The BDC Reporter republishes and annotates an important article by S&P Global Market Intelligence regarding weakening metrics of leveraged borrowers. We seek to add a BDC perspective and share some of our proprietary research on credit trends.
This week, interest rates changed course, affecting pricing in the BDC Fixed Income sector, but not too much yet. Otherwise, there were no other developments this week but that could change in the rest of 2019 and – possibly – provide insights into what the future of the BDC Fixed Income segment might look like.
In the span of a few weeks, BDC sector prices have gone from sleepy to rally. We discuss the possible reasons why and offer our own view as to whether this is merited based on the BDC Reporter’s proprietary research.
A BDC whose Dividend Outlook we had rated as UNCHANGED has just announced a pay-out increase. We discuss the amounts involved and the outlook going forward.
Following Investcorp Credit Management’s (formerly CM Finance) latest results, the BDC Reporter has new doubts about the sustainability of the current dividend. We explain why and offer up the BDC’s counter-arguments drawn from the Conference Call.
Ares Capital is raising unsecured debt again, according to a draft Prospectus. We review the details; discuss the mix of secured and unsecured borrowings on the balance sheet and speculate how this development fits into the BDC’s plans for ambitious balance sheet expansion.
The BDC Fixed Income prices moved upward in the week, but there are still a couple of sore spots, which we discuss. Also, a BDC gets an investment grade nod and the BDC Reporter discusses what the rest of the year might look like in pricing terms.
There was a paucity of news affecting the BDC sector in the week ended September but developments out of the SEC could change price dynamics.
We alert readers to several credit developments affecting multiple BDCs that we’ve covered in our sister publication, the BDC Credit Reporter, and discuss some lessons learned.
By our count, 21 of the 45 public BDCs that have reported results in the IIQ 2019 performed well. Capital Southwest falls into that category, but we provide a balanced picture.
Oaktree Specialty Lending – which recently lost its CEO – had a mixture of positive and negative results in the second quarter 2019, and much remains to be done two years after the new manager took over.
In the second quarter of 2019 Goldman Sachs BDC performed relatively poorly as recurring earnings and book value both dropped, as did analyst future expectations.
As the risk free yield continues to drop, BDC Fixed Income prices moved up, but only slightly. We also discuss the latest unsung development over at Medley Management and predict what the rest of 2019 might bring in term of prices and new activity.
The BDC sector moved upward on the week, following the major indices renewed optimism. The BDC Reporter, though, shares its concerns about what might happen in the remainder of 2019 and into 2020.
In the second quarter of 2019 FS KKR Capital performed better than expected by most measures. Judging by stock price performance, though, investor concerns remain high.
We review and summarize the results of all the public BDCs. In the second quarter of 2019, arguably the worst performer has been Capitala Finance.
Second quarter 2019 BDC quarterly results were good for newer public BDC Bain Capital Specialty Finance. Another report in a series that will eventually cover all the BDCs we track.
A change at the helm of two Oaktree-managed BDCs with the departure of CEO Edgar Lee. We discuss the legacy of the last two years and the challenges facing Oaktree Strategic Income. This is Part I. In Part II, we’ll undertake a similar exercise for Oaktree Specialty Lending.
The BDC Fixed Income market zigged as the risk free rate zagged; a Term Preferred was redeemed and we discuss who will be next and how all that capital going out the door might return later.
A strange week for the broad markets, which filtered through to the BDC sector. We discuss short and longer term price trends; developments out of the SBA that could have major sector ramifications and note early signs of weakness in the credit markets that might make headline status in the weeks ahead.