Blackstone raises $750M, Blue Owl sells $400M as private credit storms back into bond markets

Private credit’s biggest players just proved they can still tap public debt markets with ease. Blackstone’s flagship private credit fund BCRED raised $750 million in five-year notes on August 17, nearly 50% above its initial target of roughly $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 BDC bond issuances of the third quarter, and both came in hot. That’s notable given the liquidity concerns and redemption pressures that dogged these same vehicles earlier in the year. The numbers behind the comeback BCRED’s bonds priced at an approximate yield of 6.4%. Strong order books and minimal new-issue concessions suggest that buyers weren’t exactly haggling over terms. Blue Owl’s deal was structured as a tap issuance on its existing 6.5% notes due 2029. For context, BCRED had already pulled off an upsized $850 million sale back in April 2026. The fact that it returned just four months later, and again printed well above its target, tells a clear story about demand durability. Both BCRED and Blue Owl are non-traded business development companies. They make senior-secur...