Wall Street closes at a record for the first time since end of January
Investing.com -- Pacific Investment Management Co. purchased all $400 million of bonds issued Monday by a Blue Owl Capital Inc. private credit fund, according to a report from Bloomberg News, citing people with knowledge of the matter.
The purchase occurred during a selloff that pushed spreads on notes from similar funds to multiyear highs in recent weeks, driven partly by concerns over lending standards and exposure to software companies vulnerable to disruption from artificial intelligence. Whether Pimco plans to hold the bonds remains unclear, with at least one secondary-market trade exceeding $5 million occurring since the sale, according to Trace data.
The bonds were sold by Blue Owl Capital Corp., known as OBDC, which provides direct loans to mostly small and mid-size companies. Morgan Stanley served as the sole bookrunner on the offering.
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