For a second day in a row, the BDC sector failed to follow the major indices upward. Also, BDC earnings season begins with high expectations and three BDCs do not disappoint. There’s other news besides on a busy day for BDCs.
All major indices – and the BDC sector – moved up in price on Monday. Some records were broken. There was news about an expected reverse stock issuance for a small BDC and lowered financing costs at a major player. We also synthesize several studies to discuss the outlook for leveraged lending, partly leaning on data in the BDC Credit Table.
First day of the last week of the month and BDC stock prices – and the markets – are on the rise, with BDC earnings season twenty four hours away. Also a smaller BDC is buying back its stock.
BDC sector prices gained substantially after doing the opposite the day before. Is this drawdown over or have we just begun ? Plus, a BDC raises its dividend and boost its price and two Baby Bonds get early redemption dates.
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.
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.
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 second week of BDC earnings season is about to begin but the headline as of Monday morning relates to a new private unsecured debt offering and the upcoming redemption of a public Baby Bond.