BDC Common Stocks
Two Weeks Forward. One Week Back
The BDC common stock winter “rally” took some time off this week, after two weeks of upward momentum.
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Topics: Loans, Middle Market, BDC, market analytics, business development company, Fixed Income, News, bdc reporter
Repricings at Avantor and MRO to reduce yield on credits held by CCT, BDVC, OCSI, BBDC, CION and Flat Rock
Editor’s note: Due to the Thanksgiving holiday, LFI BDC Portfolio News will not publish on Monday, Nov. 26. The report will resume publication on Monday, Dec. 3.
Download: LFI BDC Portfolio News 11-19-18
The tone in the broader leveraged loan market deteriorated as last week progressed, complicated by a handful of high-profile earnings misses that came in as the traditional 45-day reporting period trailed off and the jumbo LifePoint Health deal that quickly faded in the secondary loan and bond markets despite a host of investor-friendly revisions. In many cases, price talk and structure are deeply in flux, and investors are increasingly skittish amid poor secondary performance as the list of recently issued loans bid below their OIDs grows.
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Topics: Middle Market, Analytics, BDC, market analytics, business development company, Fixed Income, LevFin Insights, News
BDC Common Stocks
Bleeding Stopped
In the wider markets, the dramas of the past couple of weeks continued through October 19, 2018. “The S&P’s lower close on Friday marked the tenth down day in the past 12 trading sessions”, according to Yahoo Finance.
BDC common stocks, though, generally consolidated after weeks of decline. The UBS Exchange Traded Note with the ticker BDCS, which includes most of the individual players in the sector on a weighted adjusted basis, dropped to $19.39 from $19.40. The Wells Fargo BDC Index – more useful as a Total Return measuring stick than just the price change at BDCS – dropped to $2,505.24, down 0.42%.
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Topics: Middle Market, Analytics, BDC, market analytics, business development company, Finance, sears, Fixed Income, News, bdc reporter, bankruptcy
Portfolio mainstays Confie Seguros, McAfee pursue lower margins through respective refinancing, repricing
The brief turn two weeks ago toward caution in the leveraged-loan market amid volatility in high-yield and equities has proved to be but a blip amid a sea of endless liquidity, and that sentiment was affirmed last week as loans ignored another selloff in shares. Indeed for loans, it was business as usual with a pronounced emphasis on opportunistic activity. Bonds, too, got back to business, spurred by Uber’s successful $2 billion private offering, with other issuers jumping into the market in the wake of that upsized transaction.
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Topics: Middle Market, Analytics, BDC, business development company, Fixed Income, portfolio, LevFin Insights, News
BDC Fixed Income
Respite
The week ended October 12 2018 was dismal for BDC common stock investors.
Readers may not need our BDC Common Stocks Market Recap – published simultaneously with this article – to be alerted to the fact.
However, BDC Fixed Income – after enduring it’s own mini-meltdown the week before – perked up modestly on the week.
Of the 39 BDC debt issues that are actively trading (out of 40 in the universe), the median price came to $25.18.
On October 5, 2018, that equivalent median price was $25.09.
Moreover, the number of debt issues trading below par – pushed there by higher rates – dropped to 11 from 13.
Still, there were no issues trading over $26.00 – until just recently a frequent occurrence.
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Topics: Middle Market, Analytics, BDC, business development company, Fixed Income, portfolio, News, bdc reporter
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