Blackstone Starts Loan ETF With State Street as Issuance Climbs
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Blackstone Group LP, the world’s largest private-equity firm, is joining State Street Corp. to form an exchange-traded fund to buy speculative-grade loans as demand for the floating-rate debt soars.
The SPDR Blackstone/ GSO Senior Loan ETF, which began trading on the NYSE Arca today, will be managed by GSO Capital Partners, the credit investing arm of Blackstone, and State Street Global Advisors, a unit of State Street, according to a statement distributed by Business Wire. Leveraged-loan issuance in the U.S. reached $278.9 billion last quarter, the most on record, according to data compiled by Bloomberg.