BDC Fixed Income prices – surprisingly to the BDC Reporter – reversed course slightly in a week that also included much new issue activity and preparation. The sector seems to be getting ready for a busy remainder of 2020. We discuss some of the highlights ahead as well as what occurred this week.
The major indices continued to wobble during the week but the BDC sector held its ground. We discuss both ephemeral short term price moves and much longer term BDC price trends, and end with a hopeful message despite a year-to-date spent in the red, and likely to remain there.
The biggest news of the week was Investcorp Credit Management’s reporting of its full year and quarterly results. Still, there’s plenty much besides to review in a moderately busy week for the BDC sector.
A very quiet week for BDC fixed income prices and news but the BDC Reporter finds a few intriguing angles to discuss.
In a holiday-shortened week, BDC sector prices – with one notable exception – held up well compared with the broader indices. We have a look at credit trends for a possible explanation.
An earnings release; a dividend announcement; several credit stories – including a bankruptcy – as well as several conference call annotations in the holiday-shortened week ended September 11.
Undeterred by the slumping major indices, BDC Fixed Income prices remained at post-Covid highs. We also discuss in detail developments at Great Elm Corporation and Prospect Capital that could affect their debt outlook and pricing.
Going into the Labor Day holiday, the BDC sector was not much fazed by the recent meltdown in the broader markets. Nonetheless, the sector will have to drastically change direction if 2020 is going to be anything but a bad memory.
A couple of major news stories; further credit updates; further annotation of BDC conference call transcripts and more in the week’s news.
Not much changed during the week where BDC Fixed Income prices are concerned, but we’ve come a long way already and the BDC Reporter believes there’s much more change to come for the sector before the year is out.
A quiet week – with a couple of notable exceptions – for hard news from the BDC sector. Still, the BDC Reporter and BDC Credit Reporter kept busy with multiple company and BDC updates.
This was the week the Fed announced a new interest rate policy and BDC investors were not sure whether to cheer or hiss.
This was the first week in a while without BDC results being announced, but there was plenty of other stories drawn from the headlines, and the pen of the BDC Reporter and BDC Credit Reporter.
The median BDC Fixed Income price climbs ever closer to par and even the underperformers are moving upward. Nonetheless, the BDC Reporter has a word of caution amidst a greatly improved overall environment for BDC debt holders.
A week without BDC earnings resulted in a drop in prices. We quantify how much and take a fresh look at where the BDC sector sits price and fundamentals-wise with all but two players having reported their results.
