We circle back on Capital Southwest and update an earlier Credit Preview article with an update now IVQ 2019 results have been published.
We’ve been reading the Apollo Investment Conference Call transcript with an eye on how the BDC might address its recent downgrade by Fitch to non-investment status. We’ve developed a pretty good idea of what to expect next from the veteran BDC with the famous name.
The stock markets may have pulled back on coronavirus fears but BDC Fixed Income prices did not flinch. Also notable during the week was an unexpected change of heart by a rating group and also one new debt issue and one debt redemption. Looking down the road, we also question how the public BDC debt space might change in the months ahead.
The coronavirus causes all major indices – and the BDC sector is no exception – to move into reverse. With earnings season about to begin, is the momentum to the upside or downside ?
A Gladstone Capital funded company is sold. The BDC was both lender and investor and should benefit from the conclusion of the investment. We provide the details.
A long troubled retailer – whose debt is held by four different BDCs – moves closer to a restructuring or bankruptcy. We review the credit history and look forward to the possible impact on the BDC lenders involved.
Horizon Technology Finance’s only troubled portfolio company has been sold. We discuss the back story of the credit; its impact on Horizon and what we’ve learned from the publicly available information on the subject.
An under-performing portfolio company of Goldman Sachs BDC has been sold. Good news ?
This was the quietest week on record for BDC Fixed Income prices and news developments but what’s happening in China might change the conversation shortly.
The BDC rally hit an unexpected pothole this week, putting any further price expansion on hold. In terms of news, there was little to report except a setback for a long standing BDC lobbying campaign, but there’s hope yet.
With Capital Southwest’s IVQ 2019 earnings release coming up shortly, we preview which portfolio companies investors should be looking out for from a credit standpoint. We are drawing on the BDC Credit Reporter’s in-depth research into all under-performing BDC companies, which is updated daily as new information rolls in.
A long standing attempt by a BDC trade organization to change a critical rule has foundered. We discuss what we’ve learnt and how BDC investors and managers might benefit if and when the government changes its mind about how exchange traded funds expenses are reported to investors. An arcane but important subject for both existing and prospective investors in the public BDC arena.
There was a slight – and we mean tiny – shift in BDC Fixed Income prices in the week ended January 17, 2020. Also, two BDCs were in the market issuing new debt: one for a very large and one for a very small amount, but both are instructive.
The BDC sector follows the major indices higher in the week ended January 17. We discuss some of the winners in price terms for the week and one notable loser and speculate where BDC prices might go once earnings season begins shortly.
A publicly-traded portfolio company which four BDCs have exposure to falls out with its lenders after months of forbearance. We discuss the possible implications for the company itself and its BDC lenders, which include several well known names.
We review the details of Owl Rock Capital’s latest unsecured debt offering and discuss the broader implication for the BDC sector, and the pluses and minuses for shareholders.
MVC Capital reports fiscal fourth quarter and full year results through October 2019. We review the earnings press release, investor presentation and 10-K to summarize the latest performance.
We re-publish a BDC Credit Reporter about the Chapter 11 exit of a portfolio company of Garrison Capital and Investcorp Credit Management and discuss one of the most favored strategies lenders are adopting when debt investments go awry.
BDC Fixed Income prices reach a new high in the first full week of 2020. We discuss the details. Plus, we review one redemption and two new issuances of unsecured debt that may foretell what will be coming down the pike for the sector as a whole.