BDC Fixed Income: Market Recap: Week Ended October 12, 2018

Posted by Nicholas Marshi, BDC Reporter on Oct 15, 2018 10:37:31 AM

BDC Fixed Income


The week ended October 12 2018 was dismal for BDC common stock investors.

Readers may not need our BDC Common Stocks Market Recap – published simultaneously with this article – to be alerted to the fact.

However, BDC Fixed Income – after enduring it’s own mini-meltdown the week before – perked up modestly on the week.

Of the 39 BDC debt issues that are actively trading (out of 40 in the universe), the median price came to $25.18.

On October 5, 2018, that equivalent median price was $25.09.

Moreover, the number of debt issues trading below par – pushed there by higher rates – dropped to 11 from 13.

Still, there were no issues trading over $26.00 – until just recently a frequent occurrence.

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Topics: Middle Market, Analytics, BDC, business development company, Fixed Income, portfolio, News, bdc reporter

LevFin Insights BDC Portfolio News 10-9-18

Posted by Thomas Dunford on Oct 9, 2018 4:34:39 PM


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

LevFin Insights BDC Portfolio News 9-10-18

Posted by Thomas Dunford on Sep 10, 2018 5:05:18 PM

Download: LFI BDC Portfolio News 9-10-18

As promised, loan arrangers rolled out a big September calendar of M&A deals brimming with new money seeking to take advantage of the late-August lull and a favorable funds flow picture following the busiest month for CLO issuance since March 2015. High-yield, too, kicked back into high gear, driven in part by coordinated cross-border deals for some of the same issuers currently being reviewed by loan accounts, while restructurings drove some of last week’s lively secondary action.

Loan investors are kicking the tires on a trio of large M&A deals that will set the tone for the market in the coming weeks not only for the other transactions already launched but also for those to come later this month. Traders, too, are awaiting clearing levels on these jumbo deals—which are being talked wide of where single-B executions printed earlier in the year—as well as to see how the market absorbs the supply once these deals allocate.

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Topics: Middle Market, BDC, bonds, market analytics, Fixed Income, portfolio, LevFin Insights, News

Duration Risk: The Relationship Between Bond Prices and Interest Rates

Posted by David Diggins on Sep 6, 2018 3:30:33 PM

Duration risk has been a popular theme around buy-side firms as they look to incorporate low duration bonds into model portfolios to reduce interest rate sensitivity and increase liquidity. Typical bond indexes have an average duration of 5-7 years; this will create large outflow of assets in the upcoming quarters and increase popularity among individual securities.

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Topics: Investment Grade, Analytics, bonds, Bonds Maturing, bond market, market analytics, Fixed Income, portfolio, interest rate, duration risk

BDC Common Stocks Market Recap: Week Ended August 24, 2018

Posted by Nicholas Marshi, BDC Reporter on Aug 29, 2018 8:53:38 AM

Treading Water

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.

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Topics: Loans, Middle Market, BDC, market analytics, Fixed Income, portfolio, News

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