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...Were BlackRock to find its transformative deal, it would likely set off even greater change within the private capital industry....
...By 2026 it must refinance or pay off a $1bn convertible bond. This may require a Carvana-like fight....
...The bonds had been considered the next best thing after government debt. Now, not so much. While some distressed debt investors have been offloading their bonds, it’s not all doom and gloom....
...CME Group said it will apply to clear US Treasuries, becoming the first exchange company to publicly state its ambitions to grab a lucrative slice of the world’s biggest bond market....
...The short answer is that higher bond yields have clogged up the PE pipeline. Bain & Co’s latest private equity review gives a longer answer....
...“I’ve been around this industry for a long time, and I’ve seen these trends come and go,” he told CNBC....
...Smart read The boss of French car giant Stellantis has warned that an electric vehicle price war risks creating a “bloodbath” in the auto industry, report Steff Chávez and Peter Campbell....
...It told investors that the gains were largely driven by the recent sell-off in bond markets....
...Trustees have also warned that industry moves to make the financial system more resilient could yet lead to unintended consequences....
...For now, though, there seem to be plenty of willing bond buyers out there, ready to lock in decent yields....
...Overall, the global ETF industry recorded net inflows of $965bn last year, according to data from BlackRock, up from $867bn in 2022. This was the second-highest figure on record, behind 2021’s $1.3tn....
...These types of funds pulled in about 22 per cent of net ETF flows in March despite accounting for less than 7 per cent of the $8.9tn industry....
...The top 1,000 most referenced stock and bond market indices in the US fund industry have about $13.5tn of assets benchmarked against them, and are tracked by $18.6tn, according to Morningstar....
...The risk-on sentiment was felt across the industry....
...“The once steady stream into bond ETFs witnessed a slowdown, reflecting investor recalibration of rate-cut expectations,” says Garcia-Zarate....
...You could extinguish the entire global high yield bond market (ok one of these isn’t true)....
...*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com....
...Davis, who was born in Germany to a US military family, joined Vanguard’s bond indexing team 24 years ago, and has been CIO since 2017....
...Within the industry, the unit is regarded as opaque....
...“A fee skirmish broke out in high-yield index ETFs in July, when [Charles] Schwab entered the high-yield bond market at the same price as the lowest-cost high-yield bond ETF [State Street’s high-yield bond...
...It is strong protection against the risk of counterparty failure because the value of the government bonds you hold is likely to rise if your counterparty fails....
...About 80 per cent of the retailer’s outstanding bonds have change-of-control provisions, according to CreditSights. (That’s all of the bonds issued after 2005.)...
...The recovery in global corporate bond and loan markets began after the Federal Reserve signalled it sees a path to cutting interest rates later this year....
...Ogunlesi had built GIP in less than two decades into one of the standout firms in the lucrative private investment industry....
...Those programmes tend to put a bid under bonds, because they favour the use of bonds as collateral against the Fed’s credit,” he said....
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