BDC Fixed Income prices diverged from the sector’s common stocks this week. New issuance activity was lower than usual but we expect that to change shortly.
The BDC price rally comes to a screeching halt in the last week of January. We discuss the details but also look back on January as a whole and forward to what the weeks ahead might bring.
BlackRock TCP Capital offers a preview of its IVQ 2020 results. The BDC Reporter compares the estimated performance against the trends in the BDC’s earnings, leverage and book value before and after the pandemic.
Sixth Street Specialty Lending raises a large amount of new unsecured debt at a favorable yield. We analyze the impact on both balance sheet and P&L, and compare with another similar issuance by Ares Capital.
KBW has a report out on the BDC outlook in advance of IVQ earnings season. The BDC Reporter annotates and offers up its own thoughts.
We provide an update about an article written hours earlier about the bankruptcy of a WhiteHorse Finance borrower.
The BDC Fixed Income universe grows ever smaller but prices remain stable, and may for some time more. Nonetheless, major changes are afoot which we discuss here and which will be one of the subjects in an upcoming webinar.
Week three of 2021 and the BDC rally is only gathering steam as earnings season approaches. We discuss which individual BDCs were up the most and why, and who was off.
BlackRock Capital Investment is offering up a preview of IVQ 2020 developments and some key metrics. The BDC Reporter deciphers the disclosures and speculates as to the way forward for the underperforming BDC.
Main Street Capital offers up some preliminary metrics about one of its 3 investing segments. Unfortunately, the data leaves the BDC Reporter with more questions than answers.
A satellite operator which is the largest single investment in Great Elm’s portfolio faces financial difficulties and may seek British bankruptcy court protection. We re-publish an article from the BDC Credit Reporter which flags this breaking news.
Stellus Capital is switching its dividend frequency again. We review why the BDC is switching back to a monthly payout and what that tells us about the outlook for future dividends.
Price-wise, not much changed for the BDC Fixed Income sector but this was a historic week in other ways. More history is likely to be made in the weeks ahead…
A second week of 2021 and another broad-based increase in BDC prices. We provide color on who is up in price the most but also question whether the way ahead will look like the way behind.
Prospect Capital has issued new unsecured debt that will materially impact its balance sheet and earnings. We discuss the details but also place this development in the broader context of what we’re calling the Great Refinancing.
Breaking News: Newtek Business Services is preparing to issue a new Baby Bond. This might mean early redemption for holders of one of the BDC’s existing Baby Bonds.
Main Street Capital issues new unsecured debt on very favorable terms. The BDC Reporter looks at the impact on leverage, earnings and the outlook for the BDC both in the short and longer term.
We share an article from the BDC Credit reporter about a Stellus Capital portfolio company that has filed Chapter 11.
In a follow-up article, we fill in the details about the Stellus Capital unsecured debt raise. The BDC Reporter, though, also shares its thoughts on the BDC’s increasing leverage levels.
Another day, another BDC Baby Bond slated for early redemption. Stellus Capital is preparing to refinance its public Baby Bond. We review what a draft prospectus tells us.