<p>作者：布雷特·阿伦兹</p>
<p>当地男子震惊地发现，高收益和轻监管也可能意味着高风险</p>
<p>目前席卷 3 万亿美元私人信贷市场的动荡让人想起了上一次加密货币崩盘时的著名洋葱新闻标题，一位震惊的投资者在各种币种中损失了他的储蓄，&#34;只希望有几千人能警告他。&#34;</p>
<p>私人信贷，即风险较高的小公司绕过传统的、监管更严格的银行，直接从特殊贷款池借款，目前尚未演变成类似加密货币的崩盘。</p>
<p>但正如 MarketWatch 的朱尔斯·里默报道的那样，越来越多的这些基金正面临危机，因为投资者试图提取他们的资金。撤资潮如此猛烈，以至于一些基金被迫对每日提款设定上限。</p>
<p>你可以在许多与该行业高度相关的公司的股价中看到惨烈的景象。VanEck 的 BDC 收入 ETF BIZD，投资于私人信贷的风向标公司，如蓝猫资本（Blue Owl Capital）和阿瑞斯资本（Ares Capital），最近几个月价格大幅下跌。</p>
<p>但这一切对投资者来说都不应该感到意外。监管机构和一些金融界的知名人士一直在警告私人信贷行业快速增长、透明度低、流动性存疑、高集中度和未知风险等问题，这个行业的规模已达到 2 万亿美元（并在不断上升）。</p>
<p>发出警告的包括证券交易委员会、国际货币基金组织、国际金融稳定委员会、国际清算银行、英国议会、加拿大中央银行行长以及摩根大通（J.P. Morgan &amp; Chase）首席执行官杰米·戴蒙。</p>
<p>还有其他人。</p>
<p>国际货币基金组织总裁克里斯塔琳娜·乔治娃表示，该行业的风险&#34;时不时让我夜不能寐。&#34;</p>
<p>动荡将持续多久尚不清楚。美联储去年的一份报告表明，该行业所带来的短期风险似乎&#34;有限&#34;，尽管怀疑论者可能会想起全球金融危机初期美联储时任主席本·伯南克的臭名昭著的保证，即次贷风险是&#34;可控的&#34;。一些投资者正在利用当前私人信贷的撤资潮，抓住机会以显著低于报告净资产的价格购买基金。</p>
<p>这将如何发展？敬请关注。</p>
<p>与此同时，任何投资的关键问题始终是，为什么有人会向你提供它。当一个私人信贷基金在声称提供 9% 的收益，而无风险利率还不到一半时，值得问问一家大型金融机构是否真的是出于善意在给你免费钱——或者这个投资是否可能涉及一些风险。</p>
<p>你猜猜看。</p>
<p>-布雷特·阿伦兹</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>03-12-26 1540ET</p>

全球私募股权基金 ETF - PowerShares

全球上市私募股权 ETF - ProShares

富国 BDC 指数 ETF - VanEck Vectors

<p>私募信贷市场的估值为 3 万亿美元，正面临动荡，投资者试图撤回资金，导致每日提款受到限制。高收益和低监管引发了对风险的担忧，监管机构和金融领袖发出了警告。VanEck BDC Income ETF 的价格大幅下跌，反映了这一危机。尽管一些投资者将此视为以折扣价买入的机会，但潜在风险仍然不确定，这引发了人们对该领域高收益产品背后动机的质疑</p>

