BDC Preview: Week of January 14 – January 18, 2019

Posted by Nicholas Marshi, BDC Reporter on Jan 15, 2019 10:30:00 AM

Market: Both BDC common stocks and publicly traded unsecured debt have been in rally mode for three weeks now.  For this preview of the week ahead, we will be looking out for any faltering in the blistering pace of the rebound in leveraged debt values. From the lowest point on Christmas Eve to the close on Friday BDC common stocks have moved up 11%. Less spectacularly, BDC Fixed Income has crossed back over par – using the median of the 41 issues we track – from a low of $24.30 in December, when nearly every issue out there had dropped below the $25.00 level. We’ll be focused on whether BDC common stock prices can make their way back – at least – to the late November level before the markets got into full dramatic mode as investors sold everything that was not nailed down, and some that was. Investors climbing that wall of worry have more than the usual number of challenges ahead including the well worn list of the government shutdown; the uncertainty over tariffs; concerns about a slowing economic environment – or worse; and the endless debate about what the Fed will or won’t do. Moreover, having climbed so high and so quickly investors have – metaphorically speaking – that much further to fall. The week ahead will be a useful test of the breadth and thrust of this rally. We take nothing for granted, and assume the next direction could just as easily be down or up. The best BDC investors might hope for in the short run is a modest pause two weeks ahead of earnings season.

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Topics: bdc reporter, News, BDC, business development company, market analytics, Analytics

LevFin Insights BDC Portfolio News 1-14-19

Posted by Thomas Dunford on Jan 14, 2019 11:56:42 AM

Aimbridge LBO to take out unitranche debt held by Bain Capital Specialty Finance, Golub

Download: LFI BDC Portfolio News 1-14-19

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Topics: LevFin Insights, News, Analytics, market analytics, BDC, business development company

A 2019 BDC Preview: Misery in the Forecast?

Posted by Alex Buzby on Jan 8, 2019 9:38:55 AM

Loan market participants enter 2019 looking back at a miserable December. Senior secured loans traded off the most since early 2016. BB-rated loans were trading below $96.00 for the first time in the three-year span and nearly all loans fell below par.

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Topics: Fixed Income, BDC Filings, business development company, market analytics, Analytics, BDC, Loans, Middle Market

Middle Market on the Move: 2018 Recap

Posted by Alex Buzby on Jan 3, 2019 11:43:16 AM

Primary market yields on first lien middle market loans rose to their highest levels since Q1 2017 with increases in each quarter of 2018. This movement was driven heavily by the steady increase in LIBOR of over 100 bps throughout the year along with modest increases in coupon spread, most notably in the fourth quarter. First and second lien coupon spreads widened 35 and 33 bps respectively in the quarter, marking the largest quarterly spread widening in 2 years.

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Topics: research, download, Fixed Income, market analytics, Analytics, Middle Market, Loans

Fed announces fourth rate hike of 2018, markets react

Posted by David Diggins on Dec 20, 2018 12:21:11 PM

On Monday, President Trump criticized the Fed for even considering raising rates, yet on Wednesday the Federal Open Market Committee announced its decision to raise the Fed Funds rate ¼ of a percent from 2.25% to 2.5% -- the fourth such increase in 2018.

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Topics: News, Fixed Income, Equity, Finance, New Issues, bonds, junk bonds, market analytics, Analytics, High Yield

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