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.
Great Elm Corporation announced 2019 results and its quarterly dividend. The latter, though, will no longer be paid out 100% in cash… We review the details; the reasons why and the possible consequences for the BDC’s stakeholders and the sector as a whole.
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.
Even the stable price world of BDC Fixed Income debt could not withstand the market drop in the week ended February 28, 2020. We review the damage to the group and to individual names and offer up thoughts as to what might happen next to both prices and to the use of fixed income debt by BDCs.
After the worst week for BDC prices in nearly ten years, the BDC Reporter summarizes what happened and what might be coming next. Not for the faint of heart but necessary reading.
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.
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.