Shares of banks and other financial institutions fell as Treasury yields continued to climb, exerting pressure on fragile corners of credit markets.
Rising yields and resurgent concerns about redemptions in the private-credit category have weighed on money-management firms in the last couple of weeks. On Monday, shares of Blue Owl fell sharply while rivals such as Blackstone saw more modest losses. Shares of both firms are deep in the red for the year to date.
Intesa Sanpaolo launched a $35 billion takeover offer for smaller Italian rival Banca Monte dei Paschi di Siena, setting off a bidding war for one of the world's oldest banks after another Italian lender, Banco BPM, said it had approached Monte dei Paschi about a possible merger.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
