With two weeks to go till the end of the year, little has changed where BDC Fixed Income prices are concerned but an issuer took advantage of favorable market conditions to raise $200mn of unsecured debt.
The late-in-the-year BDC sector rally continues judging by most of the numbers, but the BDC Reporter remains skeptical of investor enthusiasm. Unavoidably with only two weeks to go, we begin to look ahead to price, dividend and leverage levels in the year ahead.
In the first in a series we review how an investment has played out for two related BDCS from start to finish and see what lessons can be learned with the benefit of hindsight.
The BDC Reporter updates – now all the results are in hand – its previously published IIIQ 2019 preview of THL Credit’s performance, with a focus on what’s happening – and what not – to the BDC’s numerous under-performing investments.
Medley Capital has finally reported fiscal year end results. We review the highlights and low lights in the context of the elephant in the room: the future of the BDC.
The BDC common stock sector is zooming. BDC Fixed Income is snoozing. We discuss what little news and price activity there was in the week ended December 13, 2019.
BDC sector prices break a 2019 record on the way up. We wonder, though, where’s the usual enthusiasm associated with stock rallies, which is not showing up in much of the data. What’s more, how do high prices mesh with growing credit concerns at borrowers ?
We republish an article from the BDC Credit Reporter about a troubled health care company that six BDCs have first and second lien debt exposure to and explain our broader concerns about the outlook for health care related credits.
Catch the BDC Reporter giving a solo video interview; participating in a conference panel and answering questions on a podcast, in each case about elements of the BDC sector.
The BDC Reporter summarizes BlackRock TCP Capital’s third quarter 2019 results and how the market as reacted to them. Also included is the IIQ 2019 Summary for a sense of continuity.
The external manager of THL Credit (TCRD) is being acquired. The BDC Reporter reviews the details of the acquisition and analyzes the likely impact on the BDC and its shareholders, who have had a tough time of late.
Goldman Sachs BDC plans to merge with its non-traded sister BDC. The BDC Reporter takes a quick and deep dive into the just released announcement and provides analysis about the key claims made by the BDCs shared external manager after reviewing all available materials.
After briefly reviewing price activity for the week in the BDC Fixed Income segment, we discuss a recent Baby Bond issuance and its implications for other players likely to come to market shortly.
BDC sector prices continue upwards for another week, but are we reaching a point of resistance ? Also, developments at several BDCs that were in the news this week could spill over into the coming weeks and with unanticipated consequences.
CM Finance is now Investcorp Credit Management BDC, but long standing challenges remain, especially where credit is concerned.
We annotate Apollo Investment’s conference call transcript for the third quarter 2019 and tackle some thorny items as even handedly as we know how. As always, our annotations are in bolded italics between the text of the transcript.
We review two Apollo Investment portfolio companies that have filed for bankruptcy and use the opportunity to discuss what we’ve learned about the BDC’s credit underwriting capabilities at this stage.
We summarize Golub Capital’s third quarter 2019 results in the wake of the acquisition of its non-traded sister BDC.
The BDC Reporter undertakes a credit review of Capital Southwest, facing its first credit challenges since becoming a full time lending BDC 4 years ago.
The BDC Fixed Income market ends November in a familiar place, but multiple developments in the segment are likely to be on the way, some very soon.