Capitala Finance – after the close on the last day of 2019 – announced the possibility of raising up to $50.0mn in new equity by issuing shares. We review the details; the possible reason for this move and the likely consequences in 2020.
Here’s the final BDC Fixed Income Market Recap for 2019. Given that prices have barely budged this week, we principally look back at the highlights of the year.
The holiday shortened Christmas week was also the last full week of the year for the BDC sector. We recap where prices went in the few days the market was open and look back over the year as a whole. Yes, 2019 was a very good year overall for the BDC sector, but there’s more than that to consider, and we do.
A portfolio company of a venture-debt BDC files Chapter 11, triggering a likely realized loss.
With two weeks to go till the end of the year, little has changed where BDC Fixed Income prices are concerned but an issuer took advantage of favorable market conditions to raise $200mn of unsecured debt.
The late-in-the-year BDC sector rally continues judging by most of the numbers, but the BDC Reporter remains skeptical of investor enthusiasm. Unavoidably with only two weeks to go, we begin to look ahead to price, dividend and leverage levels in the year ahead.
In the first in a series we review how an investment has played out for two related BDCS from start to finish and see what lessons can be learned with the benefit of hindsight.
The BDC Reporter updates – now all the results are in hand – its previously published IIIQ 2019 preview of THL Credit’s performance, with a focus on what’s happening – and what not – to the BDC’s numerous under-performing investments.
The BDC common stock sector is zooming. BDC Fixed Income is snoozing. We discuss what little news and price activity there was in the week ended December 13, 2019.
BDC sector prices break a 2019 record on the way up. We wonder, though, where’s the usual enthusiasm associated with stock rallies, which is not showing up in much of the data. What’s more, how do high prices mesh with growing credit concerns at borrowers ?
We republish an article from the BDC Credit Reporter about a troubled health care company that six BDCs have first and second lien debt exposure to and explain our broader concerns about the outlook for health care related credits.
Catch the BDC Reporter giving a solo video interview; participating in a conference panel and answering questions on a podcast, in each case about elements of the BDC sector.
The BDC Reporter summarizes BlackRock TCP Capital’s third quarter 2019 results and how the market as reacted to them. Also included is the IIQ 2019 Summary for a sense of continuity.
The external manager of THL Credit (TCRD) is being acquired. The BDC Reporter reviews the details of the acquisition and analyzes the likely impact on the BDC and its shareholders, who have had a tough time of late.
Goldman Sachs BDC plans to merge with its non-traded sister BDC. The BDC Reporter takes a quick and deep dive into the just released announcement and provides analysis about the key claims made by the BDCs shared external manager after reviewing all available materials.
After briefly reviewing price activity for the week in the BDC Fixed Income segment, we discuss a recent Baby Bond issuance and its implications for other players likely to come to market shortly.
BDC sector prices continue upwards for another week, but are we reaching a point of resistance ? Also, developments at several BDCs that were in the news this week could spill over into the coming weeks and with unanticipated consequences.
CM Finance is now Investcorp Credit Management BDC, but long standing challenges remain, especially where credit is concerned.