A bounce back in BDC Fixed Income prices during a short week. Otherwise, we learn what we can from Prospect Capital’s latest debt offerings and review likely early debt redemptions. (This is the full version of the article. An earlier version was truncated by pixies for reasons unknown).
A short, but positive week for BDC common stocks. Looking forward to earnings season, the BDC Reporter sees more daylight ahead.
Triangle Capital offers three clarifications on an earlier article about its Proxy. This leads to a constructive conversation about capital, fees, leverage and the future of a BDC about to undergo a metamorphosis.
S&P downgrades two BDCs and gets kicked to the curb. We revisit the changing risk profile of the BDC sector through the prism of yet another fund that has adopted the new higher leverage rules. Worrying but important reading.
American Capital Senior Floating’s shareholders say Yes to Liquidation. We update the timeline, proceeds and odds of everything going swimmingly.
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.
Mixed messages about the short term direction of the BDC Sector. The BDC Reporter, though, quantifies how drastically the shape of the sector will change in the next 2 years and which could yet cause BDC prices to shift.
CM Finance issues its first Baby Bond in preparation for amping up portfolio size and leverage next year thanks to the Small Business Credit Availability Act. We delve into the economics both for CMFN and what this might mean for the sector as a whole. Warning: Many numbers ahead and an unsettling conclusion.
Nothing much happening in the foreground where BDC Fixed Income is concerned. In the background, though, the scene is being set for a huge expansion of the sector.
Contradictory data about the direction of the BDC common sector, but the trend seems more to the downside than the upside.
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 ?
Once again, the BDC Reporter’s Dividend Outlook projection pans out. In this case, Newtek Business Services retains membership in an exclusive BDC club.
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.
Nothing lasts forever, specially BDC common stocks upward momentum. This week, the sector dropped back. Harbinger or brief pause ?
The shareholders of Goldman Sachs BDC say yes to both higher leverage and a lower Management Fee. Historic turning point for BDC compensation or outlier ?
New Mountain Finance joins TCG BDC in gaining shareholder approval for higher leverage but only makes the BDC Reporter and investors uncomfortable.
Capital Southwest makes a point about its Supplemental Dividend, which only confirms the BDC Reporter’s Dividend Outlook.
Saratoga Investment reaches new highs.
Capital Southwest is seeking to raise more unsecured debt shortly after embracing a revised version of the new leverage rules. Is this the beginning of a trend in BDC Fixed Income ? We have a view.
How long till the next recession ?