We say R.I.P. to the BDC sector rally and take a snapshot of where we are on the brink of earnings season and foretell – as best we can – what investors might expect from prices, earnings and credit.
BDC Fixed Income prices synced with interest rate movements in a quiet week where new developments are concerned.
FS Investment – just weeks away from a major merger – hits a 52 week low in price. We provide some context; throw around a few possible explanations and speculate what the BDC’s famed Investment Advisor might do in response.
Barings is buying a boatload of Barings BDC’s common stock under an automatic program, with no visible impact on the stock price. We review the latest “shareholder friendly” action by this most recent entrant into BDC management.
A major portfolio company of Gladstone Capital unexpectedly stumbles.
MVC Capital begins a pre-announced automatic share buy-back program. However, two shareholders will be missing: an MVC Director and the BDC Reporter. We explain the whys and wherefores.
A big swing down in the BDC sector, in sympathy with the major markets all but ends the eight month rally. We provide all the sorry details while keeping an eye on what the fundamentals are telling us.
As the BDC common stock sector got hammered BDC Fixed Income got a reprieve. In fact, the BDC Reporter suggests a big shift in BDC debt issuance could be in the cards.
OFS Capital issues another Baby Bond, preparing further expansion of its balance sheet. We look at the impact on portfolio and earnings down the road and how this fits into broader BDC challenges.
We offer questions investors should want to ask Saratoga Investment when quarterly earnings are released on October 10, 2018 after the close.
TPG Specialty shareholders have voted on whether to adopt the new BDC asset coverage rules. In a follow-up article to our initial discussion of the Proxy in August, we sum up the results and pros and cons of the decision made.
The BDC Reporter updates the BDC Fixed Income Table for readers interested in buying and selling in this unsettled market.
BDC Fixed Income prices are being squeezed by higher interest rates, but only modestly. We discuss how rate turmoil may affect issuance and yields going forward.
A bad, bad week for BDC common stock investors. The BDC Reporter counts the ways and boldly/foolishly answers the $64,000 question: are we headed for a major sectoral drop ?
THL Credit sets a date for the expected redemption of one of its Baby Bonds following a new issue just a few days ago. What’s the price next time ?
With interest rates sharply up, we decided to take a look at what’s happening to BDC Fixed Income prices at a time when many other debt sectors are getting hammered. Beginning of the apocalypse or passing storm ?
THL Credit refinances an existing Baby Bond with another Baby Bond. We discuss short and longer term implications for shareholders and existing debt holders.
Alcentra Capital reports two new Board members and changes to its Revolver. We focus our analysis on the latter in light of the BDC’s undergoing efforts to re-make itself with new management and a new strategy.
The weekly data suggests a softening BDC common stock sector, as do some medium term trends. However, the BDC Reporter – for the moment – has not given up on the 7 month-long rally.
The BDC Fixed Income segment is in the midst of a major change, just as prices begin to soften.