WASHINGTON — Carlyle Capital, a publicly traded financial fund managed by the Carlyle Group, failed to meet lenders' minimum requirements on its $21.7 billion portfolio yesterday, sending ripples through markets.

The Carlyle Group also owns Hawaiian Telcom, the state's largest telephone company.

Carlyle Capital said it received notices from banks that it was in default on its loans, which were used to buy AAA-rated home-mortgage-backed bonds from Fannie Mae and Freddie Mac.

Banks essentially issued what are known as margin calls. Lenders issue margin calls to require a borrower to add money to an account when a stock's or bond's value drops below a certain level.

The margin calls also reflect the spreading turmoil in the capital markets, which is infecting even the highest-rated securities.