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<p>美国杠杆贷款基金今年正经历显著的投资者撤资。</p>
<p>这反映了对信用风险的日益谨慎，以及与赎回压力和私人信贷市场透明度有限相关的更广泛担忧。</p>
<p>这些基金通常投资于向高度杠杆化的上市公司发行的银行贷款。</p>
<p>鉴于许多借款者也在私人信贷市场中运营，资金流动趋势通常被视为投资者对公共和私人领域信用风险的需求的重要指标。</p>
<h2>三月的资金流出达到一年高点</h2>
<p>根据 LSEG Lipper 的数据，美国杠杆贷款基金在三月份记录了 34 亿美元的资金流出，标志着近一年来最大的月度撤资。</p>
<p>这紧随二月份另一笔 24 亿美元的显著流出，突显了投资者撤回的持续趋势。</p>
<p>持续的撤资突显了投资者日益不安，尤其是在信用质量和流动性条件的不确定性加剧的情况下。</p>
<h2>私人信贷担忧蔓延至公共市场</h2>
<p>市场参与者表示，私人信贷市场的压力在推动杠杆贷款基金的资金流出方面发挥了作用。</p>
<p>Shelton Capital Management 的投资组合经理 Jeffrey Rosenkranz 指出了两者之间的潜在联系。</p>
<p>“那些对私人信贷领域的这些因素感到担忧但无法在那儿获得完全赎回的投资者，可能会将贷款市场视为提款机，” Rosenkranz 说。</p>
<p>私人信贷公司最近一直在应对增加的赎回请求，因为投资者重新评估基础贷款组合的健康状况。</p>
<p>在软件等行业，担忧尤为明显，因为这些公司面临来自人工智能的潜在干扰。</p>
<h2>行业暴露加剧投资者谨慎</h2>
<p>一些分析师指出，杠杆贷款市场对脆弱行业（包括软件和商业服务）的暴露相对较高，较公共债券市场更为明显。</p>
<p>然而，这种暴露仍被认为低于某些私人信贷投资组合的水平。</p>
<p>不断变化的风险格局使投资者变得更加挑剔，许多人在不确定借款者如何应对技术干扰和宏观经济压力的情况下重新评估他们的头寸。</p>
<p>Rosenkranz 警告说，资金流出的趋势可能在短期内持续。</p>
<p>“在私人信贷压力缓解或被杠杆贷款借款人信用状况的更强信心所抵消之前，资金流动不太可能持续转为正向，” 他说。</p>
<h2>违约风险前景引发进一步担忧</h2>
<p>增加投资者忧虑的是，标准普尔全球上个月预测，在悲观情景下，美国投机级违约率到 2026 年底可能上升至 4.75%。</p>
<p>这一前景假设人工智能投资可能出现挫折，以及中东冲突的持续。</p>
<p>这样的预测进一步加重了市场情绪，强化了对在艰难经济环境中高度杠杆化借款者韧性的担忧。</p>
<h2>ETF 也出现显著撤资</h2>
<p>在个别基金层面，几只主要的交易所交易基金记录了显著的资金流出。</p>
<p>State Street SPDR Blackstone Senior Loan ETF 在过去一个月内撤出了 9.11 亿美元。</p>
<p>与此同时，Janus Henderson AAA CLO ETF 和 Invesco Senior Loan ETF 分别报告了 5.43 亿美元和 3.03 亿美元的流出。</p>
<p>这些数字反映了投资者在信贷市场持续不确定的情况下，广泛撤回杠杆贷款的风险敞口。</p>
<p>总体而言，美国杠杆贷款基金的持续流出信号显示出投资者情绪的转变，主要受到对信用质量、流动性以及私人信贷市场压力更广泛影响的担忧驱动。</p>
<p>这篇文章的标题为《随着信用担忧加剧，杠杆贷款基金面临资金流出上升》，首次出现在 Invezz 上。</p>

组合高收益债券 ETF - SPDR

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0-5 年高收益公司债券 ETF - iShares

高级贷款 ETF - First Trust

高级银团贷款 ETF - PowerShares

高级银团贷款 ETF - 黑石GSO-SPDR

美元高收益公司债券 ETF - iShares

美国高收益债 ETF - SPDR

美国高收益债 ETF - iShares

<p>美国杠杆贷款基金正经历显著的资金流出，3 月份撤回了 34 亿美元，为一年内最高。这一趋势反映出投资者对信用风险和流动性问题的日益谨慎，尤其是在私人信贷市场。对借款人健康状况的担忧，特别是在软件等脆弱行业，促使投资者重新评估他们的持仓。分析师警告称，资金流出可能会持续，直到对信用状况的信心改善。此外，主要的 ETF 也出现了大规模的撤资，表明在持续的市场不确定性中，投资者普遍在减少对杠杆贷款的敞口</p>

