As elsewhere, the BDC Fixed Income rally goes on but the future may look very different. Otherwise, not much happening in the sector, but this could be the quiet before a storm of new debt issuance.
The snapback in BDC common stock prices – and in leveraged debt values – continues for a third week in the row, which we document with much supporting data. The way ahead, though, may not be as smooth and we discuss the possibilities.
We update what the BDC Reporter learned from the scheduled – and previously previewed – earnings release of Saratoga Investment.
The first full business week of 2019 and the BDC Reporter is back previewing what we might expect to hit the headlines in the next few days. “Whereto the market ?” remains the most important question but there is one earnings release this week and two major shareholder votes pending. Interesting start to an important year.
The BDC Fixed Income sector is halfway back just two weeks after being in the dumps. We also look forward to the possible tantalizing consequences for BDC unsecured debt issuance in 2019.
The first – shortened – week of 2019 brings a run-up in prices, not so long after a drastic drop. Is the rally in its early innings or are there further depths to plumb ? We consider the options and discuss the week’s highlights.
The BDC Fixed Income sector is moving upward. We’ve updated the BDC Fixed Income Table and added new data to assist readers, and offer up a few preliminary findings even as the markets remain open.
Another BDC seeks shareholder approval of higher leverage under the Small Business Credit Availability Act, but offers some fees concessions in return. We analyze the Proxy and offer some controversial views.
KCAP Financial and its would-be new external manager discuss the proposed “externalization” transaction and the accompanying shareholder presentation. The BDC Reporter annotates the full transcript with all sorts of facts, comments and opinions.
Gladstone Investment sells another portfolio company. We review the details, the impact and the recent transaction activity at this busy lower middle market BDC.
BDC Fixed Income had a pretty good last full week and an OK 2018 overall, as we explain with lots of supporting numbers. We even take an early glance at what lies ahead for BDC unsecured debt.
The BDC sector bounces back halfway – dead cat or otherwise – after Christmas. We review where the sector stands with only one day to go in 2018 and look forth on two very different scenarios in 2019.
A non performing Alcentra Capital portfolio company is sold. We analyze the likely impact on the BDC, and review – in great detail – the overall credit picture.
BDC Fixed Income had a better week than common stocks but still the worst on record as prices dropped and yields increased. We offer up various examples and put the numbers in context as we wait for the next shoe to drop. Or not.
We review the horrible week BDC investors endured, which brought a host of new records, and other developments lost in the maelstrom. We also look forward, with a mixture of angst and confidence.
Corporate Capital Trust merges into FS Investment which becomes FSK. We review the challenges shareholders face with a new balance sheet following a two year decline. Turnaround ahead or an endless slog forwards ?
The second largest equity investment made by Capital Southwest has found a buyer. We review what details are available and weigh the benefits for the BDC. Updated with sales price.
Surprise ! KCAP Financial is proposing to take on a new external manager. Or is it two ? We’ve got more questions than the BDC has answers, but it’s a first cut after learning of the proposed change.
Once again, the week will mostly involve watching what the markets will be doing as turmoil continues. We have thoughts and a specific watch list. Otherwise, we prepare to say goodbye to Corporate Capital Trust and ask what’s up to Medley Capital’s activist shareholder.
A memorable week for BDC Fixed Income in a couple of respects, as all markets remain under pressure. To provide some perspective, we look back at the scene one year ago, with surprising results.