Business
BlackRock Stock Sinks After It Caps Withdrawals From Private Credit Fund
BlackRock shares tumbled after the asset manager limited withdrawals from one of its flagship private credit funds for the first time.
The HPS Corporate Lending Fund, a non-traded business development company marketed to individuals, said it will not repurchase shares beyond the promised 5% liquidity threshold it offers each quarter, after receiving investor requests to redeem more than 5% of total shares for the first time.
The fund, known by ticker HLEND, received requests to redeem 9.3% of shares in the most recent quarter, according to a letter sent to investors on Friday.
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A topsy turvy day has Treasury yields ending Friday’s session lower, while still logging hefty weekly gains.
Yields, which move in the opposite direction of bond prices, initially climbed overnight with oil prices. They then fell immediately after a disappointing jobs report, only to rebound and then fall again.
Bonds are facing strong crosscurrents. Pushing up on yields, rising energy prices are making investors worried about a rebound in inflation that could make it harder for the Federal Reserve to cut interest rates. Even so, some investors think that the Middle East conflict could eventually cause yields to fall by slowing the economy and increasing demand for safer assets.
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A surge in jet-fuel costs is threatening major disruptions for global airlines as the conflict in the Middle East continues to drive up crude-oil prices.
Oil prices are up about 50% so far this year and jet-fuel prices have more than doubled, Deutsche Bank analysts said in a note Friday. The spread between jet-fuel prices and underlying oil prices are exceeding the total per-barrel price of oil in regions like the Gulf Coast and West Coast, they said.
The last time this happened was in 2005 in the wake of Hurricanes Katrina and Rita, which caused significant and widespread damage to the airline industry and played a factor in Delta Air Lines and Northwest Airlines filing for Chapter 11 bankruptcy, the analysts said.
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