafeningly quiet week where BDC fixed income prices and news is concerned. We use the opportunity to look back on what has changed in the first half of 2021 in this segment of the market.
BDC fixed income prices were unchanged but the number of public unsecured debt issues changed during the week. So did the BDC Reporter’s estimate of what the unsecured debt landscape might look like at year’s end.
BDC sector prices went nowhere, and volatility was low on Wednesday. However, the BDC Reporter found several news and credit stories to write about you probably won’t find covered anywhere else.
BDC investors are an indecisive bunch, pushing up prices sharply after last week’s decline. We discuss the principal winners on the day. Also on the docket: a new CFO for two BDCs and the post-facto capital structure at Great Elm Capital after a Baby Bond offering.
BDC fixed income prices were unaffected by the turmoil in the stock market this week. In fact, a new public Baby Bond was issued, part of a developing trend that is changing risk and return across the industry.
BDC common stock prices drop sharply, and almost across the board. Still, a BDC launches a new Baby Bond and repays an existing issue. We review the implications for both shareholders and debt holders.
This was a historic day as two huge BDCs merged. We review some of the implications for the sector and the shareholders involved. Overall BDC stock prices returned to their winning ways after a one day hiatus.
BDC sector prices dropped moderately on Tuesday, but remain close to their 52 week high. Also, a small BDC returns to the public unsecured debt market while another undertakes a recapitalization of a successful portfolio company.
BDC fixed income prices barely moved this week and there was no news about any public issuer, but we still needed to amend our list of Baby Bonds likely to be redeemed. We explain why.
Not much changed in BDC Fixed Income prices during the week, but there were a series of comings and goings that continues to reshape the sector. Watch out ! There’s more to come.
There were many developments in the BDC Fixed Income sector during the week that changed the landscape and outlook.
Price-wise, the BDC Fixed Income sector barely budged during an otherwise hectic week. However, two new offerings leave open the prospect of even more changes to the composition of the sector.
The BDC Reporter annotates Great Elm Capital’s most recent earnings conference call, and wonders whether the BDC is headed in the right direction.
The median price of public BDC debt moved down on the week, but not far. We also discuss what we learned from BDC conference calls about the outlook for multiple debt issues.