It’s hard to imagine a huge turnaround coming this week, what with the broad markets all in various stages of disarray. In addition, the general leveraged loan market – a kissing cousin of the BDC sector – is just coming off its lowest price point in two years, and knocking their total return to below 4%. (The Wells Fargo Index measured comparable return for BDCs is a very close 2.8%). Then there’s the Thanksgiving break coming up with many investors more focused on turkey and family. We expect a non-eventful to lower shade on BDC prices.
Read More
Topics:
Loans,
Middle Market,
BDC,
market analytics,
business development company,
Fixed Income,
News,
bdc reporter
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.
Read More
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.
Read More
Topics:
Middle Market,
Analytics,
BDC,
market analytics,
business development company,
Fixed Income,
LevFin Insights,
News
Back In The Saddle. Again.
It’s Week Two of the late 2018 BDC rally.
More than three-quarters of the 45 BDCs we track were up in price, just like the week before.
The price of the UBS Exchange Traded Note which covers most of the companies in the sector – BDCS – was up to $19.76.
That’s 2.0% on the week, and 5.0% over a fortnight.
The Wells Fargo BDC Index – which provides more of a total return picture – was up 2.7%.
Read More
Topics:
Analytics,
market analytics,
business development company,
Finance,
BDC Filings,
Fixed Income,
News,
bdc reporter
Popular BDC holdings Global Tel Link, Sorenson aim to widen 1L margins; several credits up for add-ons appear in Barings BDC’s portfolio
A deluge of earnings took center stage last week and while results inevitably spurred a number of notable downside movers, the tone in the broader leveraged finance market slowly improved over the course of the week, opening the door for new opportunistic business such as Bausch Health’s latest refinancing effort. Among the week’s biggest earnings-related standouts were Air Methods, Akorn and Revlon.
Read More
Topics:
Loans,
Middle Market,
Analytics,
market analytics,
business development company,
Finance,
BDC Filings,
Fixed Income,
LevFin Insights,
News
.png)
