The major indices continued to wobble during the week but the BDC sector held its ground. We discuss both ephemeral short term price moves and much longer term BDC price trends, and end with a hopeful message despite a year-to-date spent in the red, and likely to remain there.
The biggest news of the week was Investcorp Credit Management’s reporting of its full year and quarterly results. Still, there’s plenty much besides to review in a moderately busy week for the BDC sector.
Ares Capital are picking up where they left off in July and raising additional unsecured debt. We take a peek at the latest Prospectus and the “Subsequent Developments” disclosures as well.
OFS Capital is issuing its fourth Baby Bond. The BDC Reporter analyzes the reasons why and where that leaves the BDC and its shareholders and debt investors.
Investcorp Credit Management gets round to reporting fiscal full year results through June 2020. We take a first look, but need the benefit of the 10-K and the coming conference call to get a fuller picture.
A very quiet week for BDC fixed income prices and news but the BDC Reporter finds a few intriguing angles to discuss.
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.