Chill In The Air
The BDC sector’s upward trend stalled again this week.
The Wells Fargo BDC Index dropped (1.3%).
Likewise, BDCS – the UBS Exchange Traded Note – saw its stock price drop (0.9%) to $20.72.
That’s the lowest level for BDCS in 5 weeks.
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Topics: Loans, Middle Market, Analytics, BDC, market analytics, business development company, Losers, Fixed Income, News, bdc reporter
May You Live In Interesting Times
BDC Fixed Income – which most of the time is as exciting as watching paint dry – is in the midst of a dramatic period of change.
First of all – and the primary focus of our weekly Market Recaps – the prices of existing issues are dropping.
We noted as much last week, and the phenomenon continued this week.
The median price of the now 38 different public BDC issues we track dropped to $25.21, from $25.29 and $25.35 two weeks before.
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Topics: Loans, Middle Market, Analytics, BDC, market analytics, business development company, Fixed Income, News, bdc reporter
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.
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Topics: Loans, Middle Market, BDC, business development company, Valuation, Fixed Income, illiquid, download, Direct Lending, syndicated
[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.
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Topics: Loans, Middle Market, Analytics, BDC, business development company, Valuation, Restructuring, Direct Lending, Investment Banks, Syndicated Bonds
BDC COMMON STOCKS
Ended Well
Like a good beach novel, the BDC sector ended the summer in a satisfying manner.
The UBS Exchange Traded Note with the ticker BDCS – which is based on the Wells Fargo BDC Index – and which we use as a sector proxy, closed at $21.00.
That was 1.50% above the prior week’s end.
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Topics: Loans, BDC, debt, business development company, Fixed Income, News
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