The BDC Credit Reporter curates several news feeds relating to what is happening in the world of corporate, non-investment grade credit. Besides collecting these news items in reverse chronological order - from the latest till the beginning of 2023 - we often add our own commentary. For each feed, just click. New content is being added all the time.
The key News Feed is of credit developments at BDC-financed companies. You'll find the company articles from the BDC Credit Reporter, which typically involve major developments. However, there are many other news items of interest, which also get logged into the BDC Company database. In each story, we identify the public BDCs involved by their ticker and add commentary as needed.
There's a $1.4 trillion "private credit" universe out there in the U.S. alone, according to Prequin. BDCs - depending on how you count - finance only a fifth of the assets involved. As a result, there are plenty of leveraged non-investment grade companies financed by non-BDC sources - banks, investment funds, private offices, sovereign wealth, etc. We can learn a great deal about what's happening to credit conditions from what's happening to those companies, so we track developments there as well and seek to identify in each case the industries involved and add bespoke commentary, if appropriate.
Wait, there's more. We also read widely about factors that affect leveraged lending and like to select the most intriguing, to which we add our own thoughts. We've called this Leveraged Finance Credit Trends. There are far fewer articles here than in the news feeds, but the articles included should provide readers with plenty of food for thought.
The main determinant of what happens to credit conditions is the performance of the economy - both in the United States and around the world. A great deal is written about this subject, but we choose only the occasional piece that we believe provides some unusual information or insight. The feed is called Trends In The Economy and only contains articles written in 2023. We also seek with our tags to identify in each article what aspect of the economy is being covered.