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European Bond Research 11/16/2017

Posted by Michael F. Brown on Nov 17, 2017 11:57:16 AM
JUNK BONDS FLUCTUATED HIGHER  in overall price gains linked to trades, outpacing investment-grade debt on the European trading front. A  strong showing by Europe's carmakers  was a major element in today's market dynamic, as   Volkswagen AG  shares jumped 3.1%,   Fiat Chrysler NV  was up 1.6%, and   Renault SA added 1.3%, as of   3:30 PM, London time. Today's rebound in risk assets, on the heels of the worst run of sell-offs since October of '16, was fed also by upbeat data from heavyweight conglomerate   Bouygues SA,   3i Group PLC, and  British Land Co. PLC.   Nymex  oil prices stabilized around $55.30, supporting a   rebound in the oil-and-energy sector  as the view grew that U.S. shale producers will be more disciplined, going forward. 
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Topics: High Yield, Investment Grade, bonds, junk bonds, bond market, corporate bonds

BDC Market Recap: Week Ended November 10, 2017

Posted by Nicholas Marshi, BDC Reporter on Nov 15, 2017 1:53:17 PM
COMMON STOCKS

Fireworks

  • Week Two of BDC Earnings Season was a wild one, with much volatility, a fair number of surprises and much more.
  • The UBS Exchange Traded Note with the ticker BDCS – which we sometimes use as our measuring stick – was up.
  • Then down, then up.
  • BDCS ended up at $20.83, from $20.70, or 0.6%.
  • That’s now 2.8% above the lowest price of the year.
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Topics: BDC, Fixed Income

BDC Portfolio Dig: Ares Capital books 20 new issuers in 3Q17 for nearly $700M; Non-Accruals rise to 3.4%

Posted by Kelly Thompson, LFI on Nov 14, 2017 2:17:33 PM

About half of the $1.5 billion in gross commitments Ares Capital made in the third quarter came from new lending relationships. LevFin Insights was able to identify 20 borrowers new to the lender, for $693 million in debt commitments (on a cost basis). LBO financing was identified as the use of proceeds on 11 of the new companies, each of which had a different sponsor.

The quarter’s largest LBO commitment for a new issuer was $96.2 million in first- and second-lien term loans for Genstar Capital to back the buyout of Progressive Datasolutions (PDI). The table below shows the four largest LBO investments for new relationships. Open the download to view all new issuers and corresponding holds, pricing and sponsors.

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BDC Market Recap: Week Ended November 3, 2017

Posted by Nicholas Marshi, BDC Reporter on Nov 7, 2017 3:58:09 PM

BDC COMMON STOCKS

Poor Start

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European Bond Research as of October 31, 2017

Posted by Marlena Mathews on Oct 31, 2017 1:23:53 PM
CAUTION AND PROFIT-TAKING kept Europe's   investment-grade bonds with a slight edge  over junk debt in today's trading. A   mix of European economic data  kept price swings channeled in fairly thin bands, as   inflation took a downturn,   GDP came in above forecast, and jobs data showed the   lowest unemployment since '09. The   oil-and-energy group fared well, giving important sector cues to corporate-bond traders, as   Nymex  oil prices hovered around $54 and   BP PLC shares initially rose 3.6%. However BNP Paribas weighed on the financial group, off 2.9% on disappointing quarterly revenue, while   Weir Group PLC tanked 7.3%. 
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Topics: Investment Grade, bonds, junk bonds, bond market, corporate bonds


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