First week of BDC earnings season and the sector moved up in price, but so did the broader indices. We review our regular metrics and several BDC winners and losers from a price standpoint and identify who might move markets in the weeks ahead.
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.
As we do every week, we discuss price trends overall and for select BDCs where publicly traded unsecured debt is concerned. Plus, we review several major capital markets developments that occurred in the week, with the promise of more to come.
A BDC winning streak comes to an end this week, but the market remains buoyant nine months into the year. Little in the way of major developments to report, but credit continues to be a source of concern “maybe not today, maybe not tomorrow, but soon”.
In the span of a few weeks, BDC sector prices have gone from sleepy to rally. We discuss the possible reasons why and offer our own view as to whether this is merited based on the BDC Reporter’s proprietary research.
As we reported a month ago, non-traded BDC behemoth Owl Rock Capital has come to the public markets. We provide some basic info on the offering; a miscellany of additional information and a promise to undertake an in-depth review when the first earnings report comes round.
A new non-traded BDC is making the move to the public market: Owl Rock Capital. The BDC Reporter takes a first quick look at what might shortly become the fourth sixth BDC we track.