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<p>US leveraged loan funds are witnessing significant investor withdrawals this year.</p>
<div class="lb-trans"><p>美国杠杆贷款基金今年正经历显著的投资者撤资。</p>
</div><p>Reflecting growing caution around credit risk and broader concerns tied to redemption pressures and limited transparency in private credit markets.</p>
<div class="lb-trans"><p>这反映了对信用风险的日益谨慎，以及与赎回压力和私人信贷市场透明度有限相关的更广泛担忧。</p>
</div><p>These funds typically invest in bank loans issued to highly leveraged companies that are publicly traded.</p>
<div class="lb-trans"><p>这些基金通常投资于向高度杠杆化的上市公司发行的银行贷款。</p>
</div><p>Given that many of these borrowers also operate within private credit markets, fund flow trends are often viewed as a key indicator of investor appetite for credit risk across both public and private segments.</p>
<div class="lb-trans"><p>鉴于许多借款者也在私人信贷市场中运营，资金流动趋势通常被视为投资者对公共和私人领域信用风险的需求的重要指标。</p>
</div><h2>March outflows hit one-year high</h2>
<div class="lb-trans"><h2>三月的资金流出达到一年高点</h2>
</div><p>According to data from LSEG Lipper, US leveraged loan funds recorded outflows of $3.4 billion in March, marking the largest monthly withdrawal in approximately a year.</p>
<div class="lb-trans"><p>根据 LSEG Lipper 的数据，美国杠杆贷款基金在三月份记录了 34 亿美元的资金流出，标志着近一年来最大的月度撤资。</p>
</div><p>This follows another significant outflow of $2.4 billion in February, underscoring a sustained trend of investor pullback.</p>
<div class="lb-trans"><p>这紧随二月份另一笔 24 亿美元的显著流出，突显了投资者撤回的持续趋势。</p>
</div><p>The continued withdrawals highlight rising unease among investors, particularly as uncertainties surrounding credit quality and liquidity conditions intensify.</p>
<div class="lb-trans"><p>持续的撤资突显了投资者日益不安，尤其是在信用质量和流动性条件的不确定性加剧的情况下。</p>
</div><h2>Private credit concerns spill into public markets</h2>
<div class="lb-trans"><h2>私人信贷担忧蔓延至公共市场</h2>
</div><p>Market participants suggest that stress in private credit markets is playing a role in driving outflows from leveraged loan funds.</p>
<div class="lb-trans"><p>市场参与者表示，私人信贷市场的压力在推动杠杆贷款基金的资金流出方面发挥了作用。</p>
</div><p>Jeffrey Rosenkranz, a portfolio manager at Shelton Capital Management, pointed to a potential linkage between the two.</p>
<div class="lb-trans"><p>Shelton Capital Management 的投资组合经理 Jeffrey Rosenkranz 指出了两者之间的潜在联系。</p>
</div><p>“Investors who are concerned about these same factors in the private credit space but cannot secure full redemptions there may use the loan market as an ATM,” Rosenkranz said.</p>
<div class="lb-trans"><p>“那些对私人信贷领域的这些因素感到担忧但无法在那儿获得完全赎回的投资者，可能会将贷款市场视为提款机，” Rosenkranz 说。</p>
</div><p>Private credit firms have recently been grappling with increased redemption requests as investors reassess the health of underlying loan portfolios.</p>
<div class="lb-trans"><p>私人信贷公司最近一直在应对增加的赎回请求，因为投资者重新评估基础贷款组合的健康状况。</p>
</div><p>Concerns have been particularly pronounced in sectors such as software, where companies face potential disruption from artificial intelligence.</p>
<div class="lb-trans"><p>在软件等行业，担忧尤为明显，因为这些公司面临来自人工智能的潜在干扰。</p>
</div><h2>Sector exposure adds to investor caution</h2>
<div class="lb-trans"><h2>行业暴露加剧投资者谨慎</h2>
</div><p>Some analysts note that the leveraged loan market has relatively higher exposure to vulnerable sectors, including software and business services, compared to the public bond market.</p>
<div class="lb-trans"><p>一些分析师指出，杠杆贷款市场对脆弱行业（包括软件和商业服务）的暴露相对较高，较公共债券市场更为明显。</p>
