The BDC fixed income sector brought all sorts of records this week with more likely to follow in the months ahead.
We review the details of Owl Rock Capital’s latest unsecured debt offering and discuss the broader implication for the BDC sector, and the pluses and minuses for shareholders.
Ares Capital raises a great deal of new unsecured debt on very favorable terms. We discuss the nitty gritty and the likely impact on balance sheet and income statement. We also consider this new debt issue in a broader BDC context and ponder the implications.
Saratoga Investment is calling in the final portion of one of its Baby Bonds. We review the details of the imminent redemption and look forward to what the BDC’s balance sheet might look like in the future. [This article was updated after the publication of the BDC’s 10-Q]
MVC Capital surprises the BDC Reporter and increases its regular distribution before we expected. We review the details and discuss the pay-out increase in the context of MVC’s stock price and Baby Bond borrowings.
As promised for months, Gladstone Capital has called in its Term Preferred. We review the details; the source of funds; the impact on the balance sheet and P&L and project what might happen next as the BDC has big ambitions to “leverage up”.
We update the just announced redemption date for one of Newtek Business Services’ Baby Bonds.
The BDC Fixed Income sector is moving upward. We’ve updated the BDC Fixed Income Table and added new data to assist readers, and offer up a few preliminary findings even as the markets remain open.
Hercules Capital calls a Baby Bond in nearly 6 years early. We discuss the details in the context of the BDC’s liability management and project what HTGC might do next.
The risk free rate falls out of bed. BDC Fixed Income prices stabilize and the BDC Reporter projects the total return for 2018.
The BDC Fixed Income mini slump pauses for the week. We also discuss at length a new and unusual Prospect Capital BaBy Bond and its implications for the sector as a whole.
Nothing happened during the Thanksgiving week where new developments were concerned, but sector prices moved down, setting up the prospect of further drops coming up as market sentiment sours.
Apollo Investment ramps up the size of its Revolver to take full advantage of the Small Business Credit Availability Act. Higher profits ahead or will legacy issues block the way ?
BDC Fixed Income prices were as stable as they could be in the week ended November 9, 2018. However, there was plenty of chopping and changing going on in the group.
BDC Fixed Income hangs in there. However, developments at Gladstone Capital and elsewhere foretell changes to come.
At Hercules Capital everything old is new again, with a major asset securitization at a favorable rate. A useful example of what might lie ahead elsewhere in a debt hungry BDC sector.
While BDC common stocks and all the main markets were in the grips of a major pull-back during the week, BDC Fixed Income had the quietest of weeks.
Not surprisingly KCAP Financial redeems one of its two Baby Bonds. We review the redemption details and discuss what the BDC might do next.
BDC Fixed Income prices synced with interest rate movements in a quiet week where new developments are concerned.
As the BDC common stock sector got hammered BDC Fixed Income got a reprieve. In fact, the BDC Reporter suggests a big shift in BDC debt issuance could be in the cards.
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