This week saw an unexpected and record-making reversal in BDC prices after weeks of red ink. The BDC Reporter also speaks to the outlook for the rest of 2020.
Not a good week where overall BDC stock prices were concerned, but the BDC Reporter is not fazed and we explain why.
BDC sector prices overall barely budged in the week, but there was plenty of movement amongst certain individual BDCs, which we discuss. Also, as we enter the IVQ, the BDC Reporter breaks down the phases the BDC sector has undergone in 2020 and what we might expect for 2021.
You might have expected the BDC sector – and other markets – to stand down during a difficult week, but that was not the case.
BDC prices – and most everything else – dropped in price on the week, before having second thoughts on the final day of the week.
The major indices continued to wobble during the week but the BDC sector held its ground. We discuss both ephemeral short term price moves and much longer term BDC price trends, and end with a hopeful message despite a year-to-date spent in the red, and likely to remain there.
In a holiday-shortened week, BDC sector prices – with one notable exception – held up well compared with the broader indices. We have a look at credit trends for a possible explanation.
Going into the Labor Day holiday, the BDC sector was not much fazed by the recent meltdown in the broader markets. Nonetheless, the sector will have to drastically change direction if 2020 is going to be anything but a bad memory.
This was the week the Fed announced a new interest rate policy and BDC investors were not sure whether to cheer or hiss.
A week without BDC earnings resulted in a drop in prices. We quantify how much and take a fresh look at where the BDC sector sits price and fundamentals-wise with all but two players having reported their results.
BDC earnings season is just about over and sector prices moved up again. We discuss many of the individual BDC gainers and some of the losers and the impetus for both.
The second week of BDC earnings season was received warmly by investors in just about all cases. The BDC Reporter discusses the key movers and projects what might happen through the rest of 2020.
In the first week of second quarter BDC earnings season, sector prices were relatively tame, even positive. Take a longer perspective, though, and the picture is less encouraging for BDC investors.
A compendium of all the developments involving the BDC sector in the week ended July 31, 2020.
The last week before BDC earnings season begins saw prices settling down as investors have largely positioned themselves. We discuss what’s been happening to the prices of some famous BDC names and take a brief look at the eight BDCs that will be announcing results. We’re not making any predictions because there’s so much we don’t know after the most difficult quarter for leveraged lending in a decade.
BDC common stock prices reversed course for the first time in 4 weeks and moved up. However, results remain mixed and the future unclear. The BDC Reporter suggests some items we might want to look out for in the weeks ahead that might make a difference.
A third week of dropping BDC sector prices as market confidence falters. We review the three biggest losers and one of the few weekly winners and also discuss an update from New Mountain Finance and a buyback at THL Credit. We end with the inevitable review of BDC credit trends.
BDC sector prices offer mixed messages even as the S&P ekes out a win. We also discuss a disconcerting increase in bankruptcies and the newest public BDC.
BDC common stocks prices are (almost) universally on an upward tear for a third week, and we’ve got the supporting data. Nonetheless, there’s a confusing mismatch between the mood and the fundamentals which leaves the BDC Reporter puzzled.
For a second week BDC common stock prices rally along with the broader indices. However, there’s a very long way for prices to go before returning to pre-Covid levels and multiple challenges ahead.
