每日议程：美元乐观击球运动员

The rout in commodity markets continued overnight. Gold and silver extended their losses and front-month West Texas Intermediatecrude oil futuresfell below $50 per barrel, reaching a multimonth low. A perfect brew of a rising U.S. dollar, slack supply and sluggish demand from China and other developing markets have cast a pall over the entire asset class. According to a report released last week by theCommodity Futures Trading Commission, institutions are holding more bearish positions than bullish ones for the first time since 2006. Not all analysts agree that the selling pressure will continue as the Fed begins tightening, however. In a note to clients last week, Jesper Dannesboe, senior commodities strategist at Société Générale in London, recommended that client buy a basket of smaller London Metal Exchange-traded base metals, saying that the sell-off may be overdone and that “a 15–20 percent price gain in the value of this basket over coming months seems plausible.”

Fed releases new capital regulations.美联储昨日推出了一个新的规则，将要求美国八大银行有额外的资本。在信号中央银行正在寻求鼓励贷款人减少尺寸的信号中，美联储政策制定者允许通用电气通过同意将其融资单位减半，选择退出新要求。

Accounting scandal wracks Toshiba.An independent investigator has concluded thatJapanese consumer tech giant Toshibahad overstated earnings by roughly $1.2 billion over the course of six years with the knowledge of CEO Hisao Tanaka and his predecessors. Both Tanaka and Norio Sasaki, the company’s vice chair, resigned today as the company issued a statement expressing apologies to investors.

Novartis guides lower.巴塞尔 - 总部制药公司诺华公司今天发布了第二季度盈利，表现出对去年同期的显着下降，并降低了其Alcon眼科治疗品牌的销售预测。该公司报告竞争增加了汹涌的美国美元had lead to deteriorating prospects.

IBM sales decline again.For the 13th consecutive quarter, Armonk, New York–based technology company International Business Machines Corp. reported declining sales as a strong dollar drove revenues 13.5 percent lower than during second-quarter 2014. The company continues to grapple withcloud-based competition to its hardware divisions.

投资组合视角：新规定BDC的福音—Grier EliaSek，ProSpect Capital Corp.

Business development companies (BDCs) may enjoy astonishing growth over the next few years, thanks to new regulations stemming from Basel III, theDodd-Frank Wall Street Reform and Consumer Protection Actand leveraged lending guidelines. These will restrict the banking industry’s leveraged lending abilities, thus creating opportunities for BDCs to fill the void, according to New York–based financial services firm Cantor Fitzgerald.

Under Basel III, banks face stricter capital requirements, which will deter them from holding leveraged loans on their balance sheets. The Office of the Comptroller of the Currency, the FDIC and Federal Reserve all issued leveraged-lending guidelines that will curb deposit-taking establishments from holding risky assets, including highly leveraged loans. Over the past decade,collateralized loan obligations(clo)的主要贷款人com中间市场panies. But CLOs will likely stop lending to midmarket firms when Dodd-Frank’s new risk retention rules go into effect at the end of next year.

Against this backdrop, GE Capital — the largest lender to middle-market companies — recently said it is leaving the commercial lending business. This leaves a void that BDCs could fill. BDCs have excellent credit quality and should remain in good standing given expectations for continued economic growth for the foreseeable future. At the same time, BDCs’ net interest margins will benefit from aFederal Reserve interest rate hikethat’s widely expected later this year. BDCs borrow at fixed, short-term rates while lending at long-term floating rates.

坐在侧链的大量私募股权资本应该提高兼并和收购。随着这笔钱的工作，它有潜力造成努力融资和交易的需求。据Cantor Fitzgerald称，私募股权公司在私募股权增长资金委员会的数据引用了4660亿美元的未成币资本。Cantor Fitzgerald认为，这一首都将投资于中部市场公司。所有私人股权交易使用杠杆和BDC最优先定位，以提供所需的融资。

虽然，低BDC估值在长期内享有出色的价值和收入投资。BDC以0.88的账面比例交易，与他们的历史平均值为1.16。该行业目前净利息收入9.3倍，低于净营业收入的平均值。目前的股息收益率为9.4％，平均为9.5％。

Grier Eliasek is the president and chief operating officer at展望首都公司是一家提供私人债务和股权，在纽约的公司。