PPCC: Pisitófilos Creditófagos. Invierno 2025

[AbiertoPorDemolicion]

Hay que leerse la letra pequeña de los contratos y no hacer caso de los cuñaos...

HPS Corporate Lending Fund

https://www.hlend.com/about/leadership-governance
(no se pierdan las caritas sonrientes)

Focus on Income and Risk-Adjusted Returns

HPS Corporate Lending Fund (HLEND) seeks to generate attractive risk-adjusted returns, predominantly in the form of current income, by curating a diversified portfolio of high-quality senior secured, privately originated loans to established companies.

We aim to optimize risk-adjusted returns for our investors by emphasizing first lien positions, robust contractual protections, a weighting towards non-cyclical industries, and a focus on large borrowers with established business franchises.

Because we generally invest in floating-rate loans with a relatively short average investment life, we believe our portfolio has the potential to be more resilient in a rising interest rate or inflationary environment, relative to other fixed income investments.

[Ahora viene la letra pequeña...]

Important Disclosure Information
Summary of Risk Factors

HPS Corporate Lending Fund (“HLEND” or the “Fund”) is a non-exchange traded business development company (“BDC”) that invests at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (bonds and other credit instruments that are issued in private offerings or issued by private companies). This investment involves a high degree of risk. You should purchase these securities only if you can afford the complete loss of your investment. You should read the prospectus carefully for a description of the risks associated with an investment in HLEND. These risks include, but are not limited to, the following:

- We have limited operating history and there is no assurance that we will achieve our investment objectives.
- You should not expect to be able to sell your shares regardless of how we perform.
- You should consider that you may not have access to the money you invest for an extended period of time.
- We do not intend to list our shares on any securities exchange, and we do not expect a secondary market in our shares to develop prior to any listing.
- Because you may be unable to sell your shares, you will be unable to reduce your exposure in any market downturn.
- We have implemented a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.
- An investment in our Common Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the prospectus.
- You will bear substantial fees and expenses in connection with your investment. See “Fees and Expenses” in the prospectus.
- We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering proceeds, and we have no limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its shares the sale may be subject to taxes even if the shares are sold for less than the original purchase price.
- Distributions may also be funded in significant part, directly or indirectly, from temporary fee waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.
- We use and continue to expect to use leverage, which will magnify the potential for loss on amounts invested and may increase the risk of investing in us. The risks of investment in a highly leveraged fund include volatility and possible distribution restrictions.
- We intend to invest primarily in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

!!!!!!!Sorpresaaaaaa!!!!!!!

BlackRock’s HPS Corporate Lending Fund Limits Redemptions After Requests Exceed 5% Cap
https://altswire.com/blackrocks-hps-corporate-lending-fund-limits-redemptions-after-requests-exceed-5-cap/

March 6, 2026

HPS Corporate Lending Fund, or HLEND, a non-traded business development company managed by BlackRock’s HPS Investment Partners, capped investor withdrawals after redemption requests exceeded the fund’s quarterly liquidity limit for the first time since launch.

In a letter to shareholders Friday, the fund said repurchase requests for the first quarter of 2026 totaled 9.3% of outstanding shares, nearly double its established 5% quarterly cap. HLEND’s board approved repurchases of 5% of shares outstanding, amounting to roughly $620 million.

The move highlights a structural feature of many retail-focused private credit vehicles distributed through financial advisers: periodic liquidity limits designed to align investor capital with the longer duration of private loans. When withdrawal requests exceed those limits, funds typically prorate repurchases or cap them at preset thresholds.

HLEND’s redemption limit also reflects broader liquidity pressures emerging across retail-focused private credit vehicles. Several large funds offering periodic liquidity have recently faced elevated withdrawal requests as investors reassess liquidity terms in products tied to less-liquid private loans. Managers including Blackstone, Starwood, and Blue Owl Capital have taken varying approaches to managing redemption demand, ranging from maintaining preset caps to expanding tender capacity.

The fund said the decision to limit withdrawals was consistent with its liquidity framework, which is intended to balance periodic investor liquidity with the long-term nature of private credit investments.

“In our judgment, preserving the fund’s available capital to pursue this opportunity set, while providing liquidity to shareholders consistent with the fund’s designed parameters, is in the best interest of the fund as a whole,” the shareholder letter stated.

 
 

[sudden and sharp]

Merz criticó ayer la decisión norteamericana sobre el petróleo ruso y aseguró que su país no se va a implicar en la guerra de Irán. Hace una semana, el canciller federal alemán calló en la Casa Blanca mientras Trump despotricaba contra España. Pedro Sánchez fue el primero en tomar distancias. Parecía solo. Parecía Don Quijote, así lo comentábamos la semana pasada. Pasaron los días y se le añadió el presidente francés Emmanuel Macron. Se le añadió la primera ministra italiana Giorgia Meloni, que tiene un incómodo referéndum sobre la reestructuración del Poder Judicial dentro de una semana. Y ahora se mueve Merz. Alemania está consternada. Ursula von der Leyen se ha tenido que comer su último discurso, y la ex primera ministra estonia Kajia Kallas, Alta Representante para la Política Exterior de la Unión Europea, hizo ayer un discurso crítico con Estados Unidos por primera vez en su vida. No es fácil para un báltico dar ese paso.

Dos [h]errores, dos guerras
https://www.lavanguardia.com/politica/20260314/11489390/dos-errores-dos-guerras.html



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La [h] es mía, no del bueno de Enric.