We highlight current trends in the CLO market that might impact BDCs in the upcoming earnings season. We focus on 3 BDCs in particular.
The BDC Fixed Income median price barely changed for the week, but there was a shift among issues trading below par. Otherwise, new issue activity remained high and more is promised. It’s been a busy month for BDC unsecured debt and for the Reporter.
Where the S&P index goes, the BDC sector follows – this week at least. The future direction will be determined by BDC earnings. Earnings will be shaped by credit performance. We discuss both in a wide ranging discussion illustrated with a great deal of exclusive data from the BDC Reporter.
The BDC Reporter discusses 4 key issues to look out for when Fidus Investment reports third quarter results.
The BDC Reporter compares what we had expected to happen at Fidus Investment before the second quarter 2019 results with what actually occurred. Coming next: the IIIQ 2019 Earnings Preview for Fidus.
Main Street Capital formally announced its expected second “supplemental” distribution, capping out a 5th year of an increasing pay-out. The BDC Reporter, though, worries that the popular BDC’s distribution streak might be in jeopardy, as we explain in great detail.
The BDC Reporter discusses 4 key issues to look out for when Carlyle-managed TCG BDC reports third quarter results. This could prove an important for the relatively recently public BDC with a new CEO recently appointed.
MVC Capital surprises the BDC Reporter and increases its regular distribution before we expected. We review the details and discuss the pay-out increase in the context of MVC’s stock price and Baby Bond borrowings.
Medley Capital announces no “superior buyer” has been found by its investment banker Houlihan Lokey and the Board is – once again – recommending to the BDC’s shareholders a merger into Sierra Income. We review the latest developments and who might be the likely winners and losers.
The BDC Reporter undertakes a credit review of Saratoga Investment following the publication of its fiscal second quarter results.
BDC Fixed Income prices didn’t change much on the week, but the capital markets for new unsecured debt issuance were very busy and the BDC Fixed Income landscape is rapidly changing.
This week, the U.S. and China talk trade truce and BDC stock prices jump. However, the BDC Reporter also looks at market prices since earlier in the year and comes to a different outcome. Plus, we review analyst expectations for third quarter results and what could go wrong.
We summarize how Saratoga Investment performed in its calendar third quarter ended in August, now that the earnings release, 10-Q, Investor Presentation and Conference Call transcript have been reviewed.
The IIIQ 2019 quarterly reporting will be an important one for BlackRock Capital, after a poor second quarter. The BDC Reporter offers up the 5 key issues investors should be looking for when the BDC publishes its results on October 30 and holds its Conference Call on Halloween.
Gladstone Capital issues a new Baby Bond. The BDC Reporter compares the terms with the BDC’s existing debt and with what its peers have achieved of late; analyze the impact on earnings and the leverage ambitions of the external manager. Finally, we consider how the BDC’s shareholders will fare.
The BDC Reporter discusses three key issues to look out for when Barings BDC (formerly Triangle Capital ) reports its IIIQ 2019 results. Extracted from our exclusive – and exhaustive – BDC Earnings Preview Calendar.
The BDC Reporter discusses three key issues to look out for when Solar Senior Capital reports its IIIQ 2019 results. Extracted from our exclusive – and exhaustive – BDC Earnings Preview Calendar.
While the broad stock market indices moved wildly up and down this last week, BDC Fixed Income prices did not. We discuss what did happen and review the latest developments in this still thriving corner of the Fixed Income market.
The BDC Reporter discusses four key issues to look out for when Ares Capital reports its IIIQ 2019 results. Extracted from our exclusive – and exhaustive – BDC Earnings Preview Calendar.
When the broader markets catch a cold the BDC sector sneezes, as this week proves again. Otherwise very little news but plenty to discuss where BDC portfolio companies credit troubles are concerned.