BeBeez Trading Floor roundup with eToro support about the performances of private capital firms listed on global exchanges.
Federal Reserve’s decision to leave interest rates unchanged did not impact monetary markets despite geopolitical tensions in the Middle East pushed up the oil price, a macroeconomic indicator that is not yet harming US economy.
Nyse-listed private credit giants Apollo Global Management (+7.2%), KKR (+4.7%) and Blue Owl (+4.2%) recovered after communication campaigns. Speaking on the sidelines of RBC Capital Markets Global Financial Institutions Conference of 11 March, Wednesday, Michael Arougheti, the ceo of Ares Management (+4%), said that the firm’s main BDC vehicle with more than 900 borrowers has not any NPE. The director previously denied UBS analysts’ reports saying that the private credit default rate could be in the region of 15%. Ares increased its quarterly dividend by 20% for a total of 1,35 US Dollars and an above 5% annualised return.
Apollo and KKR carried on shares buyback while Blue Owl sold assets worth in the region of 600 million (99.7% of the face value) and proved that its loans are liquid assets.
Giovanni Tamburi, the ceo of Milan-listed Tamburi Investment Partners (-10.5% – TIP), indirectly quoted Blue Owl in a letter to the firm’s shareholders and said that US giants’ assets appraisals are not realistic and such firms abuse of Payment-in-Kind deals that allow borrowers not to pay interest in cash while accruing them on their liabilities. However, investors pardoxically penalised TIP.
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