Episode 119: BDC Bond Masterclass with Radcliffe Capital Management’s Steve Katznelson

In today’s episode, Stewart Foley sits down with Steve Katznelson, Founder and CIO of Radcliffe Capital Management, to explore Business Development Company (BDC) bonds and their potential value for insurance portfolios. Steve explains that BDCs, which invest in diversified, secured loans to mid-market American companies, offer high levels of downside protection due to regulated leverage limits. This unique structure can provide bondholders with significant security, even in volatile markets.

Steve further discusses why BDC bonds, though relatively new, are seeing growing interest as an investment-grade opportunity. With similarities to CLOs but generally higher yields and added protections, BDCs offer an attractive niche for those seeking stable, high-quality returns.