BDC Common Stocks Market Recap: Week Ended September 14, 2018

Posted by Nicholas Marshi, BDC Reporter on Sep 19, 2018 10:30:00 AM

Concession Speech

We are prepared to concede that the once semi-robust BDC common stock rally is in stall mode.

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Topics: BDC, bond market, market analytics, business development company, Fixed Income, News

The Middle Market Loans Advantage: The Tools and Data to Source Your Next Deal

Posted by David Diggins on Sep 13, 2018 12:25:09 PM

An effective deal sourcing process is crucial to successful investing. Deal sourcing involves generating leads and managing relationships with intermediaries. Strategies for deal sourcing vary among firms. Some firms prefer to employ specialist teams while others prefer using in-house resources.

Regardless of a firm’s strategy, access to the proper tools and the right data are essential for effective deal sourcing. In March, Mergers & Acquisitions published an article that illustrated this concept with Michael Lewis’ book, Moneyball: The Art of Winning an Unfair Game. The book details how the Oakland Athletics baseball team successfully used statistics and analytics to their advantage. The same can be done in the world of deal sourcing.

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Topics: Middle Market, Analytics, market analytics, Distressed Debt, Finance, Restructuring, Fixed Income

BDC Common Stocks Market Recap: Week Ended September 7, 2018

Posted by Nicholas Marshi, BDC Reporter on Sep 12, 2018 10:30:00 AM


A pull-back in the BDC sector in this holiday shortened week, and a couple of unexpected developments.

To the BDC Reporter, though, the outlook remains the same.

Back To Business

In the semi-official, Labor Day shortened, first week back after the summer holidays, the BDC sector dropped back a little.

The UBS Exchange Traded Note with the ticker BDCS – which we use to measure the whole group – was off 1.0% to end at $20.79.

Likewise, the Wells Fargo BDC Index was down 1.05%.

The number of BDC stocks up in price, or at least unchanged, numbered just 14, versus 27 last week.

No BDC common stock increased more than 3.0% in price on the week, but three dropped by 3.0% or greater.

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

LevFin Insights BDC Portfolio News 9-10-18

Posted by Thomas Dunford on Sep 10, 2018 5:05:18 PM

Download: LFI BDC Portfolio News 9-10-18

As promised, loan arrangers rolled out a big September calendar of M&A deals brimming with new money seeking to take advantage of the late-August lull and a favorable funds flow picture following the busiest month for CLO issuance since March 2015. High-yield, too, kicked back into high gear, driven in part by coordinated cross-border deals for some of the same issuers currently being reviewed by loan accounts, while restructurings drove some of last week’s lively secondary action.

Loan investors are kicking the tires on a trio of large M&A deals that will set the tone for the market in the coming weeks not only for the other transactions already launched but also for those to come later this month. Traders, too, are awaiting clearing levels on these jumbo deals—which are being talked wide of where single-B executions printed earlier in the year—as well as to see how the market absorbs the supply once these deals allocate.

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Topics: Middle Market, BDC, bonds, market analytics, Fixed Income, portfolio, LevFin Insights, News

Duration Risk: The Relationship Between Bond Prices and Interest Rates

Posted by David Diggins on Sep 6, 2018 3:30:33 PM

Duration risk has been a popular theme around buy-side firms as they look to incorporate low duration bonds into model portfolios to reduce interest rate sensitivity and increase liquidity. Typical bond indexes have an average duration of 5-7 years; this will create large outflow of assets in the upcoming quarters and increase popularity among individual securities.

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Topics: Investment Grade, Analytics, bonds, Bonds Maturing, bond market, market analytics, Fixed Income, portfolio, interest rate, duration risk

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