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.
The BDC Reporter annotates Capitala Finance’s IIQ 2020 conference call transcript and asks some hard questions about the future of the BDC.
Another BDC calls on existing shareholders to inject additional equity capital via a Rights Offering. Principal intended use: investing in financial services companies. More analysis to follow.
Not much changed during the week where BDC Fixed Income prices are concerned, but we’ve come a long way already and the BDC Reporter believes there’s much more change to come for the sector before the year is out.
A quiet week – with a couple of notable exceptions – for hard news from the BDC sector. Still, the BDC Reporter and BDC Credit Reporter kept busy with multiple company and BDC updates.
This was the week the Fed announced a new interest rate policy and BDC investors were not sure whether to cheer or hiss.
The BDC Reporter undertakes a Credit Review of Solar Capital following the publication of its IIQ 2020 results.
The BDC Reporter annotates Solar Capital’s IIQ 2020 conference call transcript.
The penultimate BDC to report IIQ 2020 results is Prospect Capital. Here is the BDC Reporter’s First Look.
The BDC Reporter undertakes a Credit Review of Capital Southwest Corporation for the IIQ 2020.
The BDC Reporter annotates the IIQ 2020 conference call transcript of a relatively new public BDC: Crescent Capital BDC. We learn a great deal, but more remains to unearth.
We re-publish an article from the BDC Credit Reporter about the latest BDC portfolio company – held by two different public players – to file Chapter 11.
The BDC Reporter offers up plenty of commentary about Bain Capital Specialty Finance’s IIQ 2020 conference call transcript and summarizes our assessment of liquidity, credit and the long term outlook for the BDC.