The latest Market Talks covering FX and Fixed Income. Published exclusively on Dow Jones Newswires throughout the day.
2003 ET - Apollo Global Management on Monday joined a growing list of business development company overseers that have recently capped investor withdrawals, limiting redemptions to 5% of Apollo Debt Solutions BDC's shares outstanding after receiving requests equivalent to over 11%. The New York firm cited its commitment to manage its net assets of $15.1 billion in the best interests of all investors and the BDC's "designated liquidity objectives," in a securities filing. It intends to honor each withdrawal request on a pro-rated basis, which will mean each investor would get nearly half of what was sought this quarter. Apollo set the 5% limit to reflect the average life of the BDC's underlying assets and the anticipated time span of investor commitments. At the end of last month, the BDC held assets of about $25 billion based on fair market value, according to a separate filing. (ted.bunker@wsj.com)
1950 ET - Japanese stocks may rise thanks to growing hopes for U.S. talks to end the war in Iran. Nikkei futures are up 4.2% at 52995 on the SGX. The dollar is at 158.37 yen, compared with Y159.58 as of Monday's Tokyo stock market close. Investors are focusing on developments in the Middle East and crude oil prices. The Nikkei Stock Average fell 3.5% to 51515.49 on Monday. (kosaku.narioka@wsj.com)
1844 ET [Dow Jones]-- Apollo Debt Solutions expects to see more performance dispersion among business development companies over the coming quarters, it says in a letter to shareholders. ADS, which is managed by Apollo Global Management, says the structure of non-traded BDCs is meant to provide individual investors with access to senior secured lending, what it calls one of the most compelling segments of the private credit market. "But structure alone does not determine outcomes," ADS says. "Long-term performance is the result of underwriting rigor, disciplined portfolio construction and careful balance sheet management. After all, private credit is still just credit." ADS says it is well-positioned for the current market volatility given its focus on high-quality, large-cap corporate borrowers on a first lien senior secured basis. (kelly.cloonan@wsj.com)
1823 ET - 1822 - Apollo Debt Solutions BDC addressed recent concerns rocking the private credit market, arguing its fund is well-positioned for this year's heightened market volatility and increased scrutiny on the asset class. "None of this is new to us at Apollo," ADS says in a letter to shareholders, noting that liquidity management, mark-to-market accounting and a recognition of sudden secular shifts are hallmarks of sound risk management, and key to how it manages capital. ADS says its focus on first-lien senior secured lending, downside protection and large-cap corporate borrowers positions it well. "We have made a series of decisions as to how we manage ADS that have put us in a place today to drive future performance as a result of - not despite - the current cycle." (kelly.cloonan@wsj.com)
1808 ET - Forsyth Barr thinks Ebos needs to reset its gearing targets as part of its investor day on April 30. Ebos has historically targeted leverage of less than 2.3x net debt to Ebitda. Analyst Matt Montgomerie highlights Ebos's growing lease obligations, which aren't covered by that goal. So, the leverage target likely understates its gearing. "We think Ebos needs to provide a clear target with leases included in net debt," says Forsyth Barr. "We think our FY26 forecast of 2.7x is on the high side of investor comfort levels and provides limited headroom for M&A." Forsyth Barr has an outperform call and NZ$35.80/share price target on Ebos, which is up 1.7% at NZ$22.28 today. (david.winning@wsj.com; @dwinningWSJ)
1741 ET - RBNZ Governor Anna Breman has struck a reassuring tone in a speech about the potential impacts on the New Zealand economy of the Middle East oil shock. It's early days, and "wait and see" was very much the tone, says Sharon Zollner, chief economist at ANZ. Market pricing has moved dramatically in recent times to price three RBNZ hikes this year. Breman said that monetary policy would only have to respond with higher interest rates than otherwise if medium-term inflation or inflation expectations threaten to move away from the 2% midpoint, Zollner adds. (james.glynn@wsj.com; @JamesGlynnWSJ)
1738 ET - Rapid developments in Iran have whipsawed expectations for how the Fed will set interest rates over the rest of the year. San Francisco Fed President Mary Daly says that amid the elevated economic uncertainty, the central bank shouldn't provide a false sense of assurance around its likely next moves. "There is no single most-likely path," Daly writes in a social-media post. "Offering too much forward guidance in an uncertain world risks conveying a false sense of certainty, reducing rather than improving transparency, and making it harder for the public to clearly predict how the FOMC will react." (matt.grossman@wsj.com; @mattgrossman)
1550 ET - Treasury yields decline as President Trump's suspension of strikes against Iran gives some comfort to global markets. As a result, fed futures reduce bets on an interest rate increase this year. Some investors remain cautious. "Today's [news] has not changed my views which is general caution and neutrality," Natixis' John Briggs says. He adds that "a thin headline driven market with a large level of uncertainty is not the time to recommend investors to deploy capital." The 10-year yield drops 0.056 percentage point to 4.334%. The two-year falls 0.063 p.p. to 3.830%, its largest one-day decline in nearly a month. March U.S. services PMI is expected to soften slightly. (paulo.trevisani@wsj.com; @ptrevisani)
1501 ET - Treasury yields and the dollar remain under pressure as markets digest President Trump's decision to postpone strikes on Iran. Oil prices recede as a result, but are still expected to remain above pre-war levels for a while. "The swings between escalatory and de-escalatory headlines over the past few days have dominated intraday market moves, and imply considerable uncertainty for the path ahead," Goldman Sachs analysts write. The 10-year yield is near its intraday lows, at 4.328%. The WSJ Dollar Index slips 0.6% as the greenback weakens 0.7% against the yen and 0.5% versus the euro. (paulo.trevisani@wsj.com; @ptrevisani)
1240 ET - 1240- Oil futures are lower but with Brent holding above $100 a barrel as initial optimism about President Trump's postponement of threatened attacks on Iranian energy facilities wanes. "It appears that the possibility of a strong Iranian response to the U.S. threats was enough to prompt Trump's latest decision," Ritterbusch & Associates says in a note. "A prompt reopening of the Strait of Hormuz remains questionable as will the volume of tanker traffic capable of proceeding through the strait in the coming weeks." WTI is down 7.1% at $91.25 a barrel and Brent is down 7.8% at $103.41. (anthony.harrup@wsj.com)
1204 ET - Mexico's inflation likely sped up in the first half of March on higher energy and fresh food prices, while core inflation is seen little changed. The consumer price index is expected to have risen 0.40% in the first two weeks of the month, according a Wall Street Journal survey of analysts. That would lift the 12-month inflation rate up to 4.40% from 4.13% in the second half of February. Core CPI is seen rising 0.22% in the two-week period, putting annual core inflation at 4.46% compared with 4.48% in the second half of February. Statistics institute Inegi is scheduled to report mid-March inflation on Tuesday. (anthony.harrup@wsj.com)
1158 ET - Reducing exposure to high-risk strategies appears more favorable in the current environment of elevated uncertainty, TwentyFour Asset Management's Eoin Walsh says in a note. A full reversal of energy prices and the situation the Middle East is not so easy, Walsh says. Given the uncertainty surrounding the war and its impact on global growth and inflation, investors are better off reducing their exposure to risk rather than taking on risk, he says. (miriam.mukuru@wsj.com)
(END) Dow Jones Newswires
March 23, 2026 20:03 ET (00:03 GMT)
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