All the major indices were in the red, including the BDC sector – just less so. At long last, a smaller BDC published its 10-K, officially ending BDC earnings season. Also one large cap BDC added new lenders and another made a presentation at a (virtual) conference.
The first day of the business week did not go well for the BDC sector. We discuss the details. Also, we review new investments by a popular BDC; new unsecured debt planned by a venture-debt behemoth and new equity raised by a pint sized player.
August ended with a whimper where the major indices, and the BDC sector, were concerned. We run the numbers and discuss a just redeemed Baby Bond and a major corporate bankruptcy affecting two large cap BDCs.
The rally in everything – including BDC prices – marches on. Also, two BDCs report results, including NAV Per Share trends headed in different directions and another unsecured debt offering gets closed.
BDC prices have started the new week with a strong showing. In the news, a preferred offering and credit developments at several BDC portfolio companies worth knowing about. Some good news and some terrible.
The BDC fixed income sector brought all sorts of records this week with more likely to follow in the months ahead.
Investcorp Credit Management BDC issues new unsecured debt to refinance its only Baby Bond outstanding. We discuss the impact and implications.
Armed with additional insights from Investcorp Credit Management’s 10-K that has just been published, the BDC Reporter annotates the BDC’s fiscal year conference call transcript. Investors seem to be encouraged about the latest news, the BDC Reporter less so.
Investcorp Credit Management gets round to reporting fiscal full year results through June 2020. We take a first look, but need the benefit of the 10-K and the coming conference call to get a fuller picture.
BDC sector prices continue upwards for another week, but are we reaching a point of resistance ? Also, developments at several BDCs that were in the news this week could spill over into the coming weeks and with unanticipated consequences.
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.