As a pure yield matter, the average BDC has been a significant better play than single-B high yield bonds, with that spread widening…. Subscribe to Read MoreAlready a member? Log in here...
This week we continue our conversation with Greg Mason and Troy Ward, managing directors with KBW’s North America Equity Research team. Messrs. Mason and Ward specialize in business development company research. Second of two parts – View part one The Lead Left: What about financing costs? How do lenders to a BDC figure out what to charge?…
European secondary loan trading volume fell 11.5 percent to $18.27 billion during the third quarter from $20.64 billion in the second quarter. The number of trades also fell 14 percent to 3,005 from 3,528 in 2Q14. It is the same picture when comparing with… Subscribe to Read MoreAlready a member? Log in here...
Source: S&P Capital IQ Contact: Nidhi Tulli nidhi.tulli@spcapitaliq.com
When business development companies were created by Congress in 1980, they were designed in response to concerns about liquidity. Specifically, a provision in the 1940 Act limited the number of holders of investment company securities to 100 persons. That, of course, effectively eliminated public ownership. Private equity and venture capital firms argued this would put…
This week we speak with Greg Mason and Troy Ward, managing directors with KBW’s North America Equity Research team. Messrs. Mason and Ward specialize in business development company research. The Lead Left: Guys, really appreciate your time today. What’s your current view of the BDC space? Greg Mason: Thanks, Randy. The long-term view is that…
10.5 percent of domestic banks reported easing terms in the last three months to larger firms, roughly on par both with the July survey and the survey at this time last year, according to the latestFederal Reserve Senior Loan Officer Opinion Survey…. Subscribe to Read MoreAlready a member? Log in here...
It is apparent to all market participants that volatility, so long dormant in this QE-saturated era, has returned in recent weeks. The credit asset class is no exception. The Markit VolX Europe, which measures realised volatility in the Markit iTraxx Europe index, reached its highest point since the “taper tantrum”… Subscribe to Read MoreAlready a