Blackstone’s flagship private credit fund BCRED raised $750 million in five-year notes on August 17, nearly 50% above its initial target of approximately $500 million, while Blue Owl Technology Finance Corp. doubled its own goal by pricing $400 million against an original $200 million plan. Both deals were the first major business development company bond issuances of the third quarter, with BCRED’s bonds priced at an approximate yield of 6.4% and strong order books suggesting minimal new-issue concessions. This rebound follows a difficult first quarter of 2026 when BCRED faced heightened redemption pressures and liquidity concerns in non-traded vehicles. The durability of investor demand is further evidenced by BCRED’s previous $850 million upsized sale in April 2026, returning to markets successfully just four months later.
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