US Fires a Hellfire Missile at Another Commercial Ship Attempting To Reach Iran

Blue Owl Gates Investors Again After Top BDCs Hit With Massive 38%, 19% Redemption Requests After a catastrophic Q1 for private credit BDCs, Q2 is proceeding just as many had expected: just as bad. After alternative asset manager titans such as Apollo, Blackrock, Blackstone and Cliffwater all gated their investors for a second straight quarter following a surge in redemption requests that easily surpassed what took place in Q1, earlier today we learned that the ground zero of the private credit implosion - Blue Owl Capital - was also slammed with...

Average 2Y Auction Stops Through, Has Highest Yield Since Jan 2025 In the week's first coupon auction, moments ago the Treasury sold $69BN in 2Y notes at a high yield of 4.189%, up from 4.071% and the highest yield since January 2025; the auction also stopped through the When Issued 4.192% by 0.3bps, the biggest through since January. The bid to cover was perfectly average at 2.643, unchanged from last month's 2.640 and right on top of the recent average of 2.61. Internals were a bit on the weak side, with Indirects...

Iran Poised To Finalize Hormuz Strait Management Plan, Brushing Aside Trump's Threats Iran's state Tasnim is saying the US naval blockade remains in effect, despite days of headlines of a 'finalized' US-Iran deal, which were clearly premature - though both sides still signal they are close to agreeing on a Memorandum of Understanding. But this is toward simply extending the ceasefire by 60-days in order to get back to the table, in hopes of finally ending the war based on a final deal. Despite President Trump's latest warning which declared strict...