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4Q 2019 New Issues Analysis: Volume 1

Posted on February 12, 2020

New Issues analysis is powered by AdvantageData’s award-winning BDC platform.

 

As of February 11, 2020, 14 BDCs have reported their Q4 2019 earnings Aggregate New Issues volume reported so far amounts to a little under 1 Billion (USD). For the purpose of this analysis, only new portfolio companies have been included.

BDC	Fair Value (1000)	% of Fair Value
Apollo Investment Corp	302,843	31.92%
Oaktree Specialty Lending Corp.	134,493	14.17%
Prospect Capital	114,615	12.08%
PennantPark Floating Rate Capital	107,518	11.33%
Pennant Park Investment	89,309	9.41%
Capital Southwest Corporation	65,404	6.89%
Golub Capital	53,640	5.65%
Gladstone Capital Corp.	38,000	4.00%
Investcorp Credit Management BDC Inc.	22,859	2.41%
Oaktree Strategic Income Corp.	20,208	2.13%
Grand Total	948,889	100.00%

Apollo Investment Corp, Prospect Capital and Oaktree accounts for almost 60% of the New Issues Volume.

 

Pricing

92% of the New Issues were First Lien. 68% of the First Lien priced between L+450 and L +750.

Fair Value (1000)	Coupon Spread (Libor +)
	350-450	450-600	600-750	750-800	800-950	Grand Total
Investment Type
First Lien	66,257	388,563	251,730	64,208	80,395	851,153
Second Lien			503	12,250	21,797	34,550
Unitranche		36,750	10,074	3		46,827
Grand Total	66,257	425,313	262,307	76,461	102,192	932,530

New Portfolio Companies

Download the list of New Portfolio Companies.
Download The Data

Please contact info@advantagedata.com for more granular details on BDCs New Issues.

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Written by Sourav Srimal, Global Head of Operations at Advantage Data. To contact Sourav, email ssrimal@advantagedata.com