Anna Reshetnikova/iStock via Getty Images Overview Business development companies continue to face headwinds due to a variety of factors. We have higher interest rates putting pressure on portfolio companies, and the uncertainty around AI is negatively impacting the cash flows for many borrowers. Unfortunately, Nuveen Churchill Direct Lending ( NCDL ) is no exception to these headwinds. When I pre...
Anna Reshetnikova/iStock via Getty Images Overview Business development companies continue to face headwinds due to a variety of factors. We have higher interest rates putting pressure on portfolio companies, and the uncertainty around AI is negatively impacting the cash flows for many borrowers. Unfortunately, Nuveen Churchill Direct Lending ( NCDL ) is no exception to these headwinds. When I previously covered NCDL, I issued a sell rating due to the steep NAV declines and lower earnings. Since NCDL just reported its Q1 earnings, I wanted to revisit the BDC to reassess its value proposition and determine whether or not we've seen the worst of things. Looking at the performance over the last twelve months, we can see that NCDL's share price has declined by more than 13.8%. Even when including all distributions that were paid out to shareholders, the total return sits at a loss of 2.6% over the same time frame. NCDL now offers investors a starting dividend yield of about 10.9%, while issuing those payouts on a quarterly basis. Following the latest earnings report, NCDL has demonstrated that it is still capable of generating net investment income that outpaces those payouts. Data by YCharts Although the dividend is still supported by earnings, I find myself questioning whether or not the high income is worth the risk. After assessing the current portfolio structure and rate of new investment activity, I see a strong probability for the NAV to continue its descent. Management has struggled to allocate sufficient capital towards new investments, and a high interest rate continues to threaten the odds of this improving in the near-term. Q1 Earnings According to the latest portfolio overview , NCDL now has total investments with a fair value of $1.97B that are spread across a diverse range of portfolio companies. However, the portfolio value has trended down year-over-year, which is an indication that the portfolio is struggling to sufficiently grow its portfolio. Despite...
Gilead Sciences ( GILD ) announced that it has priced senior unsecured notes totaling $3B in a public offering. This includes $500M of 4.250% senior notes maturing in 2028, $1B of 4.400% senior notes maturing in 2029, $1B of 4.600% senior notes maturing in 2031, and $500M of 4.900% senior notes maturing in 2034. The offering is expected to close on May 20, 2026, pending standard conditions. Gilead...
Gilead Sciences ( GILD ) announced that it has priced senior unsecured notes totaling $3B in a public offering. This includes $500M of 4.250% senior notes maturing in 2028, $1B of 4.400% senior notes maturing in 2029, $1B of 4.600% senior notes maturing in 2031, and $500M of 4.900% senior notes maturing in 2034. The offering is expected to close on May 20, 2026, pending standard conditions. Gilead plans to use the money raised for general corporate purposes, including acquisitions , investments, strategic transactions, or other business opportunities. More on Gilead Sciences Gilead's Transition Into A Long-Duration Biotech Platform Gilead Sciences, Inc. (GILD) Presents at Bank of America Global Healthcare Conference 2026 Transcript Gilead Sciences, Inc. (GILD) Q1 2026 Earnings Call Transcript Biopharmas look to China, elsewhere for partnerships, R&D Trump 'Most Favored Nation' drug policy risks China R&D takeover
European stocks fell by the most since March as the latest rise in oil prices fanned inflation fears and worsened a global bond selloff. The Stoxx 600 declined 1.5% on Friday as risk sentiment spluttered in the face of rising bond yields . Rate-sensitive sectors such as banks, utilities and real estate saw broad based weakness, while the pullback in metals from gold to copper led miners lower afte...
