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LevFin Insights BDC Portfolio News 6-17-19

Posted by Thomas Dunford on Jun 18, 2019 9:00:00 AM

Allied Universal to widen margin on most 1L debt; existing holders include BDVC, OCSL

Bifurcated market conditions continued to reign in new-issue loans despite modest deal flow and a panoply of deal revisions that reflect the challenging nature of the current calendar; in the month to date B3 issuers comprise 44% of rated volume, the highest percentage since December. Bonds charged forward with a bunch of refi-related prints tight to talk, but the two buyout financings met some inevitable pushback on issuer-friendly terms.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

BDC Common Stocks Market Recap: Week Ended June 14, 2019

Posted by Nicholas Marshi, BDC Reporter on Jun 17, 2019 9:29:06 AM

BDC COMMON STOCKS

Out Of The Ordinary

Unusually, the BDC sector outstripped the major indices in the week ended June 14, 2019. As the chart below illustrates, BDCS – the UBS Exchange Traded Note which includes most of the 45 public public funds we track – was up 1.4%, to $19.92. BDCS is in blue.

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Topics: Loans, Analytics, BDC, market analytics, business development company, News, bdc reporter, research

LevFin Insights BDC Portfolio News 6-10-19

Posted by Thomas Dunford on Jun 11, 2019 8:45:00 AM

Avantor repricing to narrow yield on debt held by BDVC, OCSI, OCSL, FSK

High-yield took center stage last week as investors shrugged off outflows and cozied up to a busy new-issue calendar bolstered by falling U.S. Treasury yields that helped support an attractive refinancing window, which drew big names such as HCA, Sirius XM Radio, Vistra Energy and even Intelsat. New-issue loans, on the other hand, were mixed as bifurcated market conditions that have existed for much of the year are coming into sharper focus.

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Topics: High Yield, Analytics, BDC, market analytics, business development company, LevFin Insights, News, research

BDC Common Stocks Market Recap: Week Ended June 7, 2019

Posted by Nicholas Marshi, BDC Reporter on Jun 10, 2019 11:01:22 AM

BDC COMMON STOCKS

Come Back

In a week where the major indices came roaring back, following a worrying slump, the BDC sector joined the party.

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Topics: Loans, Analytics, BDC, market analytics, business development company, News, bdc reporter, research

BDC Common Stocks Market Recap: Week Ended May 31, 2019

Posted by Nicholas Marshi, BDC Reporter on Jun 4, 2019 9:15:00 AM

BDC COMMON STOCKS

All Done

With the big drop in the broader markets – and in the BDC sector – the BDC rally is done. BDCS dropped (2.9%) this week to $19.18. That level of BDCS is (5.2%) off the February 22, 2019 high.

By our self imposed rules any drop over (5%) from a high point ends a rally, so there you are. That means this latest rally – in the volatile up and down world of BDC common stocks – lasted from December 24, 2018 to May 31, 2019. That’s 5 months and 1 week. From lowest to highest (using intra-day numbers) BDCS moved up 18.12%.

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Topics: Loans, Analytics, BDC, market analytics, business development company, News, bdc reporter, research

LevFin Insights BDC Portfolio News 6-17-19

Allied Universal to widen margin on most 1L debt; existing holders include BDVC, OCSL

BDC Common Stocks Market Recap: Week Ended June 14, 2019