The BDC Reporter updates the BDC Fixed Income Table for readers interested in buying and selling in this unsettled market.
BDC Fixed Income prices are being squeezed by higher interest rates, but only modestly. We discuss how rate turmoil may affect issuance and yields going forward.
THL Credit sets a date for the expected redemption of one of its Baby Bonds following a new issue just a few days ago. What’s the price next time ?
With interest rates sharply up, we decided to take a look at what’s happening to BDC Fixed Income prices at a time when many other debt sectors are getting hammered. Beginning of the apocalypse or passing storm ?
The BDC Fixed Income segment is in the midst of a major change, just as prices begin to soften.
This was an important week for the BDC Fixed Income sector, both in the short and long term. We discuss changes underway that might feature for years to come.
New Mountain Finance continues to raise debt capital at an unequaled pace. We dig into the numbers and project out the balance sheet and earnings impact and – heaven forbid – the risks involved.
Hercules Capital issues a new Baby Bond but might repay an existing issue. The BDC Reporter analyzes this latest debt raise from a number of perspectives.
Another week when BDC Fixed Income prices and yields remained unmoved. But what if the risk free rate shoots up in the future as Jamie Dimon predicts ? We discuss the implications.
One rating group downgrades Hercules Capital from investment grade, another moves in. Another example of the changing dynamics of BDC debt credit ratings.
BDC Fixed Income prices did not do much this week, but there were other notable developments which augur busy times ahead for chief financial officers at funds across the sector.
Hercules Capital adopts the new asset coverage rules and asks shareholders for their blessing. This is Big News in more ways than one, and we discuss the implications for the BDC and the sector generally.
The summer ends well for BDC Fixed Income prices even as several issues are retired. In the fall and winter ahead, we expect a heightened level of activity and much in the way of surprises as BDCs find their way through the new leverage rules.
Gladstone Investment issues a new Term Preferred to redeem two existing issues. We provide details, analysis and a couple of predictions.
A quiet week, both in terms of price changes and news developments, in BDC Fixed Income. Looking around the corner, we speculate as to whether the universe of publicly traded unsecured BDC debt gets bigger or smaller.
The famously stable BDC Fixed Income market seems a little anemic. However, that’s nothing compared to what may happen as BDCs position themselves around the Small Business Credit Availability Act.
The BDC Fixed Income market was softer on the week, but that may be a short term phenomenon. More importantly, a BDC raised new unsecured debt in a manner that may be very instructive for the future of the sector.
BDC Fixed Income prices soften, but probably for a transient reason. More importantly, the “leveraging up” of the BDC Sector begins with two new issues and the dynamics of the industry begin to change. One of those Good News/Bad news stories.
Just a routine story about Goldman Sachs BDC receiving an investment grade rating from Fitch, or a seminal moment in risk rating following the passage of the Small Business Credit Availability Act ?
Nothing to report on the BDC Fixed Income price front and only two minor debt raising developments. The big changes in this market remain in the (not so distant) feature.
