<p>标普美元精选杠杆贷款指数是杠杆贷款领域的新成员，旨在填补现有流动性杠杆贷款指数产品中的关键空白，这些产品通常专注于按市值计算的最大贷款。这个创新的指数涵盖了所有以美元计价的全额融资定期贷款，最低贷款额度为 5 亿美元，且信用评级低于投资级别，从而提供了市场的更广泛视角。</p>
<p>随着美国杠杆贷款市场在 2025 年 7 月激增至约 1.5 万亿美元，借款人的多样性显著扩大，涵盖了各种贷款类型、信用质量、利差、契约和其他特征。当仅分析市场上前 100 个最大贷款时，这种多样性往往无法完全捕捉。该指数在过去五年的回测表现积极，如图表 1 所示。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-1-Trailing-Three-Month-Performance-of-the-SP-USD-Select-Leveraged-Loan-Index.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1510" height="937" original-src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-1-Trailing-Three-Month-Performance-of-the-SP-USD-Select-Leveraged-Loan-Index.png"/></p>
<p>该指数不仅通过包括 5 亿美元及以上的贷款提供了对流动性杠杆贷款市场更全面和具有代表性的视角，还通过 930 个成分的多样化增强了行业分散和风险/表现特征，截止到 2025 年 10 月。</p>
<p>超越按名义指数价值排名前 100 的贷款，考察贷款的信用质量特征，可以深入了解更广泛的市场。这些见解包括跟踪基础贷款的违约情况，这在杠杆贷款生态系统中是至关重要的早期预警信号——当仅关注最大贷款时，这些信息可能会被忽视。</p>
<p>此外，随着数据集的扩大，潜在风险如信用恶化变得更加明显，使投资者和市场观察者能够做出更明智的决策。该指数还将更高的利差纳入整体组合，这主要是由于小额贷款和较低的平均信用质量的纳入。图表 2 展示了截至 2025 年 10 月，标普美元精选杠杆贷款指数中前 100 个贷款与其他成分之间的信用质量差异。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-2-Credit-Quality-of-the-Top-100-Loans-by-Notional-Index-Value-Weight-Compared-to-the-Rest-of-the-Index-.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1475" height="765" original-src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-2-Credit-Quality-of-the-Top-100-Loans-by-Notional-Index-Value-Weight-Compared-to-the-Rest-of-the-Index-.png"/></p>
<p>更广泛的贷款纳入的影响也扩展到行业特征，因为低名义价值贷款的增加使得该指数能够接触到更广泛的商业类型，如图表 3 所示。对于一个专注于纳入低信用质量借款人的指数，跨行业的多样化可以产生积极的效果，不仅可以涵盖额外的表现来源，还可以缓和风险。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-3-iBoxx-Sector-Classification-of-the-Top-100-Loans-Weighted-by-Notional-Index-Value-Compared-to-the-Rest-of-the-Index-.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1258" height="833" original-src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-3-iBoxx-Sector-Classification-of-the-Top-100-Loans-Weighted-by-Notional-Index-Value-Compared-to-the-Rest-of-the-Index-.png"/></p>
<p>总之，标普美元精选杠杆贷款指数为衡量杠杆贷款领域内较大贷款提供了基准，而不牺牲因额外纳入小额发行而产生的风险/表现平衡和多样化特征。随着杠杆贷款市场的不断发展和扩展，采用全面视角的指数将成为更明智投资决策的重要工具。</p>
<p>1 标普美元精选杠杆贷款指数遵循 iBoxx 行业分类标准（iBICs）。有关更多详细信息，请参见 https://www.spglobal.com/spdji/en/landing/topic/ibics/</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>高股息收益率与质量相遇：介绍标普 500 质量自由现金流高股息指数</p>
<p>金库中的价值</p>
<p>依然是设计中的质量：深入分析标普小型股 600 的近期表现</p>

<p>标准普尔美元选择杠杆贷款指数提供了杠杆贷款市场的全面视角，涵盖了 500 万美元及以上、信用评级低于投资级的美元计价定期贷款。该指数增强了行业多样性和风险/表现特征，提供了关于违约和信用恶化的洞察。该指数作为较大贷款的基准，帮助在不断发展的杠杆贷款市场中做出明智的投资决策</p>

