On the last day of the week, the markets – and the BDC sector – were roiled by a new Covid threat. We discuss the impact of BDc prices and the possible implications in the days and weeks ahead.
The major indices remained strong but the BDC sector sagged in Week 46 of 2021. With the year-end in sight, the BDC Reporter offers up its outlook for price levels.
The broader indices and the BDC sector dropped on Wednesday, with one venture-debt player taking a shellacking. Also, two BDCs are paying off Baby Bonds as the “Great Refinancing” continues.
BDC prices inched a little higher. In terms of news, there were two encouraging earnings reports; another BDC raised new equity and a new Baby Bond made its official debut. We also added two new BDCs to our coverage.
With the BDC sector at near record levels, the BDC Reporter cannot help but look round the corner and estimate what 2022 might bring.
After a brief pause most of the major indices were up, including the BDC sector. One high flying BDC is using the opportunity to issue new shares. We focused principally on a detailed credit review of Apollo Investment.
All the indices pull back from record highs, including the BDC sector. Earnings and dividends continue to be announced, causing one BDC to disappoint investors but most are performing as expected.
Finally, the BDC sector breaks a 52 week price record. There’s plenty of other news including two earnings releases, an unexpected dividend increase and a planned new public debt issuance.
We annotate BlackRock TCP Capital’s latest conference call and find very few surprises in a routine – but encouraging quarter. The future, too, looks much like the recent past.
As the major indices reached ever new price heights, the BDC sector remained just a step behind. We review the week’s metrics and remain optimistic both for the rest of the year and beyond.
Apollo Investment continues to under-earn its distribution level, but is narrowing the gap. We discuss the tough choices ahead for the BDC’s advisor.
Goldman Sachs BDC had a third quarter balanced between good and bad news. The BDC Reporter weighs the information and comes away with a mostly positive conclusion.
The markets were mixed but the BDC sector was up – slightly. In the tumult of IIIQ 2021 earnings we discuss the differing stories of three players seeking to “cover” their distribution with earnings.
The BDC Reporter annotates Bain Capital’s third quarter conference call and is impressed by how far the BDC has come in terms of real dividend coverage. Future progress, though, is another matter.
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