Capital Circle | BlackRock's Flagship Private Credit Fund Posts First Monthly Loss Since 2022; UBS Obtains U.S. National Bank Charter

Blackstone’s flagship private credit fund BCRED experiences its first monthly loss since 2022

On March 22, it was reported that 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 was mainly due to widening spreads in both public and private markets, as well as unrealized valuation impairments on certain loan assets, including client service software company Medallia.

According to publicly available information, BCRED has a fund size 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 withdrawals totaling $3.7 billion, far exceeding normal levels.

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

UBS obtains a national banking license in the United States

On March 21, UBS Group AG 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 opportunities 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, the bank plans to offer more deposit and credit products to high-net-worth clients.

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

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

According to public information, the issuer is Shen Ye Group Co., Ltd., based in Guangdong, with a proposed issuance total 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. reported that a private corporate bond project was updated 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.

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 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 is “Shenzhen Investment Holdings Co., Ltd. 2026 Public Offering Corporate Bonds for Professional Investors,” categorized as small public offerings, with a planned issuance scale of 30 billion yuan. The underwriters and managers are 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 bonds approved

On March 20, the status of Shenzhen Investment Holdings Co., Ltd.'s 2026 small public offering corporate bonds for professional investors was updated to “Approved.”

The bond application size is 10 billion yuan, accepted on March 16, 2026, with the update 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 updated to “Feedback Received”

On March 21, Shanghai Pudong Development (Group) Co., Ltd. announced that its 2026 public offering corporate bond project for professional investors is now marked as “Feedback Received.”

The bond type is public offering, with an issuance amount 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 Securities.

According to publicly available information, the project was accepted on February 13, 2026.

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