Even in markets where established data infrastructure is limited, such as syndicated loans, reliable sources of data that are indicative of a liquid security’s value are available through market data vendors and broker quotes. When evaluating illiquid securities like middle market or directly originated loans, the effort of data aggregation becomes much more difficult and is often assumed to be an exercise in futility. We would disagree.
Topics: Loans, Middle Market, BDC, business development company, Valuation, Fixed Income, illiquid, download, Direct Lending, syndicated
We are prepared to concede that the once semi-robust BDC common stock rally is in stall mode.
Topics: BDC, bond market, market analytics, business development company, Fixed Income, News
[Transcribed from video]
Introducing the Middle Market Loan Advantage. The newest edition to AdvantageData’s suite of credit data products. The Middle Market Loan Advantage complements our syndicated loan and BDC Advantage modules. With [~4500**] middle market loans, the Middle Market Loan Advantage shines a bright light on this opaque market.
How do we do it? AdvantageData aggregates information from news sources, trading desks, buy and sell-side filings, and more.
Topics: Loans, Middle Market, Analytics, BDC, business development company, Valuation, Restructuring, Direct Lending, Investment Banks, Syndicated Bonds
Download: LFI BDC Portfolio News 9-17-18
The big three LBO deals that kicked off the post-Labor Day rush have all drawn significant oversubscription from loan investors, driven not only by strong market conditions but also nagging concerns among investors that volume will ease once the current calendar is put to bed. The solid response to these large transactions suggests that most of the deals in market will find firm footing and that arrangers will begin testing tighter pricing levels than the relatively conservative efforts represented by this first batch of September business.
Topics: Middle Market, BDC, market analytics, business development company, LevFin Insights, News
A pull-back in the BDC sector in this holiday shortened week, and a couple of unexpected developments.
To the BDC Reporter, though, the outlook remains the same.
In the semi-official, Labor Day shortened, first week back after the summer holidays, the BDC sector dropped back a little.
The UBS Exchange Traded Note with the ticker BDCS – which we use to measure the whole group – was off 1.0% to end at $20.79.
Likewise, the Wells Fargo BDC Index was down 1.05%.
The number of BDC stocks up in price, or at least unchanged, numbered just 14, versus 27 last week.
No BDC common stock increased more than 3.0% in price on the week, but three dropped by 3.0% or greater.
Topics: Middle Market, Analytics, BDC, business development company, Fixed Income, News
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