Even the stable price world of BDC Fixed Income debt could not withstand the market drop in the week ended February 28, 2020. We review the damage to the group and to individual names and offer up thoughts as to what might happen next to both prices and to the use of fixed income debt by BDCs.
After the worst week for BDC prices in nearly ten years, the BDC Reporter summarizes what happened and what might be coming next. Not for the faint of heart but necessary reading.
The BDC Credit Reporter has identified the new non accruing portfolio company on Oxford Square Capital’s books now the 10-K has been published. The BDC Reporter republishes the article and assesses the impact on the BDC.
The BDC Reporter annotates TCP Capital’s (TCPC) IVQ 2019 conference call transcript, following a year in which the BDC absorbed two large realized losses.
The BDC Reporter provides commentary to Oxford Square Capital’s IVQ 2019 earnings call transcript in what was another difficult quarter for the CLO-heavy BDC.
Day Two of the market implosion. The BDC Reporter provides a summary update on what has happened to sector and individual stock and bond prices.
A troubled pharmaceutical manufacturer in which Barings BDC is invested has made huge strides in resolving its difficulties in the past two days. We re-publish two articles from the BDC Credit Reporter that bring the situation up to date.
After a day of red ink in the markets, the BDC Reporter thought to analyze how the sector fared – both in absolute terms and against the broader indices – and to review the impact on the 45 public entities we track.
Yet another development at a troubled BDC-financed company that the BDC Reporter has been writing about for a year now. Given that four BDCS – including three public players – have sizeable exposure, we have chosen to republish an article from the BDC Credit Reporter, and provide a preamble explaining why this is a company worth following the progress of.
The BDC Credit Report identifies a new underperforming BDC-financed company, which is financed by venture-debt BDC TriplePoint Venture Growth.
Lower interest rates across the board are continuing and impacting BDC Fixed Income in several ways, including price.
The BDC rally is placed on hold by increasing worries about a possible global pandemic. Meanwhile, the third week of BDC earnings season maintains the mostly favorable trends apparent in the prior two weeks.
The BDC Reporter reviews each of TPG Specialty’s under performing companies in turn following receipt of the IVQ 2019 results.
TPG Specialty performed well in the final quarter of 2019, and made some surprising decisions about its dividend policy. That, and much more was discussed on the BDC’s Conference Call. The BDC Reporter highlights the key points and adds a commentary track.
A mid-sized portfolio company of Bain Capital Specialty Finance is tottering on the edge of bankruptcy, after a multi-quarter downward slide. We review the details and the likely impact on the BDC’s earnings and book value.
Two weeks into February and there are 4 new loans in default amongst some of the largest non-investment grade leveraged borrowers, according to S&P Global Market Intelligence. We review which BDCs are involved; to what degree and what this tells us about the private credit industry.
BDC Fixed Income prices didn’t move much in the week, but there are two huge trends underway in the sector that could change everything…
Another week of BDC Earnings Season and another week of a sector-wide price rally. We review the highlights of both, and add some context about longer term trends underway.
The BDC Reporter re-publishes an article from Leveraged Commentary & Data about third quarter 2019 trends and uses the opportunity to discuss some of the fundamental changes going on before our eyes in how the sector does business.
We re-publish an article from the BDC Credit Reporter about an under-performing portfolio company of FS-KKR Capital and three of its non-listed sister BDCs.