Most indices – and the BDC sector – moved up marginally in price on Monday. Elsewhere, a BDC tried and failed – again – to buy back its expensive debt. Also, we share two new troubled companies written about in the BDC Credit Reporter.
BDC sector prices reach a notable new record. We look forward to the rest of the year with optimism, but warn about what is likely to spoil the party down the road.
The major indices jumped up, but the BDC sector stood still on Thursday. We review a new unsecured bond offering and a dividend announcement by two different BDCs.
BDC sector prices are edging up towards a 52 week record high. Also, we discuss the possible debt raising plans of the BDC with the largest price discount to book.
Whereas the major indices dropped, the BDC sector increased in price on Tuesday. Also, two BDCs announced distributions: one increased and one unchanged, and a large cap player pays off expensive debt.
The BDC Reporter pens the second part of its primer on newly public Cion Investment Corporation. We dive into future leverage expectations and changes in compensation arrangements with the advisor. However, there’s still much we don’t yet know.
The major indices were down, and so was the BDC sector, but less so. There was no news to report, which keeps this Daily Update unusually short.
For a third week in a row the BDC sector saw prices increase. With 12 weeks left in the year, we review where the sector stands and what is likely to happen to prices.
As the major indices zagged upwards, the BDC sector zigged down on Thursday. Also, a well respected CFO leaves a mid-sized BDC and another BDC swaps out one long standing secured lender for another.
The BDC Reporter – in the first part of a two part series – provides a primer on the latest BDC to go public: Cion Investment Corporation.
Another up day for BDC stock prices, and for most of the indices. News-wise, a venture debt BDC recaps the quarter’s activity; an unchanged distribution is announced and yet another player returns to the unsecured debt issuance well on favorable terms.
The major indices were all in the black on Tuesday, and the BDC sector largely followed along. There was big news in the form of a BDC going public; outstanding earnings from an existing mid-sized player and yet another low yielding issuance of unsecured debt.
The BDC sector was barely impacted by the “carnage” in the broader markets on Monday. On the news front, a very large BDC raised new debt on attractive terms and a smaller BDC maintained a long standing record of unchanged distributions.
If August was a quiet month for BDC fixed income news, September has brought many changes, albeit mostly expected. BDC debt prices, though, remain unchanged.
The week – and month – ended badly for the major indices, but not so much for the BDC sector. With three months till year’s end is there more fuel in the tank for the BDC rally ?
The month of September ended on a weak note for the major indices and for the BDC sector. We update how the sector performed for the month and the quarter. As to BDC news, there was nothing of significance, but stay tuned in the months ahead…
The markets partly recovered on Wednesday, and the BDC sector also moved up strongly. The only BDC in the news was Newtek Business Services with two notable developments.
The major indices suffer a major one day hit on Tuesday, but the BDC sector is less impacted. Also, two important developments occur where BDC unsecured debt is concerned, both coming and going.
The major indices were mixed and the BDC sector was flat on the opening day of the last week of September. The only news came out of two well regarded venture lending BDCs.
After two weeks down, BDC sector prices were up. We provide color and also discuss – partly based on developments this week – why we remain sanguine for the rest of 2021.