European stocks fell by the most since March as the latest rise in oil prices fanned inflation fears and worsened a global bond selloff. The Stoxx 600 declined 1.5% on Friday as risk sentiment spluttered in the face of rising bond yields . Rate-sensitive sectors such as banks, utilities and real estate saw broad based weakness, while the pullback in metals from gold to copper led miners lower after a strong week. Energy stocks were the one bright spot, while healthcare and consumer staples outperformed as investors sought out defensive plays. Brent crude rose above $109 a barrel after President Donald Trump told Fox News the US doesn’t need the Strait of Hormuz open. Markets were also disappointed that Trump’s summit with Chinese leader Xi Jinping failed to yield any commitment from Beijing toward ending the Iran war. “With a background of bond markets looking unsettled, with the problem of inflation, with the Strait of Hormuz not having a solution out of that Summit, I think there will definitely be some volatility to come,” Paul Skinner , investment director at Wellington Management, told Bloomberg TV. Read: BofA’s Hartnett Says Stock Market Ripe for Profit Taking in June European stocks have underperformed US and Asian shares since the start of the Iran war, given the region is seen more exposed to the impact of higher energy prices on inflation and economic growth. Money markets are pricing about three interest rate hikes this year from the European Central Bank and Bank of England. ECB Governing Council member Yannis Stournaras warned borrowing costs may rise if oil prices stay at current levels, while Huw Pill, the Bank of England’s chief economist, said late Thursday that a rate hike may be needed in the UK to combat inflation. Among individual stocks, Salvatore Ferragamo SpA fell 18% low after reporting disappointing first-quarter sales. LVMH Moët Hennessy Louis Vuitton dropped after announcing plans to sell the Marc Jacobs label to WHP Global. For more on e...
TasfotoNL/iStock Editorial via Getty Images The recent Q1 report shows that ABN AMRO Bank N.V. ( AAVMY ) ( ABMRF ) is moving in the right direction. The Dutch bank is executing well on its 2028 targets, set during last year’s Capital Markets Day . The main goals are a Return on Equity (ROE) of above 12% and a cost/income ratio below 55%. While backed by excess capital, ABN AMRO also aims to return...
TasfotoNL/iStock Editorial via Getty Images The recent Q1 report shows that ABN AMRO Bank N.V. ( AAVMY ) ( ABMRF ) is moving in the right direction. The Dutch bank is executing well on its 2028 targets, set during last year’s Capital Markets Day . The main goals are a Return on Equity (ROE) of above 12% and a cost/income ratio below 55%. While backed by excess capital, ABN AMRO also aims to return roughly 30% of the current market cap through dividends and buybacks over 2026 – 2028. In my previous article earlier this year, I highlighted ABN AMRO's historic challenges. Throughout the last decade, the bank struggled to keep costs under control. The cost/income ratio consistently landed above 60% and impacted profitability. ABN AMRO only occasionally reached an ROE above 10%. This made it one of the poorer performing European banks. After the FY 2025 report, I assigned a Hold rating with a target price of around €29. Then, the bank’s valuation, at 1x book value, already largely reflected a ramp-up in profitability. Therefore, ABN AMRO needed to show more progress towards the 2028 targets to justify an even higher valuation. Now, the Q1 report and recent developments give enough confidence to increase my outlook to a Buy rating, with a target price of €33. This implies a valuation of 1.1x book value. The upgrade is based on three changes. Firstly, as the cost-reduction program is progressing ahead of schedule, management lowered the cost guidance for the ongoing year by €100 million to €5.5 billion. Also, the capital buffer has received a boost due to loosening regulatory requirements, making the backing of shareholder returns more solid. Finally, ABN AMRO could benefit from higher interest rates, which creates upside on the company’s income guidance. Cost: Execution is becoming more credible The cost reduction program is the key to the 2028 targets. ABN AMRO had a history of promising – and not delivering - lower costs. Previously, the bank struggled with rising wages...
Malaysia will not oppose a bid by a fugitive businessman involved in the massive 1MDB corruption scandal to seek a pardon from US President Donald Trump, Prime Minister Anwar Ibrahim said on Friday. Speaking to reporters during a visit to Seremban district, south of Kuala Lumpur, Anwar described the plea by Low Taek Jho as a “non-issue”. The businessman, better known as Jho Low, is formally seekin...
