J.P. 摩根-美股-消费者金融行业-商业开发公司：行业入门-2019.4.29-62页.pdfVIP免费

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NorthAmericaEquityResearch29April2019BusinessDevelopmentCompaniesBDCs:AnIndustryPrimerSpecialty&ConsumerFinanceRichardShaneAC(1-415)315-6701richard.b.shane@jpmorgan.comBloombergJPMASHANEJ.P.MorganSecuritiesLLCMelissaWedel,CFA(1-415)315-6763melissa.wedel@jpmorgan.comJ.P.MorganSecuritiesLLCCharlesArestia(1-415)315-6757charles.arestia@jpmchase.comJ.P.MorganSecuritiesLLCHarshavRaj(91-22)6157-3340harshav.raj@jpmchase.comJ.P.MorganIndiaPrivateLimitedSeepage59foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.www.jpmorganmarkets.comThisreportisaprimerandoverviewofthebusinessdevelopmentcompany(“BDC”)vertical.Specifically,thereportincludes:AnoverviewofBDCsasinvestmentvehicles,thenatureoftheunderlyinginvestmentsinBDCportfolios,thepass-throughnatureofBDCvehicles,andrequirementstoqualifyasaBDCAreviewoftheleveragedloanmarket,includingissuancetrends,spreadtrends,andhistoricaldefaultratetrendsAreviewofthemiddlemarketsegment,includingsizeandissuanceDiscussionoftheAFFEruling,howthatimpacteddemandforBDCsharesfrominstitutionalinvestors,andwhythatmaychangeintheneartermAsummaryofcurrentP/NAVvaluationmultiplesandacomparisonofthosemultiplesrelativetohistoryfortheBDCsinourcoverageuniversePortfoliodetailsandcompanyinformationabouttheBDCsinourcoverageuniverse2NorthAmericaEquityResearch29April2019RichardShane(1-415)315-6701richard.b.shane@jpmorgan.comTableofContentsIndustryOverview....................................................................3LeveragedLoanLandscape....................................................4APotentialResolutiononAFFE..............................................9RelativeValuation...................................................................1...

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