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.
The BDC Sector, after a brief downturn, resumes an upward path that dates back to the spring. That’s not surprising but readers might not expect what we have to show about the connection between adoption of higher leverage and BDC stock prices in recent months.
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.
MVC Capital and a major shareholder have agreed on buybacks and a new Board member. Will that be enough to push the stock price up to book ?
Goldman Sachs BDC amends its Revolver as part of implementing higher leverage allowed under the Small Business Credit Availability Act. We peer down the figurative road…
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.
In the first full week after the summer BDC common stocks remain stuck in a narrow range. Plenty of individual stock activity to discuss and an unchanged outlook.
Golub Capital receives a much-requested letter from the SEC which will assist in keeping borrowing costs low. Also, an opportunity for the BDC Reporter to discuss little understood funding risks.
The BDC Reporter provides an update on the credit performance and outlook for WhiteHorse Finance.
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.
A pull-back in the BDC sector in this holiday shortened week, and a couple of unexpected developments. To the BDC Reporter,though, the outlook remains the same.
The smallest BDC extends its Revolver for another year, but still leaves the big questions unanswered.
Barings BDC completes its modified “Dutch Auction”. Both the BDC and shareholders will be looking down the road.
Monroe Capital issues its first Baby Bond. We review how this first step towards leveraging up the BDC’s portfolio might impact shareholder risk and return.
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.
WhiteHorse Finance comments on a major insider block sale. The BDC Reporter offers analysis of who owns what and its own two cents.
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.
No summertime blues for the BDC sector, which closed out the summer still in rally mode. We review the metrics and the outlook as investors return from the beach.