Think

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 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

LevFin Insights BDC Portfolio News 10-9-18: FSIC’s yield to narrow in EmployBridge repricing; GLAD holds 2L debt up for repayment at Red Ventures

Posted by Thomas Dunford on Oct 9, 2018 4:34:39 PM

With September’s marquee M&A transactions put away, opportunistic activity ramped up further last week in both loans and bonds. The shift in technicals stemming from the lack of a formidable M&A calendar was particularly tangible in the loan market, as heavy investor demand raised the prospect for tight prints and aggressive documentation. Repricings, extensions and dividend recapitalizations were all in the mix, with arrangers using these transactions as a vehicle to effect other issuer-friendly revisions, including covenant stripping.

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

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.

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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.

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


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