<p>標普美元精選槓桿貸款指數是槓桿貸款領域的新成員，旨在填補現有流動性槓桿貸款指數產品中的關鍵空白，這些產品通常專注於按市值計算的最大貸款。這個創新的指數涵蓋了所有以美元計價的全額融資定期貸款，最低貸款額度為 5 億美元，且信用評級低於投資級別，從而提供了市場的更廣泛視角。</p>
<p>隨着美國槓桿貸款市場在 2025 年 7 月激增至約 1.5 萬億美元，借款人的多樣性顯著擴大，涵蓋了各種貸款類型、信用質量、利差、契約和其他特徵。當僅分析市場上前 100 個最大貸款時，這種多樣性往往無法完全捕捉。該指數在過去五年的回測表現積極，如圖表 1 所示。</p>
<p><em>(點擊圖片放大)</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>該指數不僅通過包括 5 億美元及以上的貸款提供了對流動性槓桿貸款市場更全面和具有代表性的視角，還通過 930 個成分的多樣化增強了行業分散和風險/表現特徵，截止到 2025 年 10 月。</p>
<p>超越按名義指數價值排名前 100 的貸款，考察貸款的信用質量特徵，可以深入瞭解更廣泛的市場。這些見解包括跟蹤基礎貸款的違約情況，這在槓桿貸款生態系統中是至關重要的早期預警信號——當僅關注最大貸款時，這些信息可能會被忽視。</p>
<p>此外，隨着數據集的擴大，潛在風險如信用惡化變得更加明顯，使投資者和市場觀察者能夠做出更明智的決策。該指數還將更高的利差納入整體組合，這主要是由於小額貸款和較低的平均信用質量的納入。圖表 2 展示了截至 2025 年 10 月，標普美元精選槓桿貸款指數中前 100 個貸款與其他成分之間的信用質量差異。</p>
<p><em>(點擊圖片放大)</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>更廣泛的貸款納入的影響也擴展到行業特徵，因為低名義價值貸款的增加使得該指數能夠接觸到更廣泛的商業類型，如圖表 3 所示。對於一個專注於納入低信用質量借款人的指數，跨行業的多樣化可以產生積極的效果，不僅可以涵蓋額外的表現來源，還可以緩和風險。</p>
<p><em>(點擊圖片放大)</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>總之，標普美元精選槓桿貸款指數為衡量槓桿貸款領域內較大貸款提供了基準，而不犧牲因額外納入小額髮行而產生的風險/表現平衡和多樣化特徵。隨着槓桿貸款市場的不斷發展和擴展，採用全面視角的指數將成為更明智投資決策的重要工具。</p>
<p>1 標普美元精選槓桿貸款指數遵循 iBoxx 行業分類標準（iBICs）。有關更多詳細信息，請參見 https://www.spglobal.com/spdji/en/landing/topic/ibics/</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>高股息收益率與質量相遇：介紹標普 500 質量自由現金流高股息指數</p>
<p>金庫中的價值</p>
<p>依然是設計中的質量：深入分析標普小型股 600 的近期表現</p>

<p>標準普爾美元選擇槓桿貸款指數提供了槓桿貸款市場的全面視角，涵蓋了 500 萬美元及以上、信用評級低於投資級的美元計價定期貸款。該指數增強了行業多樣性和風險/表現特徵，提供了關於違約和信用惡化的洞察。該指數作為較大貸款的基準，幫助在不斷發展的槓桿貸款市場中做出明智的投資決策</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>標普美元精選槓桿貸款指數是槓桿貸款領域的新成員，旨在填補現有流動性槓桿貸款指數產品中的關鍵空白，這些產品通常專注於按市值計算的最大貸款。這個創新的指數涵蓋了所有以美元計價的全額融資定期貸款，最低貸款額度為 5 億美元，且信用評級低於投資級別，從而提供了市場的更廣泛視角。</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>隨着美國槓桿貸款市場在 2025 年 7 月激增至約 1.5 萬億美元，借款人的多樣性顯著擴大，涵蓋了各種貸款類型、信用質量、利差、契約和其他特徵。當僅分析市場上前 100 個最大貸款時，這種多樣性往往無法完全捕捉。該指數在過去五年的回測表現積極，如圖表 1 所示。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>該指數不僅通過包括 5 億美元及以上的貸款提供了對流動性槓桿貸款市場更全面和具有代表性的視角，還通過 930 個成分的多樣化增強了行業分散和風險/表現特徵，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>超越按名義指數價值排名前 100 的貸款，考察貸款的信用質量特徵，可以深入瞭解更廣泛的市場。這些見解包括跟蹤基礎貸款的違約情況，這在槓桿貸款生態系統中是至關重要的早期預警信號——當僅關注最大貸款時，這些信息可能會被忽視。</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，隨着數據集的擴大，潛在風險如信用惡化變得更加明顯，使投資者和市場觀察者能夠做出更明智的決策。該指數還將更高的利差納入整體組合，這主要是由於小額貸款和較低的平均信用質量的納入。圖表 2 展示了截至 2025 年 10 月，標普美元精選槓桿貸款指數中前 100 個貸款與其他成分之間的信用質量差異。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>更廣泛的貸款納入的影響也擴展到行業特徵，因為低名義價值貸款的增加使得該指數能夠接觸到更廣泛的商業類型，如圖表 3 所示。對於一個專注於納入低信用質量借款人的指數，跨行業的多樣化可以產生積極的效果，不僅可以涵蓋額外的表現來源，還可以緩和風險。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>總之，標普美元精選槓桿貸款指數為衡量槓桿貸款領域內較大貸款提供了基準，而不犧牲因額外納入小額髮行而產生的風險/表現平衡和多樣化特徵。隨着槓桿貸款市場的不斷發展和擴展，採用全面視角的指數將成為更明智投資決策的重要工具。</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 標普美元精選槓桿貸款指數遵循 iBoxx 行業分類標準（iBICs）。有關更多詳細信息，請參見 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>更多來自此作者的文章：</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>高股息收益率與質量相遇：介紹標普 500 質量自由現金流高股息指數</p>
</div><p>Values In The Vault</p>
<div class="lb-trans"><p>金庫中的價值</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>依然是設計中的質量：深入分析標普小型股 600 的近期表現</p>
</div>

標普美元精選槓桿貸款指數：全面解析槓桿貸款市場的方法