Blackstone in talks with regional banks to team up on loans
Blackstone Group Inc. (BX) is negotiating a role as a party in regional-bank loans, the private equity firm's president Jonathan Gray said in an interview with the Financial Times published Thursday. Blackstone would potentially provide banks with firepower to lend to companies as credit becomes more scarce. Blackstone could help move loans originated by regional banks to its insurance customers. Such deals would off-load some of the risk on bank balance sheets, Gray said. "Rather than putting all [of the risk] on its balance sheet, maybe they keep 50 cents [on the dollar], and put 50 cents with us," Gray said, according to the newspaper's report. Blackstone's client list from the insurance sector includes AIG International Group (AIG), which are helping the private equity firm tap into lower costs of capital as the firm manages assets for them.
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
05-11-23 0928ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
Why We Expect the Job Market’s Slowdown to Renew in 2024
-
After Earnings, Is Verizon Stock a Buy, a Sell, or Fairly Valued?
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted
-
10 Top-Performing Dividend Stocks of the Month
-
Marathon Petroleum Earnings: No Change to Competitive Position, but Shares Look Expensive
-
Charlie Munger and How Not to Invest
-
After Earnings, Is AT&T Stock a Buy, a Sell, or Fairly Valued?