Think

Nicholas Marshi, BDC Reporter

Recent Posts

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.

Read More

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

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.

Read More

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.

Read More

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

BDC Common Stocks Market Recap: Week Ended September 28, 2018

Posted by Nicholas Marshi, BDC Reporter on Oct 3, 2018 10:30:00 AM

Chill In The Air

The BDC sector’s upward trend stalled again this week.

The Wells Fargo BDC Index dropped (1.3%).

Likewise, BDCS – the UBS Exchange Traded Note – saw its stock price drop (0.9%) to $20.72.

That’s the lowest level for BDCS in 5 weeks.

Read More

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

BDC Fixed Income Market Recap: Week Ended September 28, 2018

Posted by Nicholas Marshi, BDC Reporter on Oct 1, 2018 3:03:26 PM

May You Live In Interesting Times

BDC Fixed Income – which most of the time is as exciting as watching paint dry – is in the midst of a dramatic period of change.

First of all – and the primary focus of our weekly Market Recaps – the prices of existing issues are dropping.

We noted as much last week, and the phenomenon continued this week.

The median price of the now 38 different public BDC issues we track dropped to $25.21, from $25.29 and $25.35 two weeks before.

Read More

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


Are you using AdvantageData?

AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:

  • 529,400+ U.S. and international corporate bonds
  • Over 6,200+ CDS reference entities
  • Over 22,000+ syndicated loans
  • Over 100 equity markets worldwide
  • One platform 14 asset classes from debt to CDS to loans to mid-market
  • Used by top buy and sell-side firms worldwide

 

Subscribe to Email Updates

Recent Posts