A BDC whose Dividend Outlook we had rated as AT RISK cuts its payout by a fifth. We discuss the future outlook and update other BDC dividend related developments.
We compare the BDC Reporter’s Earnings Preview – which included many unalloyed predictions by the BDC Reporter – for Ares Capital against the actual IIQ 2019 results and come away, more or less, where we expected in another routine quarter for the biggest BDC.
We update the just announced redemption date for one of Newtek Business Services’ Baby Bonds.
In a routine week for BDC Fixed Income prices, there were two major developments worthy of attention.
Over recent weeks, the BDC sector has been headed nowhere. The BDC Reporter, though, reminds readers why eternal vigilance is necessary, drawing from a decade of experience, and what cause cause a market moving change to occur.
Medley Capital amends the deed of trust with its Israeli Baby Bond holders, as we anticipated on July 5. We discuss – as best we can given the spotty disclosures – the implications for the BDC’s shareholders and debt holders.
The BDC Reporter highlights how readers can use our multiple Investment Tools when analyzing BDC Fixed Income; reviewing the outlook for dividends and ascertaining the impact of the SBCAA. Most of all, we introduce readers to our enlarged BDC Earnings Table, intended to provide an array of insights in advance of the flood of BDC earnings releases beginning in a few days.
BDC Fixed Income prices are unchanged and no new public issues have come to market. Nonetheless, two privately placed debt issues that occurred in the week are a lead-in to a broader discussion of BDC Fixed Income risk and opportunity.
A weaker week for the markets and the BDC sector. We discuss both the week’s individual BDC winner and losers, while keeping an eye on earnings season right round the corner.
As we reported a month ago, non-traded BDC behemoth Owl Rock Capital has come to the public markets. We provide some basic info on the offering; a miscellany of additional information and a promise to undertake an in-depth review when the first earnings report comes round.
In the middle of a turnaround and repositioning of its portfolio, Capitala Finance disposes of 2 companies. We discuss the impact on the BDC’s ongoing attempts to re-make itself after a series of credit losses and dividend decreases.
Manuel Henriquez is out at Hercules Capital. We provide the details and sketch out what might happen next. There are a host of possibilities.
Price changes in the BDC Fixed Income sector were consistent with expectations and prior periods. However, there was one unexpected development at the end of the week that might portend a major change in the size of the BDC publicly traded unsecured debt sector.
On one hand, BDC index prices moved up again. On the other hand, other data we use to measure investor enthusiasm for the BDC sector was unmoved. We seek to reconcile this contradictory picture, while looking forward.