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.
First few days of 2020 for the BDC sector, whose rally seems to be in neutral. Most of the news developments in the period were on the credit front.
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 strange week for the broad markets, which filtered through to the BDC sector. We discuss short and longer term price trends; developments out of the SBA that could have major sector ramifications and note early signs of weakness in the credit markets that might make headline status in the weeks ahead.
In a routine week for BDC Fixed Income prices, there were two major developments worthy of attention.
Record low interest rates – and the promise of more to come – boosted up BDC Fixed Income prices. With a couple of exceptions…We also review the latest Baby Bond and speculate about what comes next.
The median BDC Fixed Income price drops slightly but investor enthusiasm remains high. We look forward to how Fed actions might affect prices in the very short term. Also, a new Baby Bond becomes the 43rd BDC public debt issued.
A large IT company files Chapter 11. Four BDCs are lenders. The BDC Credit Reporter assesses the likely damage. [Includes an update on Great Elm’s position]
Great Elm Capital announces a share repurchase program – a popular initiative in the BDC sector in recent months. We analyze the possible impact on the BDC’s share count and stock price.
The BDC Reporter finds much new information in Great Elm’s Conference Call transcript and 10-K filing, some of which may be exciting to some investors and worrying to others.