S&P speaks up about the new BDC leverage rules, expressing concern. Will the credit raters keep BDCs from borrowing to the hilt. If not the rating groups, then who ? We discuss the options and look into a glass. Darkly.
Our first thoughts about the just announced two step sale of Triangle Capital and some lessons learned.
FS Investment has thrown its hat into the ring to use 150% asset coverage as per the new BDC rules. The BDC Reporter crunches the numbers on what this might mean for shareholders. Agree or disagree it’s an eye opening exercise.
Rates go down, BDC Fixed Income goes nowhere. However, the new leverage rules already have two prospective issuer candidates, which raises questions about what happens next.
The BDC Sector had a decent week and good month, especially when compared with the major indices. Are BDC stocks headed for a rally after a year in the doldrums ?
Goldman Sachs BDC is at a 52 Week low. We discuss why investors might be pulling away from a BDC favorite.
The BDC Reporter’s Editor is quoted in an article in Bloomberg about the potential impact of the new BDC regulations. Judging by market reaction, the jury’s still out even as analysts give the thumbs up to the legislation. We are taking a longer view.
We have an updated look at what’s happening at Avanti Communications and worry all the more about the potential negative impact on Great Elm Corporation and – to a much lesser degree – TCP Capital.
WhiteHorse Finance is poised to recover from a former bad loan. The BDC Reporter takes the opportunity to review the BDC’s credit risk and earnings outlook.
BDC Fixed Income dips in a week with monumental rules changes. We take a look and speculate about what the future might hold.
A Wild Week for both the markets and the BDC Sector. Maybe we reached a turning point in BDC history with the new looser leverage rules. Many asset managers think so and some analysts but the BDC Reporter has doubts.
BDCs just might be on the verge of their biggest rule change since 1980. The asset managers are crowing, but should BDC investors ?
Hercules Capital suggests higher interest rates means higher earnings and has an illustrating chart. Not so fast, we say.
BDC high flyer TPG Specialty issues new shares at a (modest) premium to book. Buy, Sell or Hold ? We share our view.
TICC Capital undergoes a name change. We speculate as to why…
Two BDCs hit new lows. We discuss why and what this might tell us about BDC common stocks more generally.
All quiet on the BDC Fixed Income front, both where prices are concerned and new developments. We discuss where the sector could go from here and how that might differ from BDC common stocks.
Up, down and all around the BDC Sector moves in this past week. However, the Ides of March still point mostly to Down, as we illustrate.
We re-publish an interesting chart provided by Alcentra Capital which speaks volumes about the cleft stick in which BDCs are caught.
Following on Alcentra Capital’s latest dividend reduction – which we projected months ago – the BDC Reporter re-rates the Dividend Outlook for 2018 at the new $0.18 a quarter level.