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Nicholas Marshi, BDC Reporter

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BDC Common Stocks Market Recap: Week Ended November 9, 2018

Posted by Nicholas Marshi, BDC Reporter on Nov 14, 2018 9:18:51 AM

BDC COMMON STOCKS

Back In The Saddle. Again.

It’s Week Two of the late 2018 BDC rally.

More than three-quarters of the 45 BDCs we track were up in price, just like the week before.

The price of the UBS Exchange Traded Note which covers most of the companies in the sector – BDCS – was up to $19.76.

That’s 2.0% on the week, and 5.0% over a fortnight.

The Wells Fargo BDC Index – which provides more of a total return picture – was up 2.7%.

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Topics: bdc reporter, News, Fixed Income, BDC Filings, Finance, business development company, market analytics, Analytics

BDC Preview: Week Of November 12 – November 16, 2018

Posted by Nicholas Marshi, BDC Reporter on Nov 13, 2018 9:10:57 AM

MARKET RALLY MARCHES ON ? : The BDC sector – as measured by the BDC Wells Fargo Index – was up 2.7% last week, reflecting a broad based rally across the 45 public companies tracked. That was the second week in a row that the BDC sector headed up in price, following 5 consecutive weeks of descent that ended the prior rally which had begun in March 2018.

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Topics: bdc reporter, News, Fixed Income, BDC Filings, Finance, market analytics, Middle Market, Loans

BDC Common Stocks Market Recap: Week Ended November 2, 2018

Posted by Nicholas Marshi, BDC Reporter on Nov 7, 2018 10:14:21 AM

The BDC Reporter is kicking off a new series for all readers: BDC Preview. Our goal is to provide a heads up at the beginning of every week of what lie ahead for anyone interested in the Business Development Company sector. 

MARKET REBOUND: The BDC sector rebounded in the week November 2, 2018 after 5 weeks of decline. That slump put an end to a 7 month BDC rally, and brought the YTD sector price 10% below the level at December 29, 2017. At its current level, the BDC sector is 23% off its March 2017 high and 31% off its 2013 All Time High. Or, to put matters another way, there’s plenty of upside despite the 3.0% upside move last week. However, what with the unsettled major markets, the mid-term elections and Week Two of BDC earnings season this could go any number of ways: up, down or sideways.

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BDC Common Stocks Market Recap: Week Ended October 19, 2018

Posted by Nicholas Marshi, BDC Reporter on Oct 24, 2018 10:34:00 AM

BDC Common Stocks

Bleeding Stopped

In the wider markets, the dramas of the past couple of weeks continued through October 19, 2018. “The S&P’s lower close on Friday marked the tenth down day in the past 12 trading sessions”, according to Yahoo Finance.

BDC common stocks, though, generally consolidated after weeks of decline. The UBS Exchange Traded Note with the ticker BDCS, which includes most of the individual players in the sector on a weighted adjusted basis, dropped to $19.39 from $19.40. The Wells Fargo BDC Index – more useful as a Total Return measuring stick than just the price change at BDCS – dropped to $2,505.24, down 0.42%.

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Topics: bankruptcy, bdc reporter, News, Fixed Income, sears, Finance, business development company, market analytics, 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


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