In a holiday-shortened week, BDC sector prices – with one notable exception – held up well compared with the broader indices. We have a look at credit trends for a possible explanation.
An earnings release; a dividend announcement; several credit stories – including a bankruptcy – as well as several conference call annotations in the holiday-shortened week ended September 11.
The BDC Reporter annotates the Goldman Sachs BDC IIQ 2020 conference call transcript and gets drawn into the debate as to whether the BDC can sustain the current dividend.
The BDC Reporter annotates TriplePoint Venture Growth’s IIQ 2020 conference call transcript. We use the opportunity to review and rate the BDC’s only Baby Bond: TPVY.
The BDC Reporter has much to say in our annotations of Oaktree Strategic Income’s IIQ 2020 conference call transcript.
A portfolio company of Sixth Street Specialty Lending files Chapter 11. Will the BDC book a loss ?
The BDC Reporter annotates Barings BDC’s IIQ 2020 conference call transcript, shortly after the BDC’s first unsecured debt offering and investment grade rating was announced.
The J.C. Penney saga is getting closer to being resolved and Sixth Street Specialty Lending seems likely to record a rare loss.
Oaktree Specialty Lending was one of the surprise stories of the IIQ 2020 results season. The BDC Reporter annotates the BDC’s conference call transcript.
MVC Capital reports its likely penultimate quarterly results as an independent BDC and has little to report with the merger into Barings BDC pending.
The BDC Reporter annotates TCG BDC’s IIQ 2020 conference call transcript.
A portfolio company held by Great Elm Corporation has been restructured and downgraded by S&P. We re-publish an article from the BDC Credit Reporter and place the troubled credit in perspective.
Undeterred by the slumping major indices, BDC Fixed Income prices remained at post-Covid highs. We also discuss in detail developments at Great Elm Corporation and Prospect Capital that could affect their debt outlook and pricing.
Going into the Labor Day holiday, the BDC sector was not much fazed by the recent meltdown in the broader markets. Nonetheless, the sector will have to drastically change direction if 2020 is going to be anything but a bad memory.
A couple of major news stories; further credit updates; further annotation of BDC conference call transcripts and more in the week’s news.
The BDC Reporter undertakes a credit review of Garrison Capital.
Prospect Capital is busy again re-organizing its balance sheet. This time, the BDC seeks to buyback its 2022 Convertible debt. We take a first look and are left unsure as to management’s motivation.
We re-publish an article from the BDC Credit Reporter about a non-performing Fidus Investment company. We also use the opportunity to offer up some of the key credit metrics of the BDC following IIQ 2020 results, which subscribers can access in the BDC Data Table.
A Capitala Finance portfolio company has gone from performing normally to being liquidated in a very short period. We re-publish an update from the BDC Credit Reporter.
A Capitala Finance portfolio company in the healthcare field appears to have been restructured in the IIQ 2020, resulting in an upgrade from the BDC Credit Reporter. However, a realized loss seems to have been incurred and questions remain.