Cracks appear in the private debt market [Reuters]
Bain Capital Specialty Finance, Inc. (BCSF)
Last bain capital specialty finance, inc. earnings: 2/26 04:15 pm
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Source: Reuters
Cracks appear in the private debt market NEW YORK, Nov 22 (LPC) - A large number of business development companies (BDC) reporting earnings on the third quarter of the year saw their net asset value (NAV) per share drop as a declining Libor rate and underperforming credits take their toll on middle market lenders. The NAV of 83% of BDCs in the US deteriorated in the third quarter, according to BDC Collateral, continuing a similar downward trend from the second quarter. Driving the decline is the US Federal Reserve’s decision to cut rates three times this year, a dramatic pivot from the rising interest-rate policy in effect this time last year. In October, the base rate was cut to 1.5%-1.75%. Because the loans BDCs provide to middle market companies are floating rate, the cut in the base rate has put pressure on yields. Libor, for instance, is 1.9% today, down from 2.8% in December. As rates climbed in 2018 spreads in the middle market tightened, but even as rates came down this year,
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BCSF
Earnings
- 2/27/24 - In-Line
BCSF
Sec Filings
- 4/23/24 - Form 8-K
- 4/22/24 - Form DEF
- 4/10/24 - Form 40-17G
- BCSF's page on the SEC website