BDC common stocks prices are (almost) universally on an upward tear for a third week, and we’ve got the supporting data. Nonetheless, there’s a confusing mismatch between the mood and the fundamentals which leaves the BDC Reporter puzzled.
A compendium of BDC-related credit developments for June 4, 2020. No huge headlines but there’s news out of two famous bankruptcies in which BDCs remain involved.
Capital Southwest was very informative on its IQ 2020 conference call. As a result, the BDC Reporter has copious comments and analysis to offer up as well.
A compendium of BDC-related credit developments for June 3, 2020. Two more BDC-financed companies file for bankruptcy protection this month, bringing total to 3.
The BDC Reporter republishes and comments about a portfolio company of FS-KKR Capital that has just been downgraded by S&P.
A compendium of BDC-related credit developments for June 2, 2020. Includes the results from our credit review of Capital Southwest, following the BDC’s IQ 2020 earnings release.
Oxford Square Capital reduces its dividend and investors cheer, pushing the price up. Our analysis indicates why that might be the case.
A compendium of BDC-related credit developments for June 1, 2020.
The BDC Reporter annotates a new article from the Wall Street Journal about developments in the BDC sector.
BDC Fixed Income prices race up, ever closer to “normal”, leaving only a handful of debt issues in the basement. Even there, there’s an upward tilt, which we discuss.
For a second week BDC common stock prices rally along with the broader indices. However, there’s a very long way for prices to go before returning to pre-Covid levels and multiple challenges ahead.
Bain Capital’s BDC – already close to funding a Rights Offering – is raising new unsecured debt capital at an unusually high interest rate. We review the few facts available and seek to interpret what this might mean for the BDC’s liquidity and outlook.
Harvest Capital and its secured lenders come to an agreement that will require the BDC to repay its outstandings in the months ahead. We review the details of the agreement and the likely impact on the BDC, both in the short and long term.
BlackRock Capital has negotiated new terms with its secured lenders in an effort to bolster the BDC’s liquidity. We take a close look at what has been achieved and what remains uncertain.
A famous BDC-financed company files for bankruptcy. We re-publish an article from the BDC Credit Reporter that provides the details.
BDC Fixed Income prices moved up sharply on the week and the sector reached a favorable milestone. However, there are still several BDCs whose future is far from assured. We name names and get into the weeds to discuss them and their specific debt issues.
BDC common stock prices leapt upward in the week ended May 22, narrowing the loss since Covid-19 began. Will the price healing continue ? The BDC Reporter has doubts, which we explain at length.
Gladstone Investment returns to issuing more shares of an existing Term Preferred to boost liquidity. We discuss the possible impact on the BDC of this move and speculate as to management’s motives.
After reviewing IQ 2020 filings, and drawing on the resources of the BDC Credit Reporter, we have undertaken a credit review of Apollo Investment.
The BDC Reporter continues its quixotic campaign to annotate every public BDC’s IQ 2020 conference call, armed with all the various quarterly disclosures that we’ve reviewed. With Bain Capital Specialty Finance – as elsewhere – liquidity, leverage and the outlook for credit are the most important items.