Cercle du capital | Le fonds de crédit privé phare de Blackstone enregistre sa première perte mensuelle depuis 2022 ; UBS obtient une licence bancaire nationale aux États-Unis

Blackstone flagship private credit fund BCRED records 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.

The loss mainly resulted from 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 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 totaling $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 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 client services, with existing accounts and cash management arrangements remaining unchanged. In the future, it will offer more deposit and credit products to high-net-worth clients.

Shenye Group’s 5 billion yuan corporate bond project accepted

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

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

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

Disclosure indicates that the planned managers 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 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 offering corporate bond approved

March 20, Shenzhen Investment Holdings Co., Ltd. announced that its 2026 private placement corporate bond project 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 project feedback update

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

The bond is a public offering, with a planned issuance 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 Underwriting & Sponsoring, CITIC Securities, Aijian Securities, CITIC Construction Investment Securities, and Guotai Haitong.

Public information shows 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.