Increase in market activity brings wave of add-ons to BDC-held credits
New-issue activity ramped up last week in both loans and bonds as increasingly robust conditions paved the way for well-rated and/or well-regarded issuers to speed through the market quickly despite the crowded calendar. For bonds, it was the busiest week this year with $15.5 billion of issuance, while loan arrangers rolled out another $8.1 billion in a mix of M&A and opportunistic business, much the same as the previous week.
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Topics:
High Yield,
Analytics,
BDC,
market analytics,
business development company,
LevFin Insights,
News,
research
BDC COMMON STOCKS
Surprising
Notwithstanding the absence of any BDC sector news, prices continued to rise for a fourth week in a row.
As of September 13, 2019 the UBS Exchange Traded Note with contains most of the 46 public BDCs we track – and which has the ticker BDCS – closed at $20.08.
That was 1.75% higher than the week before.
Likewise, that other barometer of BDC price performance – the Wells Fargo BDC Index – reached 2,793.76.
BDCS is not at a record level, but the Wells Fargo measurement – which provides a “total return” – was again at a new year-to-date high for a second week in a row.
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Topics:
Loans,
Analytics,
BDC,
market analytics,
business development company,
News,
bdc reporter,
research
With leveraged loan market back online, LBOs for CoAdvantage, Del Frisco’s, Waystar, OEConnection to take out BDC-held debt
Both the leveraged loan and high-yield bond markets wasted no time getting back to business despite August’s tenuous market conditions, with issuers stepping forward last week with a mix of opportunistic and M&A-related transactions. Foreshadowing what is expected to be a busy September, the high-yield market saw its first drive-by execution on the Tuesday after Labor Day in seven years as issuers rushed to capitalize on the plunge in U.S. Treasury yields with heightened trade tension last month, even as it reversed course last week with one of the biggest one-day yield gains in three years.
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Topics:
High Yield,
Analytics,
BDC,
market analytics,
business development company,
LevFin Insights,
News,
research
There was very little to move the BDC common stock market sector in the week ended September 6, 2019.
No BDC reported earnings and the news flow was pretty weak.
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Topics:
Loans,
Analytics,
BDC,
market analytics,
business development company,
News,
bdc reporter,
research
BDC COMMON STOCKS
Denial
This was the week that the major markets decided not to worry so much about tariffs; global economic slowdown and the threat of war or military intervention just about everywhere.
As a result, the S&P 500 increased 2.79% and the other key indices moved up as well.
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Topics:
Loans,
Analytics,
BDC,
market analytics,
business development company,
News,
bdc reporter,
research
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