Another quiet week – as you might expect in August – for BDC common stocks.
The headline number – the price of the sector-wide UBS Exchange Traded Note with the ticker BDCS – was down. BDCS closed at $20.69, following a mostly downward sloping week.
Topics: Loans, Middle Market, BDC, market analytics, Fixed Income, portfolio, News
Going Nowhere
Often, after the completion of a BDC earnings season, we are witness to sharp price adjustments. After taking the health of nearly four dozen different funds in a very short period, analysts and investors often reach for the Buy or Sell button.This frequently results in a re-pricing of the entire sector, sometimes favorably and sometimes not. This week was a little different. Looking at the multiple data points that we do every week, we conclude that market participants did not do much in the way of re-thinking.
Topics: Middle Market, BDC, market analytics, Fixed Income, portfolio, News
Last month we shared a list of the top 10 BDC non-accruals based on first quarter 2018 SEC filings. Now that we are mid-way through August and second quarter filings are readily available, let’s take a fresh look at the first quarter’s worst performer.
Topics: BDC, First Lien, Non-accruals, Distressed Debt, Restructuring, Second Lien, Loan Default Rate, BDC Filings, Default Rate, Fixed Income, fair value, portfolio, download, News
The first week of the new month was dominated by reactive trading and repositioning in the wake of quarterly reports, even as the new-issue market kept rolling out loans and bonds. In bonds, highlights included $1.25 billion short-term-fix from Intelsat just as the identically sized BMC Software buyout bonds got going on international roadshows for next week’s business following June’s completed loan financing.
After a somewhat sleepy start last week, loan arrangers piled it on. M&A deals peeled off the calendar late in the week included the long-awaited deal for Penn National Gaming, Cetera, Travel Leaders and Del Frisco Restaurant Group as gross launched volume jumped to $15.6 billion in the busiest week since June 15. M&A volume was a healthy $7.9 billion.
Topics: BDC, portfolio, LevFin Insights, News
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