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.
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Topics:
Loans,
Middle Market,
Analytics,
market analytics,
business development company,
Finance,
BDC Filings,
Fixed Income,
LevFin Insights,
News
MARKET RALLY MARCHES ON ? : The BDC sector – as measured by the BDC Wells Fargo Index – was up 2.7% last week, reflecting a broad based rally across the 45 public companies tracked. That was the second week in a row that the BDC sector headed up in price, following 5 consecutive weeks of descent that ended the prior rally which had begun in March 2018.
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Topics:
Loans,
Middle Market,
market analytics,
Finance,
BDC Filings,
Fixed Income,
News,
bdc reporter
Many reports are claiming the death of Sears, but is it really dead or just dead as we knew it?
Sears started life in 1892 as a mail-order catalog that sold watches and jewelry. In 1894 the Sears, Roebuck and Company catalog had grown to 322 pages and included sewing machines, bicycles, sporting goods, automobiles and other new items. In the following years the catalog would eclipse 500 pages and adding dolls, stoves and groceries.
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Topics:
Loans,
bonds,
Distressed Debt,
Restructuring,
sears,
News,
default,
bankruptcy
This was a hard week to be a BDC common stock investor.
After several weeks of ups and downs in a narrow range, BDC prices mostly moved clearly to the downside.
We’ll start as we most always do with the UBS Exchange Traded Note with the ticker BDCS, which fell to $20.361 from $20.72 the week before, a (1.7% drop).
BDCS was at $20.90 a fortnight ago, so the two week decline is (2.6%).
Likewise, the Wells Fargo BDC Index dropped (1.4%) in a week and (2.4%) over two weeks.
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Topics:
Loans,
Middle Market,
Analytics,
market analytics,
business development company,
Fixed Income,
News,
bdc reporter
FSIC’S YIELD TO NARROW IN EMPLOYBRIDGE REPRICING; GLAD HOLDS 2L DEBT UP FOR REPAYMENT AT RED VENTURES
With September’s marquee M&A transactions put away, opportunistic activity ramped up further last week in both loans and bonds. The shift in technicals stemming from the lack of a formidable M&A calendar was particularly tangible in the loan market, as heavy investor demand raised the prospect for tight prints and aggressive documentation. Repricings, extensions and dividend recapitalizations were all in the mix, with arrangers using these transactions as a vehicle to effect other issuer-friendly revisions, including covenant stripping.
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Topics:
Loans,
Middle Market,
Analytics,
BDC,
market analytics,
business development company,
Fixed Income,
portfolio,
LevFin Insights,
News
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