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 shows its first monthly loss since 2022

March 22 news, Blackstone’s flagship private credit fund BCRED recorded a 0.4% monthly loss in February 2026, marking its first negative return since September 2022.

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

According to public information, the BCRED fund has a scale of $82 billion, allowing investors to redeem part of their holdings quarterly. In the first quarter of 2026, the fund experienced a significant redemption wave, with redemptions reaching $3.7 billion, far exceeding 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 a national banking license in the United States

March 21, UBS Group AG announced that its U.S. subsidiary, UBS Bank USA, has 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 will evaluate acquiring other local wealth management institutions to further expand its scale.

UBS emphasized that the license change does not affect current customer service, 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.

Shen Ye Group’s 5 billion yuan corporate bond project accepted

March 20, Shen Ye Group Co., Ltd. announced that its 2026 non-public corporate bond issuance for professional investors has been accepted.

According to public information, the issuer of this bond is Shen Ye Group Co., Ltd., registered in Guangdong, with a planned issuance total of 5 billion yuan. The bond type is private placement, underwritten and managed by CITIC Construction Investment Securities Co., Ltd.

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

March 20, Zhuhai Dahanqin Group Co., Ltd. announced that its private corporate bond project has received feedback.

The full name of the bond is “Zhuhai Dahanqin Group Co., Ltd. 2025 non-public issuance of corporate bonds for professional investors,” with a planned issuance amount of 5 billion yuan. The project was accepted on November 28, 2025.

Disclosed information 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 bond approved

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

The full name of this bond is “Shenzhen Investment Holdings Co., Ltd. 2026 public issuance of corporate bonds for professional investors,” categorized as a small public offering, with a planned issuance scale of 30 billion yuan. The project is jointly 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

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

The declared scale of this bond is 10 billion yuan, with an acceptance date of March 16, 2026, and an update date of 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

March 21, Shanghai Pudong Development (Group) Co., Ltd. announced that its 2026 public issuance of corporate bonds for professional investors is in “feedback” status.

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

According to public information, this 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.

【Editor: Guo Jiandong】