- We take a look at the action in BDCs through the first week of December and highlight some of the key themes we are watching.
- BDCs finished November in the red, in aggregate, with some of the higher-valuation companies underperforming - a typical pro-cyclical valuation pattern.
- Similar to other income sectors, BDCs have tread water in the second half of the year.
- We discuss the meaning of "flexibility" in the BDC capital structure profile and the pros and cons of unsecured notes vs. secured credit facilities.
- And touch on the GBDC earnings release and the recent roundtrip in TCPC valuation.
For further details see:
BDC market Weekly Review: Breaking Down Borrowing Flexibility