Malaysia will not oppose a bid by a fugitive businessman involved in the massive 1MDB corruption scandal to seek a pardon from US President Donald Trump, Prime Minister Anwar Ibrahim said on Friday. Speaking to reporters during a visit to Seremban district, south of Kuala Lumpur, Anwar described the plea by Low Taek Jho as a “non-issue”. The businessman, better known as Jho Low, is formally seeking a “pardon after completion of sentence”, according to the US Department of Justice...
panida wijitpanya/iStock via Getty Images By Min Joo Kang , Senior Economist, South Korea and Japan Korea's terms of trade improved sharply, adding to upside risks Trade price dynamics explain why South Korea's economy is showing resilience despite energy shocks. Korean exporters have passed on input price hikes to output prices, mostly to intermediate goods such as electronics and petroleum produ...
panida wijitpanya/iStock via Getty Images By Min Joo Kang , Senior Economist, South Korea and Japan Korea's terms of trade improved sharply, adding to upside risks Trade price dynamics explain why South Korea's economy is showing resilience despite energy shocks. Korean exporters have passed on input price hikes to output prices, mostly to intermediate goods such as electronics and petroleum products. With export prices rising faster than import prices, the terms of trade improved quite meaningfully. Import prices in KRW base rose 20.2% year-on-year in April, a similar pace from the previous month's 20.5%. Dubai oil prices stabilised slightly in April compared to March, limiting further gains in import prices. For example, CPN (Coal, petroleum, natural gas) prices rose 38% YoY, but decelerated from 49% gain in March. Yet, the price excluding food and energy rose further to 15.6% from 12.6% in the previous month, indicating that price pressures widened. Meanwhile, export prices rose much faster than import costs. Export prices rose quite sharply, by 41% compared to 29.5% in March. Export price began rising in September, in line with semiconductor price trends. Semiconductor prices rose 156% in April, following a 121% rise in March. Since the beginning of the Middle East conflict, price pressures on refinery/petrochemical products have become more pronounced. Diesel and jet fuel prices rose by 139% and 130% each. In volume terms, exports rose by 12.4% YoY, while imports fell by 0.1%. We expect both exports and imports to decline in the coming months. But imports will likely contract more quickly than exports, so the overall trade balance should remain positive. Inflation pressures strengthen while the terms of trade improves in April Source: CEIC Upside risks for current GDP outlook Today's data suggested more upside risks for Korea's GDP in the current quarter. We have upgraded our growth outlook to 2.8% YoY from 2.0%, but we see a higher chance of another upgrade on...
Virgin Galactic Holdings ( SPCE ) on Thursday filed a $40.2 million mixed securities shelf registration to maintain its existing at-the-market offering program. This registration replaces a previous 2023 shelf that is set to expire on June 22, 2026, according to a filing . The stock was up 1.7% in extended trading. More on Virgin Galactic Virgin Galactic Holdings, Inc. (SPCE) Q1 2026 Earnings Call...
Virgin Galactic Holdings ( SPCE ) on Thursday filed a $40.2 million mixed securities shelf registration to maintain its existing at-the-market offering program. This registration replaces a previous 2023 shelf that is set to expire on June 22, 2026, according to a filing . The stock was up 1.7% in extended trading. More on Virgin Galactic Virgin Galactic Holdings, Inc. (SPCE) Q1 2026 Earnings Call Transcript Virgin Galactic Holdings, Inc. 2025 Q4 - Results - Earnings Call Presentation Virgin Galactic: The Clock Is Ticking, But The Execution Gap Is Narrowing (Upgrade) Virgin Galactic outlines 4 flights per month in January 2027 and targets 8 flights per month by Q2 2027 as $750,000 tranche nears close in Q3 Virgin Galactic GAAP EPS of -$0.81 beats by $0.19, revenue of $0.23M misses by $0.01M