On August 30, 2017 Apollo Investment (AINV) filed a notice of its intention to redeem one of its two publicly traded Notes. Here are the details and what the trends are for redemptions and new issuance in the BDC fixed income market:
We review Prospect Capital’s “shelf registration”…
Here is what the BDC Reporter is working on for Thursday August 31, 2017.
Capital Southwest gets an analyst upgrade and increases its distribution.
The BDC Reporter update for Wednesday August 30, which includes a number of BDC briefs, and the release to all readers of our Market Recap from a month ago. BDC News Of The Day subscribers will be getting an in-depth analysis of the challenges facing Capital Southwest following an analyst upgrade.
An update on what the BDC Reporter has worked on and will be on Tuesday August 29, 2017.
Reviewing the sustainability of Prospect Capital’s dividend.
Triangle Capital gets an analyst upgrade. Deserved ?
Here is what the BDC Reporter is working on for Monday August 28, 2017.
Last week, the BDC Reporter made a Big Call about the direction of BDC common stocks. A week later and the jury remains out, but we are sticking to our view. However, we discuss two issues that might change the whole picture for BDC prices. Where Baby Bonds are concerned, the almosphere is very different but new risks are emerging…
On August 24, 2017 Harvest Capital issued a filing and a press release regarding its existing Baby Bond issue. The BDC News Of The Day reviews the details, analyzes the impact on the BDC and its Note Holders. We follow up with a broader discussion of both positive and negative trends underway in the vibrant Baby Bond market. We mention – for the first time – the gorilla that just entered the room.
Here is what the BDC Reporter is working on for Friday August 25, 2017. We prepare an update on Harvest Capital’s Baby Bonds for BDC News Of The Day and briefly discuss minor items – unless you don’t like BDCs selling stock below book- at Gladstone Investment and Triangle Capital. We discuss the stocks we are tracking and alight on Prospect Capital – just before its much ballyhooed earnings release.
On August 23, 2017 Goldman Sachs BDC (“GSBD”) filed Post Effective Amendment Number 4 to its N-2 Prospectus filing. The BDC News Of the Day highlights the most recent development contained in the filing and discusses the risk-reward of investing in this Goldman Sachs public vehicle.
Here is what the BDC Reporter is working on for Thursday August 24, 2017. We prepare to write for the BDC Daily News about Goldman Sachs BDC; continue to watch several stocks and explain why and discuss our in-depth review of Monroe Capital.
Here is what the BDC Reporter is working on for Wednesday August 23, 2017. There’s not much news to report, but there are several stocks to watch and several articles written for our premium News Of The Day premium service released to all readers now our 30 day embargo has passed.
On August 21, 2017 Harvest Capital (HCAP) issued and priced a new Baby Bond. We provide key details and analyze the impact on the BDC’s income statement and balance sheet. Then the BDC Reporter’s adds some value with its assessment of the risks and opportunities involved with both HCAP’s common stock and unsecured Notes. We conclude with a frank admission of how we are likely to invest going forward. We may surprise you …
MVC Capital’s stock buy-back reviewed.
Busy…
The news for the week begins with an increased distribution from Newtek Business Services. We provide details, and analysis of the newer, idiosyncratic BDC’s dividend history. We follow up with a discussion of dividend policy strategies in the BDC sector and point out some of the trade-offs involved in each approach, and where Newtek sits.
This is our regular BDC Market Recap where the BDC Reporter reviews trends in the sector’s common stocks and bonds. We’ve been writing this update for ages, but for the first time in a long time, the BDC Reporter is getting nervous about BDC common stocks. Very nervous, in fact. Baby Bonds, though, are another story. This an expanded and Must Read BDC Market Recap and one of the benefits of our subscription service.