Think

LevFin Insights BDC Portfolio News 10-22-18

Posted by Thomas Dunford on Oct 22, 2018 4:16:14 PM

Portfolio mainstays Confie Seguros, McAfee pursue lower margins through respective refinancing, repricing

The brief turn two weeks ago toward caution in the leveraged-loan market amid volatility in high-yield and equities has proved to be but a blip amid a sea of endless liquidity, and that sentiment was affirmed last week as loans ignored another selloff in shares. Indeed for loans, it was business as usual with a pronounced emphasis on opportunistic activity. Bonds, too, got back to business, spurred by Uber’s successful $2 billion private offering, with other issuers jumping into the market in the wake of that upsized transaction.

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Topics: News, LevFin Insights, portfolio, Fixed Income, business development company, Analytics, Middle Market, BDC

BDC Common Stocks Market Recap: Week Ended October 12, 2018

Posted by Nicholas Marshi, BDC Reporter on Oct 17, 2018 10:35:00 AM

BDC Common Stocks

Singing The Blues

As the lesser know Sonny Curtis song goes “We fought the tape, and the tape won”. Last week (ended October 5) , the BDC Reporter injected a note of optimism after a bad week for the BDC sector in which the Wells Fargo BDC Index dropped (1.4%). However, we’re not yet convinced that this current malaise will last all that much longer, bringing down BDC prices to correction or bear market levels. We can’t speak to general market sentiment which – as they say – is “going to do what it’s going to do”.

We’ve not yet been proven absolutely wrong because BDCS – which has now dropped to $19.40 after disgorging a $0.41 distribution – is down (7.8%) from its high. If we adjust for the dividend the drop is “only” (5.8%) and the “Total Return” Wells Fargo BDC Index is off just (4.5%). We are some way off a a classic 10% correction or a 20% haircut bear market.

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Topics: bdc reporter, News, portfolio, Fixed Income, business development company, market analytics, Analytics, Middle Market

Sears: Down for the Count?

Posted by David Diggins on Oct 16, 2018 3:29:01 PM

Many reports are claiming the death of Sears, but is it really dead or just dead as we knew it?

Sears started life in 1892 as a mail-order catalog that sold watches and jewelry. In 1894 the Sears, Roebuck and Company catalog had grown to 322 pages and included sewing machines, bicycles, sporting goods, automobiles and other new items. In the following years the catalog would eclipse 500 pages and adding dolls, stoves and groceries.

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Topics: bankruptcy, sears, Distressed Debt, Restructuring, default, Loans, bonds, News

BDC Fixed Income: Market Recap: Week Ended October 12, 2018

Posted by Nicholas Marshi, BDC Reporter on Oct 15, 2018 10:37:31 AM

BDC Fixed Income

Respite

The week ended October 12 2018 was dismal for BDC common stock investors.

Readers may not need our BDC Common Stocks Market Recap – published simultaneously with this article – to be alerted to the fact.

However, BDC Fixed Income – after enduring it’s own mini-meltdown the week before – perked up modestly on the week.

Of the 39 BDC debt issues that are actively trading (out of 40 in the universe), the median price came to $25.18.

On October 5, 2018, that equivalent median price was $25.09.

Moreover, the number of debt issues trading below par – pushed there by higher rates – dropped to 11 from 13.

Still, there were no issues trading over $26.00 – until just recently a frequent occurrence.

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Topics: bdc reporter, News, portfolio, Fixed Income, Analytics, Middle Market, BDC, business development company

BDC Common Stocks Market Recap: Week Ended October 4, 2018

Posted by Nicholas Marshi, BDC Reporter on Oct 10, 2018 10:30:00 AM

Tumbling Down

This was a hard week to be a BDC common stock investor.

After several weeks of ups and downs in a narrow range, BDC prices mostly moved clearly to the downside.

We’ll start as we most always do with the UBS Exchange Traded Note with the ticker BDCS, which fell to $20.361 from $20.72 the week before, a (1.7% drop).

BDCS was at $20.90 a fortnight ago, so the two week decline is (2.6%).

Likewise, the Wells Fargo BDC Index dropped (1.4%) in a week and (2.4%) over two weeks.

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Topics: bdc reporter, News, Fixed Income, business development company, market analytics, Analytics, Middle Market, Loans


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