Last month we shared a list of the top 10 BDC non-accruals based on first quarter 2018 SEC filings. Now that we are mid-way through August and second quarter filings are readily available, let’s take a fresh look at the first quarter’s worst performer.
Interesting divergence between the first and second middle market liens on non-accrual vs. percentage loss over the 12 months from Q4 2015 through Q3 2016. In BDC portfolios, first lien non-accruals as a percentage of cost exceed second liens, while on a percentage loss basis second liens exceed first liens.
AdvantageData is your fixed income solution for pricing, analytics, reports, and insight on approximately:
- 529,400+ U.S. and international corporate bonds
- Over 6,200+ CDS reference entities
- Over 22,000+ syndicated loans
- Over 100 equity markets worldwide
- One platform 14 asset classes from debt to CDS to loans to mid-market
- Used by top buy and sell-side firms worldwide