Pronounce the word playpen In the financial sector, it's like shouting "Bomb!" inside an airplane, even if there isn't one. Nothing is more unsettling than going to withdraw your money and being told you can't. The truth is, we operate in a system based on trust. We all know that no institution can return money instantly if everyone demands it at once. And when this happens, the... playpenThis involves preventing or limiting withdrawals so that financial institutions don't run out of liquidity. Argentinians know this well, having experienced it in 2002; Cypriots in 2013; and Greeks in 2015.

BlackRock has limited redemptions from one of its flagship private debt funds, setting off alarm bells. Its subsidiary HPS, acquired last year, has received redemption requests for 9.3% of the assets in one of its credit funds, which has $26 billion (approximately €22 billion at the current exchange rate). As reported by the world's largest asset manager, only redemptions corresponding to 5% of this fund will be honored. Until now, BlackRock had approved 54% of redemption requests in the first quarter, totaling $1.2 billion, and HPS has informed its investors that it will only redeem another $620 million. This decision by Larry Fink's firm has caused its stock price to fall by 7.1% and has unsettled a market that has been showing signs of concern for some time. More specifically, BlackRock's move comes after another asset manager, Blue Owl, suspended redemptions on one of its funds last month, putting the private credit market on alert. Private credit has boomed in the United States, but doesn't exist in Europe.

The GIP fund, owned by the US investment giant BlackRock, has decided to exit its stake in Naturgy. The group has announced an accelerated placement on the market of 11.4% of the gas company's capital, which, at Monday's closing price, amounts to more than €2.955 billion. With this operation, carried out by Goldman Sachs and JP Morgan, the restructuring of the energy company's capital is complete. Criteria, the investment arm of La Caixa, remains in first place, with more than 25.98% of the shares, followed by CVC, with 18.8%, and the Australian fund IFM, with 15.16%. The transaction is being carried out through a rapid process whereby the placement banks solicit orders from large institutional investors within a few hours to fully subscribe the shares. Last December, GIP III Canary, the fund holding the stake, already had reduced its stake in Naturgy through an initial accelerated placement of approximately 7.1% of the capital. It then sold at a price of €24.75 per share. Following this operation, the vehicle held 11.4% of the gas company's capital, subject to a commitment to maintain (lock-up(in financial jargon) of 90 days. This Monday, Naturgy was one of the few stocks that rose on the Spanish stock exchange, with a 1.37% increase to €26.70.

BlackRock has begun an exit strategy in Naturgy. The US investment fund has just sold 7.1% of the gas company's share capital for €1.8 billion, as reported Wednesday night to the Spanish National Securities Market Commission (CNMV).