<ul>
<li>随着私人信贷的增长，今年基金融资市场突破 1 万亿美元</li>
</ul><ul>
<li>穆迪指出，由底层私人信贷贷款支持的资产净值（NAV）贷款不断增长</li>
</ul><ul>
<li>银行将 NAV 贷款打包为资产支持证券</li>
</ul><p>By Matt Tracy</p><p>华盛顿，4 月 27 日（路透社）- 根据穆迪评级发布的一份新报告，在日益增长的私人信贷市场需求的推动下，今年基金融资市场规模突破 1 万亿美元。</p><p>穆迪分析师写道，基金融资市场曾是私募基金的早期流动性选择，如今随着近年来私人信贷贷款人设立更多基金，该市场已成为他们的 “关键后盾”。</p><p>穆迪指出，私人信贷基金在资产净值（NAV）贷款中也成为了关键的借款人和贷款人角色，这类贷款由基金的底层投资作为支持。NAV 融资提供更长的期限和更灵活的承保条件，以换取与底层贷款投资相关的更高回报和更大风险。</p><p>基金融资市场也见证了由 NAV 和投资者承诺共同担保的混合结构的增长。</p><p>穆迪分析师对近期人工智能对软件公司的颠覆表示担忧，并指出随后投资于软件业务的私人信贷基金出现了投资者撤资增加的情况。</p><p>分析师写道：“美国直接借贷的资产质量正在走弱，人工智能带来的日益严重的颠覆正在引入额外的压力，尤其是对软件公司而言。”</p><p>穆迪还强调了这些 NAV 融资对实物支付（PIK）贷款的风险敞口，这类贷款允许借款人推迟利息支付，转而增加到期时应支付的本金。</p><p>报告作者写道：“随着私募市场基金投资者对基金层面杠杆的接受度提高，私人信贷和基金融资的发展相互促进。”</p><p>他们补充道：“然而，随着市场扩张，私人信贷基金经理保持审慎的承保纪律并对杠杆叠加结构进行严格压力测试变得至关重要。”</p><p>报告指出，同样提供 NAV 融资贷款的银行已开始将这些贷款打包成资产支持证券，以转移风险并利用资本市场扩大这些贷款的投资者基础。</p>

穆迪

PCMM

PRIV

PCLO

<ul>
<li>The fund finance market surpassed $1 trillion this year as private credit grows</li>
</ul>
<div class="lb-trans"><ul>
<li>随着私人信贷的增长，今年基金融资市场突破 1 万亿美元</li>
</ul></div><ul>
<li>Moody’s flags growth of NAV loans backed by underlying private credit loans</li>
</ul>
<div class="lb-trans"><ul>
<li>穆迪指出，由底层私人信贷贷款支持的资产净值（NAV）贷款不断增长</li>
</ul></div><ul>
<li>Banks bundling NAV loans into asset-backed securities</li>
</ul>
<div class="lb-trans"><ul>
<li>银行将 NAV 贷款打包为资产支持证券</li>
</ul></div><p>By Matt Tracy</p>
<div class="lb-trans"><p>By Matt Tracy</p></div><p>WASHINGTON, April 27 (Reuters) - The fund finance market surpassed $1 trillion in size this year, driven by demand from the growing private credit market, according to a new Moody’s Ratings report.</p>
<div class="lb-trans"><p>华盛顿，4 月 27 日（路透社）- 根据穆迪评级发布的一份新报告，在日益增长的私人信贷市场需求的推动下，今年基金融资市场规模突破 1 万亿美元。</p></div><p>Once an early-stage liquidity option for private funds, the fund finance market has become a “critical backstop” for private credit lenders as they have opened more funds in recent years, Moody’s analysts wrote.</p>
<div class="lb-trans"><p>穆迪分析师写道，基金融资市场曾是私募基金的早期流动性选择，如今随着近年来私人信贷贷款人设立更多基金，该市场已成为他们的 “关键后盾”。</p></div><p>Private credit funds have also become key players both as borrower and lender in net asset value (NAV) loans, which are backed by a fund’s underlying investments, Moody’s noted. NAV facilities offer longer tenors and more flexible underwriting, offering higher returns in exchange for the greater risk tied to the underlying loan investments.</p>
<div class="lb-trans"><p>穆迪指出，私人信贷基金在资产净值（NAV）贷款中也成为了关键的借款人和贷款人角色，这类贷款由基金的底层投资作为支持。NAV 融资提供更长的期限和更灵活的承保条件，以换取与底层贷款投资相关的更高回报和更大风险。</p></div><p>The fund finance market has also seen a growth in hybrid structures that are secured by both NAV and investor commitments.</p>
<div class="lb-trans"><p>基金融资市场也见证了由 NAV 和投资者承诺共同担保的混合结构的增长。</p></div><p>The Moody’s analysts raised concerns about the recent AI disruption of software companies, and the subsequent elevated investor withdrawals from private credit funds invested in software businesses.</p>
<div class="lb-trans"><p>穆迪分析师对近期人工智能对软件公司的颠覆表示担忧，并指出随后投资于软件业务的私人信贷基金出现了投资者撤资增加的情况。</p></div><p>“Asset quality in US direct lending is weakening, and growing disruption from artificial intelligence is introducing additional stress, particularly on software companies,” the analysts wrote.</p>
<div class="lb-trans"><p>分析师写道：“美国直接借贷的资产质量正在走弱，人工智能带来的日益严重的颠覆正在引入额外的压力，尤其是对软件公司而言。”</p></div><p>Moody’s also highlighted the exposure of these NAV facilities to payment-in-kind (PIK) loans, which allow borrowers to defer interest payments and instead increase the principal due at maturity.</p>
<div class="lb-trans"><p>穆迪还强调了这些 NAV 融资对实物支付（PIK）贷款的风险敞口，这类贷款允许借款人推迟利息支付，转而增加到期时应支付的本金。</p></div><p>“As private market fund investors are becoming more accepting of fund-level leverage, the rise of private credit and fund finance are mutually reinforcing,” the report’s authors wrote.</p>
<div class="lb-trans"><p>报告作者写道：“随着私募市场基金投资者对基金层面杠杆的接受度提高，私人信贷和基金融资的发展相互促进。”</p></div><p>“As the market expands, however, it has become essential for private credit fund managers to maintain prudent underwriting discipline and to rigorously stress-test leverage-on-leverage structures,” they added.</p>
<div class="lb-trans"><p>他们补充道：“然而，随着市场扩张，私人信贷基金经理保持审慎的承保纪律并对杠杆叠加结构进行严格压力测试变得至关重要。”</p></div><p>Banks, which also lend NAV facilities, have begun bundling these loans into asset-backed securities to transfer risk and tap capital markets to deepen the investor base for these loans, the report noted.</p>
<div class="lb-trans"><p>报告指出，同样提供 NAV 融资贷款的银行已开始将这些贷款打包成资产支持证券，以转移风险并利用资本市场扩大这些贷款的投资者基础。</p></div>

Fund finance market reaches $1 trillion driven by private credit, Moody's says

Reuters

BondBloxx Private Credit CLO ETF

State Street® IG Public & Priv Crdt ETF

Virtus Seix AAA Private Credit CLO ETF

穆迪称，在私人信贷推动下，基金融资市场规模达到1万亿美元