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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

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

LevFin Insights BDC Portfolio News 10-1-18: Repricings to narrow yields on debt held by CMFN, American Capital Senior Floating

Posted by Thomas Dunford on Oct 2, 2018 8:45:00 AM

The leveraged loan market last week continued to build on trends that became evident two weeks prior, with more issuers winning aggressive terms and pricing, and an environment firming for the renewal of opportunistic business.

Significantly, while last week’s gross launched volume was roughly in line with the prior week’s tally, at $11 billion, opportunistic volume accounted for $4.3 billion, all of it involving repricing. Moreover, net launched volume ebbed to just $4 billion, exacerbating fears that accounts won’t have much new paper in which to invest after the big September rush slows.

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Topics: LevFin Insights, News, market analytics, Analytics, Fixed Income


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