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.
The markets move up for a second cday, with the BDC sector following some way behind. We review several BDC news items – none very important – and have a mouthful to say about the credit outlook for the lower middle market.
The broader indices – and the BDC sector – turned positive on Wednesday. We review the highlights. Also discussed: an analyst call on a popular BDC and at a small player insiders register their shares for a potential public sale.
The BDC Reporter annotates Baring BDC’s discussion of its acquisition of Sierra Income. This is one of the biggest BDC-related transactions of 2021 and involves multiple moving parts.
The main indices had a hard time rebounding from Monday’s big down day, but not so the BDC sector. Also, a popular mid-sized BDC reports on two significant realized gains and – in breaking news – one public BDC is set to acquire a private player.
A no good, very bad day for the markets and for BDC investors on Monday. We look at what BDC stocks went down and which very few went up. Also, a tiny BDC announces the acquisition of a finance company. We evaluate what information we can.
The BDC Reporter undertakes a deep dive into the credit status of Monroe Capital at June 30, 2021.
A second week of price weakening for the BDC sector. We review the drop in the broader market context and with a year-to-date perspective, and look forward.