<p>The S&amp;P USD Select Leveraged Loan Index is a new entrant in the leveraged loan landscape, developed to fill a critical gap in existing liquid leveraged loan index offerings that typically focus on the largest loans by market capitalization. This innovative index encompasses all USD-denominated fully funded term loans with a minimum facility size of USD 500 million and credit ratings below investment grade, providing a broader view of the market.</p>
<div class="lb-trans"><p>标普美元精选杠杆贷款指数是杠杆贷款领域的新成员，旨在填补现有流动性杠杆贷款指数产品中的关键空白，这些产品通常专注于按市值计算的最大贷款。这个创新的指数涵盖了所有以美元计价的全额融资定期贷款，最低贷款额度为 5 亿美元，且信用评级低于投资级别，从而提供了市场的更广泛视角。</p>
</div><p>As the U.S. leveraged loan market surged to an estimated USD 1.5 trillion in July 2025, the diversity of borrowers expanded significantly, incorporating a wide range of loan types, credit qualities, spreads, covenants and other characteristics. This variety is often not fully captured when analyzing only the top 100 largest loans in the market. The back-tested performance of the index was positive over the last five years, as showcased in Exhibit 1.</p>
<div class="lb-trans"><p>随着美国杠杆贷款市场在 2025 年 7 月激增至约 1.5 万亿美元，借款人的多样性显著扩大，涵盖了各种贷款类型、信用质量、利差、契约和其他特征。当仅分析市场上前 100 个最大贷款时，这种多样性往往无法完全捕捉。该指数在过去五年的回测表现积极，如图表 1 所示。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-1-Trailing-Three-Month-Performance-of-the-SP-USD-Select-Leveraged-Loan-Index.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-1-Trailing-Three-Month-Performance-of-the-SP-USD-Select-Leveraged-Loan-Index.png"/></p>
<p>This index not only provides a more holistic and representative view of the liquid leveraged loan market by including loans of USD 500 million and above, but also enhances sector diversification and risk/performance profile with a total of 930 constituents ending October 2025.</p>
<div class="lb-trans"><p>该指数不仅通过包括 5 亿美元及以上的贷款提供了对流动性杠杆贷款市场更全面和具有代表性的视角，还通过 930 个成分的多样化增强了行业分散和风险/表现特征，截止到 2025 年 10 月。</p>
</div><p>Examining the credit quality characteristics of loans beyond the top 100 by notional index value offers deeper insights into the broader market. These insights include tracking defaults of underlying loans, which serve as crucial early warning signs in the leveraged loan ecosystem—information that may be missed when focusing solely on the largest loans.</p>
<div class="lb-trans"><p>超越按名义指数价值排名前 100 的贷款，考察贷款的信用质量特征，可以深入了解更广泛的市场。这些见解包括跟踪基础贷款的违约情况，这在杠杆贷款生态系统中是至关重要的早期预警信号——当仅关注最大贷款时，这些信息可能会被忽视。</p>
</div><p>Additionally, potential risks such as credit deterioration become more evident with a larger dataset, allowing investors and market observers to make more informed decisions. The index also incorporates higher spreads into the overall mix, driven by the inclusion of smaller loans and lower average credit quality. Exhibit 2 illustrates the difference in credit quality between the top 100 loans in the S&amp;P USD Select Leveraged Loan Index and the rest of the constituents as of October 2025.</p>
<div class="lb-trans"><p>此外，随着数据集的扩大，潜在风险如信用恶化变得更加明显，使投资者和市场观察者能够做出更明智的决策。该指数还将更高的利差纳入整体组合，这主要是由于小额贷款和较低的平均信用质量的纳入。图表 2 展示了截至 2025 年 10 月，标普美元精选杠杆贷款指数中前 100 个贷款与其他成分之间的信用质量差异。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-2-Credit-Quality-of-the-Top-100-Loans-by-Notional-Index-Value-Weight-Compared-to-the-Rest-of-the-Index-.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-2-Credit-Quality-of-the-Top-100-Loans-by-Notional-Index-Value-Weight-Compared-to-the-Rest-of-the-Index-.png"/></p>
<p>The effects of broader loan inclusion also extend to sector profile, as the addition of lower notional value loans provides access to a wider array of business types within the index, as shown in Exhibit 3.1 For an index that focuses on including lower credit quality borrowers, diversifying across industries can have a positive effect, not only for encompassing additional sources of performance but also for moderating risk.</p>
<div class="lb-trans"><p>更广泛的贷款纳入的影响也扩展到行业特征，因为低名义价值贷款的增加使得该指数能够接触到更广泛的商业类型，如图表 3 所示。对于一个专注于纳入低信用质量借款人的指数，跨行业的多样化可以产生积极的效果，不仅可以涵盖额外的表现来源，还可以缓和风险。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-3-iBoxx-Sector-Classification-of-the-Top-100-Loans-Weighted-by-Notional-Index-Value-Compared-to-the-Rest-of-the-Index-.png" alt="" original-src="https://www.indexologyblog.com/wp-content/uploads/2025/12/Exhibit-3-iBoxx-Sector-Classification-of-the-Top-100-Loans-Weighted-by-Notional-Index-Value-Compared-to-the-Rest-of-the-Index-.png"/></p>
<p>In summary, the S&amp;P USD Select Leveraged Loan Index offers a benchmark for measuring larger loans within the leveraged loan universe, without sacrificing the risk/performance balance and diversification qualities that result from the additional inclusion of smaller issuances. As the leveraged loan market continues to evolve and expand, indices that adopt a comprehensive view of the leveraged loan market will serve as essential tools for more informed investment decisions.</p>
<div class="lb-trans"><p>总之，标普美元精选杠杆贷款指数为衡量杠杆贷款领域内较大贷款提供了基准，而不牺牲因额外纳入小额发行而产生的风险/表现平衡和多样化特征。随着杠杆贷款市场的不断发展和扩展，采用全面视角的指数将成为更明智投资决策的重要工具。</p>
</div><p>1 The S&amp;P USD Select Leveraged Loans Index follows the iBoxx Industry Classification Standard (iBICs). For further details, please see https://www.spglobal.com/spdji/en/landing/topic/ibics/</p>
<div class="lb-trans"><p>1 标普美元精选杠杆贷款指数遵循 iBoxx 行业分类标准（iBICs）。有关更多详细信息，请参见 https://www.spglobal.com/spdji/en/landing/topic/ibics/</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>High Dividend Yield Meets Quality: Introducing The S&amp;P 500 Quality FCF High Dividend Index</p>
<div class="lb-trans"><p>高股息收益率与质量相遇：介绍标普 500 质量自由现金流高股息指数</p>
</div><p>Values In The Vault</p>
<div class="lb-trans"><p>金库中的价值</p>
</div><p>Still Quality By Design: A Deep Dive Into The Recent Performance Of The S&amp;P SmallCap 600</p>
<div class="lb-trans"><p>依然是设计中的质量：深入分析标普小型股 600 的近期表现</p>
</div>

标普美元精选杠杆贷款指数：全面解析杠杆贷款市场的方法