
4Q 2019 New Issues Analysis: Volume 1
Posted on February 12, 2020New 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.
Written by Sourav Srimal, Global Head of Operations at Advantage Data. To contact Sourav, email ssrimal@advantagedata.com
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