Coverage, charts, video and research on Video Briefing for universal owners.
An afternoon follow-on to the morning brief — Bank of America's ~$20B private-credit disclosure, the Fed Vice Chair's May 8 speech on corporate-lending migration, and the European / semi-liquid rotation.
Private credit hits its first real liquidity test as redemption gates close at Blue Owl and Blackstone funds — yet CalPERS, APG and Nest keep buying. CalPERS retires strategic asset allocation for a total portfolio approach on July 1, and Mubadala buys into the world’s largest offshore win
Foreign governments were net sellers of US securities in March while private investors bought $162bn — the clearest sign yet that the marginal buyer of Treasuries is no longer official money. Plus: China’s holdings hit a 17-year low, and central banks bought 244 tonnes of gold.
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