BIZD: Market Vectors BDC Income ETF Instablogs

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Wednesday, June 19, 11:19 AM Triangle Capital (TCAP -1.1%) updates its investor presentation as its annual analyst and investor meeting gets underway. Why TCAP as opposed to other BDCs? Internally managed BDCs like TCAP, MAIN, and HTGC have lower relative G&A expenses and deliver better returns to owners. Why BDCs (BDCS) over regional banks? Fewer banks with far more conservative capital structures are leaving plenty of market share for BDCs to pick up. 2 Comments [Financials]
Friday, June 7, 10:43 AM Treasury prices are sharply lower, but high yield (HYG +0.6%) is enjoying a nice bounce after a rough few weeks. The move is translating into higher prices for BDCs (BDCS +1.5%) - whose assets are somewhat comparable to junk debt. Leading: Prospect (PSEC +1.2%), Main Street (MAIN +2.2%), Triangle (TCAP +1%), MCG (MCGC +1.6%), American Capital (ACAS +1.7%), Fifth Street (FSC +1.1%), and Golub (GBDC +0.9%). As SA's Alberto Alfonso points out, American Capital - for one - can take advantage of recent declines to buy back even more shares at well below book value. 1 Comment [Financials, On the Move]
Thursday, May 2, 12:59 PM American Capital (ACAS +1.9%) gets a little love from Wells Fargo after yesterday's post-earnings swoon. The stock trades at a massive discount to its BDC brethren - 0.74x NAV compared to 1.08x for the group - likely because of its policy of buying back shares instead of paying a dividend. Did ACAS have credit issues during the financial crisis? Yes, but no more so than MCGC which trades at book. "Market irrationality," say the analysts. 6 Comments [Financials, Quick Ideas]
Monday, April 22, 10:46 AM A selection of BDCs (HTGC, GBDC, NMFC, ARCC, FSC) are on the rise after a weekend Barron's article suggests high-yield fans (HYG, JNK) receiving around a 5% yield might consider a bit of "valuation arbitrage." BDCs yielding north of 8% loan money to non-IG companies, but their paper is better-protected than junk bonds. Rising recognition of this could narrow the gap, suggests Wells' Jonathan Bock. BIZD +1.2%. 4 Comments [Financials]
Thursday, February 28, 11:21 AM Billed as a private equity ETF, the newly listed PEX owns no Blackstone, KKR, or Fortress. The top U.S. holdings - ARCC, ACAS, PSEC, AINV, FSC - will be well-known to fans of BDCs though. 9 Comments [Financials]
Tuesday, February 12, 7:18 PM Market Vectors launched the BDC Income ETF BIZD today. Product manager Brandon Rakszawski mentions that the ETF will provide exposure to private companies that many investors could not otherwise access, "allowing for potential growth and yield generation." Competitors: BDCL, BDCS (pdf) Comment!

BIZD Market Vectors BDC Income ETF

BIZD

Market Vectors BDC Income ETF