BDC Fixed Income prices remain at post-Covid highs and new issuance robust. The BDC Reporter looks back on a difficult year for debt investors and comes to a couple of heartening conclusions.
Week Five of the BDC rally and everything is awesome…The BDC Reporter counts the ways but also offers up some countervailing thoughts not in the spirit of the season.
The BDC Reporter tries something new: annotating and commenting on the sections of BDC conference call transcripts that deal with credit matters. First up: Gladstone Investment.
We re-publish an article from the BDC Credit Reporter about the restructuring and realized loss of a Golub Capital portfolio company.
Owl Rock Capital issues new unsecured debt. The BDC Reporter discusses what makes this offering notable.
Before we review Owl Rock Capital’s latest debt offering, we’re offering up a brief review of the IIIQ 2020 results.
Golub Capital’s fiscal fourth quarter results live up to the BDC’s reputation for reliability, which was briefly lost earlier in the year. Still, the BDC still has a major challenge ahead…
The holiday-shortened week saw new records broken for BDC Fixed Income prices and much investor enthusiasm for the more troubled issuers. Plus, we discuss two business developments affecting BDC unsecured debt in a slow week for breaking news.
Thanksgiving coincides with the fourth week of the BDC price rally. We discuss the key metrics and offer up a guess at which way prices might be headed for the rest of the year and what the key issue of 2021 might be.
We re-publish posts from the BDC Credit Reporter about developments at seven Apollo Investment portfolio companies. There’s plenty going on.
The Medley story adds another twist, with an unexpected switch to internal management beginning in the new year. We offer some analysis but no definitive answers.
As expected, the two FS KKR public BDC funds are planning to merge. However, there’s an unexpected change in compensation that will leaves shareholders of the super-sized BDC much poorer.
For the third time in a row, the BDC Reporter undertakes a quarterly review of Apollo Investment’s credit performance and outlook.
The BDC Fixed Income sector reached a predicted price milestone in the week ended November 20, 2020. Will 2021 see the sector break all price records ? Some new developments suggest the possibility.
Merrily the BDC price rally rolls along for a third week. Recent BDC IIIQ 2020 results mostly support investors enthusiasm.
PennantPark Investment highlights several portfolio investment gains but the BDC Reporter finds the full picture of IIIQ 2020 results more complex.
For a second quarter in a row Oaktree Specialty Lending outperforms by most metrics. We count the ways but also point out potential weaknesses in a much improved BDC that’s about to get bigger by swallowing up its sister fund.
Great Elm discusses its new investment strategy – following a rights offering- on the IIIQ 2020 conference call. The BDC Reporter provides context and highlights both upside and downside.
BDC Fixed Income prices reach a new post-pandemic record. We discuss details and provide an early estimate of what 2020 might show as a total return for debt investors and speculate about 2021.
Week three of BDC earnings season was also week two of a mighty rally in prices. We discuss causes, impact and the likely way forward with the end of this worst of years in sight.