<p>By Brett Arends</p>
<div class="lb-trans"><p>作者：布雷特·阿伦兹</p>
</div><p>Area man stunned to learn that high yields and light regulations might also mean high risk</p>
<div class="lb-trans"><p>当地男子震惊地发现，高收益和轻监管也可能意味着高风险</p>
</div><p>The turmoil currently sweeping through the $3 trillion private-credit market recalls the famous Onion headline from the last crypto crash, where a stunned investor who lost his savings in various coins &#34;Just Wishes Several Thousand More People Had Warned Him.&#34;</p>
<div class="lb-trans"><p>目前席卷 3 万亿美元私人信贷市场的动荡让人想起了上一次加密货币崩盘时的著名洋葱新闻标题，一位震惊的投资者在各种币种中损失了他的储蓄，&#34;只希望有几千人能警告他。&#34;</p>
</div><p>Private credit, where riskier smaller companies bypass traditional, more heavily regulated banks and borrow money directly from special lending pools, hasn't turned into a crypto-style rout just yet.</p>
<div class="lb-trans"><p>私人信贷，即风险较高的小公司绕过传统的、监管更严格的银行，直接从特殊贷款池借款，目前尚未演变成类似加密货币的崩盘。</p>
</div><p>But as MarketWatch's Jules Rimmer reports, a growing number of these funds are in crisis as investors try to get their money out. The stampedes have been so intense that a number have been forced to institute caps on daily withdrawals.</p>
<div class="lb-trans"><p>但正如 MarketWatch 的朱尔斯·里默报道的那样，越来越多的这些基金正面临危机，因为投资者试图提取他们的资金。撤资潮如此猛烈，以至于一些基金被迫对每日提款设定上限。</p>
</div><p>You can see the carnage in the share prices of many of the firms most exposed to the industry. VanEck's BDC Income ETF BIZD, which invests in private-credit bellwethers such as Blue Owl Capital (OWL) and Ares Capital (ARCC), has plunged in price especially in recent months.</p>
<div class="lb-trans"><p>你可以在许多与该行业高度相关的公司的股价中看到惨烈的景象。VanEck 的 BDC 收入 ETF BIZD，投资于私人信贷的风向标公司，如蓝猫资本（Blue Owl Capital）和阿瑞斯资本（Ares Capital），最近几个月价格大幅下跌。</p>
</div><p>But none of this should come as a surprise to investors. Regulators and a number of prominent individuals in finance have been sounding the alarm about the fast growth, low transparency, questionable liquidity, high concentration and unknown risks posed by parts of the $2 trillion (and rising) private-credit industry.</p>
<div class="lb-trans"><p>但这一切对投资者来说都不应该感到意外。监管机构和一些金融界的知名人士一直在警告私人信贷行业快速增长、透明度低、流动性存疑、高集中度和未知风险等问题，这个行业的规模已达到 2 万亿美元（并在不断上升）。</p>
</div><p>Those issuing warnings include the Securities and Exchange Commission, the International Monetary Fund, the international Financial Stability Board, the Bank for International Settlements, the British parliament, the governor of the central bank of Canada and J.P. Morgan &amp; Chase (JPM) head Jamie Dimon.</p>
<div class="lb-trans"><p>发出警告的包括证券交易委员会、国际货币基金组织、国际金融稳定委员会、国际清算银行、英国议会、加拿大中央银行行长以及摩根大通（J.P. Morgan &amp; Chase）首席执行官杰米·戴蒙。</p>
</div><p>Among others.</p>
<div class="lb-trans"><p>还有其他人。</p>
</div><p>IMF managing director Kristalina Georgieva said the risk in the sector &#34;keeps me awake every so often at night.&#34;</p>
<div class="lb-trans"><p>国际货币基金组织总裁克里斯塔琳娜·乔治娃表示，该行业的风险&#34;时不时让我夜不能寐。&#34;</p>
</div><p>How far the turmoil will go isn't clear. A report by the Federal Reserve last year suggested the near-term risks posed by the sector appeared &#34;limited,&#34; although cynics may recall the infamous assurance early in the global financial crisis by Ben Bernanke, then the chairman of the Fed, that the risks from subprime mortgages were &#34;contained.&#34; Some investors are seizing on the current stampede out of private credit as a chance to buy into funds at significant discounts to reported net assets.</p>
<div class="lb-trans"><p>动荡将持续多久尚不清楚。美联储去年的一份报告表明，该行业所带来的短期风险似乎&#34;有限&#34;，尽管怀疑论者可能会想起全球金融危机初期美联储时任主席本·伯南克的臭名昭著的保证，即次贷风险是&#34;可控的&#34;。一些投资者正在利用当前私人信贷的撤资潮，抓住机会以显著低于报告净资产的价格购买基金。</p>
</div><p>How will that work out? Stay tuned.</p>
<div class="lb-trans"><p>这将如何发展？敬请关注。</p>
</div><p>Meanwhile, as ever, the question about any investment is why anyone is offering it to you. When a private-credit fund is boasting of a 9% yield, at a time when the risk-free rate of interest is less than half that, it's worth asking whether a major financial institution is just offering you free money out of the goodness of its heart - or whether the investment might involve some risk.</p>
<div class="lb-trans"><p>与此同时，任何投资的关键问题始终是，为什么有人会向你提供它。当一个私人信贷基金在声称提供 9% 的收益，而无风险利率还不到一半时，值得问问一家大型金融机构是否真的是出于善意在给你免费钱——或者这个投资是否可能涉及一些风险。</p>
</div><p>Have a guess.</p>
<div class="lb-trans"><p>你猜猜看。</p>
</div><p>-Brett Arends</p>
<div class="lb-trans"><p>-布雷特·阿伦兹</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>03-12-26 1540ET</p>
<div class="lb-trans"><p>03-12-26 1540ET</p>
</div>

一位在私人信贷中失去所有资产的投资者希望有更多的人曾警告他这些风险