Círculo de Capital | El fondo de crédito privado insignia de Blackstone registra su primera pérdida mensual desde 2022; UBS obtiene licencia bancaria nacional en Estados Unidos

Blackstone flagship private credit fund BCRED records first monthly loss since 2022

On March 22, it was reported that Blackstone’s flagship private credit fund BCRED experienced a 0.4% monthly loss in February 2026, marking its first negative return since September 2022.

The loss was mainly due to widening spreads in public and private markets, as well as unrealized valuation impairments on certain loan assets, including client service software company Medallia.

According to public information, the BCRED fund has a size of $82 billion, allowing investors to redeem part of their holdings quarterly. In the first quarter of 2026, the fund faced a significant redemption wave, with redemptions totaling $3.7 billion, well above normal levels.

Blackstone stated that despite short-term fluctuations, BCRED’s long-term performance remains robust, with an annualized total return of 9.5% for its Class I shares since inception.

UBS obtains national banking license in the United States

On March 21, UBS Group announced that its U.S. subsidiary, UBS Bank USA, received approval from the Office of the Comptroller of the Currency (OCC), officially obtaining a national banking license, opening new avenues for wealth management expansion.

Public records show that UBS submitted an upgrade application in October 2025 and received conditional approval in January 2026. Group Chairman Kelleher previously stated that after completing the integration of Credit Suisse, the firm would evaluate acquiring other local wealth management institutions to further expand its scale.

UBS emphasized that the license change does not affect current client services, with existing accounts and cash management arrangements remaining unchanged. In the future, it plans to offer more deposit and credit products to high-net-worth clients.

Shenye Group’s 5 billion yuan corporate bond project accepted

On March 20, Shenye Group Co., Ltd. announced that its 2026 private placement corporate bond project for professional investors has been accepted.

According to public information, the issuer of the bonds is Shenye Group Co., Ltd., registered in Guangdong, with a planned issuance of 5 billion yuan. The bonds are private placements, underwritten and managed by CITIC Construction Investment Securities Co., Ltd.

Zhuhai Dahengqin Group’s 5 billion yuan corporate bond project received feedback

On March 20, Zhuhai Dahengqin Group Co., Ltd. updated the status of a private corporate bond project to “Feedback received.”

The full name of the bond is “Zhuhai Dahengqin Group Co., Ltd. 2025 Private Placement Corporate Bonds for Professional Investors,” with a planned issuance amount of 5 billion yuan. The project was accepted on November 28, 2025.

Disclosure indicates that the planned managers for this bond are Shenwan Hongyuan Securities, Ping An Securities, and CITIC Construction Investment Securities.

Shenzhen Investment Holdings’ 30 billion yuan small public offering corporate bonds approved

On March 20, Shenzhen Investment Holdings Co., Ltd. announced that its application for a corporate bond issuance has been approved.

The full name of the bond is “Shenzhen Investment Holdings Co., Ltd. 2026 Public Offering Corporate Bonds for Professional Investors,” with a planned issuance scale of 30 billion yuan. The project is underwritten and managed by Guoxin Securities, CITIC Securities, CITIC Construction Investment Securities, and Guotai Haitong Securities.

The project was accepted by the exchange on March 13, 2026, and updated to “Approved” on March 20.

Shenzhen Investment Holdings’ 10 billion yuan small public enterprise bond approved

On March 20, Shenzhen Investment Holdings Co., Ltd. announced that its 2026 public offering small enterprise bonds for professional investors has been approved.

The bond application size is 10 billion yuan, accepted on March 16, 2026, and updated on March 20, 2026. Underwriters include Guoxin Securities, CITIC Securities, CITIC Construction Investment Securities, and Guotai Haitong Securities.

Pudong Group’s 14.5 billion yuan corporate bond feedback received

On March 21, Shanghai Pudong Development (Group) Co., Ltd. announced that its 2026 public corporate bond issuance project for professional investors has received feedback.

The bond is a public offering with a planned issuance of 14.5 billion yuan. The original equity holder is Shanghai Pudong Development (Group) Co., Ltd., with planned managers including China International Capital Corporation, Guolian Minsheng Underwriting & Sponsoring, CITIC Securities, Aijian Securities, CITIC Construction Investment Securities, and Guotai Haitong.

Public records show that the project was accepted on February 13, 2026.

Disclaimer: The content and data of this article are compiled based on public information and viewpoints, and do not constitute investment advice. Please verify before use.