Plunging Libor to dampen private credit funds’ returns [Reuters]
Owl Rock Capital Corporation (ORCC)
Last owl rock capital corporation earnings: 2/19 04:09 pm
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Source: Reuters
Plunging Libor to dampen private credit funds’ returns NEW YORK, March 5 (LPC) - A drop in a key interest rate that business development companies (BDCs) use when lending to small to mid-sized companies is expected to diminish earnings in the private credit market. BDCs have reported lower portfolio yields as a result of the continued decline of the London interbank offered rate (Libor), the interest rate on which most BDC investments are based. For BDCs, which are investment companies that use their capital to make loans to or buy ownership in private companies, a lower Libor means decreased earnings power. This, in turn, means lower returns. Libor, which has trended downward since the end of 2018, fell sharply in recent days. Following an emergency move on Tuesday by the Federal Reserve (Fed) to cut interest rates by 50bp to blunt the impact of the growing threat from the coronavirus outbreak, three-month Libor fell to 100bp Wednesday. The benchmark started the year at 190bp. “The F
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