</div><p>However, this exposure is still considered lower than that of certain private credit portfolios.</p>
<div class="lb-trans"><p>然而，这种暴露仍被认为低于某些私人信贷投资组合的水平。</p>
</div><p>The evolving risk landscape has made investors more selective, with many reassessing their positions amid uncertainty over how borrowers will navigate technological disruption and macroeconomic pressures.</p>
<div class="lb-trans"><p>不断变化的风险格局使投资者变得更加挑剔，许多人在不确定借款者如何应对技术干扰和宏观经济压力的情况下重新评估他们的头寸。</p>
</div><p>Rosenkranz cautioned that the trend of outflows may persist in the near term.</p>
<div class="lb-trans"><p>Rosenkranz 警告说，资金流出的趋势可能在短期内持续。</p>
</div><p>“Until pressure in private credit eases or is offset by stronger confidence in the underlying creditworthiness of leveraged loan borrowers, fund flows are unlikely to turn consistently positive,” he said.</p>
<div class="lb-trans"><p>“在私人信贷压力缓解或被杠杆贷款借款人信用状况的更强信心所抵消之前，资金流动不太可能持续转为正向，” 他说。</p>
</div><h2>Default risk outlook raises further concerns</h2>
<div class="lb-trans"><h2>违约风险前景引发进一步担忧</h2>
</div><p>Adding to investor apprehension, S&amp;P Global projected last month that US speculative-grade default rates could rise to 4.75% by the end of 2026 under a pessimistic scenario.</p>
<div class="lb-trans"><p>增加投资者忧虑的是，标准普尔全球上个月预测，在悲观情景下，美国投机级违约率到 2026 年底可能上升至 4.75%。</p>
</div><p>This outlook assumes potential setbacks in artificial intelligence investment and a prolonged conflict in the Middle East.</p>
<div class="lb-trans"><p>这一前景假设人工智能投资可能出现挫折，以及中东冲突的持续。</p>
</div><p>Such projections have further weighed on sentiment, reinforcing concerns about the resilience of highly leveraged borrowers in a challenging economic environment.</p>
<div class="lb-trans"><p>这样的预测进一步加重了市场情绪，强化了对在艰难经济环境中高度杠杆化借款者韧性的担忧。</p>
</div><h2>ETFs also see significant withdrawals</h2>
<div class="lb-trans"><h2>ETF 也出现显著撤资</h2>
</div><p>At the individual fund level, several major exchange-traded funds have recorded notable outflows.</p>
<div class="lb-trans"><p>在个别基金层面，几只主要的交易所交易基金记录了显著的资金流出。</p>
</div><p>The State Street SPDR Blackstone Senior Loan ETF saw withdrawals of $911 million over the past month.</p>
<div class="lb-trans"><p>State Street SPDR Blackstone Senior Loan ETF 在过去一个月内撤出了 9.11 亿美元。</p>
</div><p>Meanwhile, the Janus Henderson AAA CLO ETF and the Invesco Senior Loan ETF reported outflows of $543 million and $303 million, respectively.</p>
<div class="lb-trans"><p>与此同时，Janus Henderson AAA CLO ETF 和 Invesco Senior Loan ETF 分别报告了 5.43 亿美元和 3.03 亿美元的流出。</p>
</div><p>These figures reflect a broad-based retreat from leveraged loan exposure, as investors seek to reduce risk amid ongoing uncertainty in credit markets.</p>
<div class="lb-trans"><p>这些数字反映了投资者在信贷市场持续不确定的情况下，广泛撤回杠杆贷款的风险敞口。</p>
</div><p>Overall, the sustained outflows from US leveraged loan funds signal a shift in investor sentiment, driven by concerns over credit quality, liquidity, and the broader implications of stress in private credit markets.</p>
<div class="lb-trans"><p>总体而言，美国杠杆贷款基金的持续流出信号显示出投资者情绪的转变，主要受到对信用质量、流动性以及私人信贷市场压力更广泛影响的担忧驱动。</p>
</div><p>The post Leveraged loan funds face rising outflows as credit fears mount appeared first on Invezz</p>
<div class="lb-trans"><p>这篇文章的标题为《随着信用担忧加剧，杠杆贷款基金面临资金流出上升》，首次出现在 Invezz 上。</p>
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Leveraged loan funds face rising outflows as credit fears mount

invezz

State Street SPDR S&P Leveraged Ln ETF

随着信贷担忧的加剧，杠杆贷款基金面临着资金流出的增加