<p>作者：佈雷特·阿倫茲</p>
<p>當地男子震驚地發現，高收益和輕監管也可能意味着高風險</p>
<p>目前席捲 3 萬億美元私人信貸市場的動盪讓人想起了上一次加密貨幣崩盤時的著名洋葱新聞標題，一位震驚的投資者在各種幣種中損失了他的儲蓄，&#34;只希望有幾千人能警告他。&#34;</p>
<p>私人信貸，即風險較高的小公司繞過傳統的、監管更嚴格的銀行，直接從特殊貸款池借款，目前尚未演變成類似加密貨幣的崩盤。</p>
<p>但正如 MarketWatch 的朱爾斯·裏默報道的那樣，越來越多的這些基金正面臨危機，因為投資者試圖提取他們的資金。撤資潮如此猛烈，以至於一些基金被迫對每日提款設定上限。</p>
<p>你可以在許多與該行業高度相關的公司的股價中看到慘烈的景象。VanEck 的 BDC 收入 ETF BIZD，投資於私人信貸的風向標公司，如藍貓資本（Blue Owl Capital）和阿瑞斯資本（Ares Capital），最近幾個月價格大幅下跌。</p>
<p>但這一切對投資者來説都不應該感到意外。監管機構和一些金融界的知名人士一直在警告私人信貸行業快速增長、透明度低、流動性存疑、高集中度和未知風險等問題，這個行業的規模已達到 2 萬億美元（並在不斷上升）。</p>
<p>發出警告的包括證券交易委員會、國際貨幣基金組織、國際金融穩定委員會、國際清算銀行、英國議會、加拿大中央銀行行長以及摩根大通（J.P. Morgan &amp; Chase）首席執行官傑米·戴蒙。</p>
<p>還有其他人。</p>
<p>國際貨幣基金組織總裁克里斯塔琳娜·喬治娃表示，該行業的風險&#34;時不時讓我夜不能寐。&#34;</p>
<p>動盪將持續多久尚不清楚。美聯儲去年的一份報告表明，該行業所帶來的短期風險似乎&#34;有限&#34;，儘管懷疑論者可能會想起全球金融危機初期美聯儲時任主席本·伯南克的臭名昭著的保證，即次貸風險是&#34;可控的&#34;。一些投資者正在利用當前私人信貸的撤資潮，抓住機會以顯著低於報告淨資產的價格購買基金。</p>
<p>這將如何發展？敬請關注。</p>
<p>與此同時，任何投資的關鍵問題始終是，為什麼有人會向你提供它。當一個私人信貸基金在聲稱提供 9% 的收益，而無風險利率還不到一半時，值得問問一家大型金融機構是否真的是出於善意在給你免費錢——或者這個投資是否可能涉及一些風險。</p>
<p>你猜猜看。</p>
<p>-佈雷特·阿倫茲</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>03-12-26 1540ET</p>

全球私募股權基金 ETF - PowerShares

全球上市私募股權 ETF - ProShares

富國 BDC 指數 ETF - VanEck Vectors

<p>私募信貸市場的估值為 3 萬億美元，正面臨動盪，投資者試圖撤回資金，導致每日提款受到限制。高收益和低監管引發了對風險的擔憂，監管機構和金融領袖發出了警告。VanEck BDC Income ETF 的價格大幅下跌，反映了這一危機。儘管一些投資者將此視為以折扣價買入的機會，但潛在風險仍然不確定，這引發了人們對該領域高收益產品背後動機的質疑</p>

<p>By Brett Arends</p>
<div class="lb-trans"><p>作者：佈雷特·阿倫茲</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>當地男子震驚地發現，高收益和輕監管也可能意味着高風險</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>目前席捲 3 萬億美元私人信貸市場的動盪讓人想起了上一次加密貨幣崩盤時的著名洋葱新聞標題，一位震驚的投資者在各種幣種中損失了他的儲蓄，&#34;只希望有幾千人能警告他。&#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>私人信貸，即風險較高的小公司繞過傳統的、監管更嚴格的銀行，直接從特殊貸款池借款，目前尚未演變成類似加密貨幣的崩盤。</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 的朱爾斯·裏默報道的那樣，越來越多的這些基金正面臨危機，因為投資者試圖提取他們的資金。撤資潮如此猛烈，以至於一些基金被迫對每日提款設定上限。</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>你可以在許多與該行業高度相關的公司的股價中看到慘烈的景象。VanEck 的 BDC 收入 ETF BIZD，投資於私人信貸的風向標公司，如藍貓資本（Blue Owl Capital）和阿瑞斯資本（Ares Capital），最近幾個月價格大幅下跌。</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>但這一切對投資者來説都不應該感到意外。監管機構和一些金融界的知名人士一直在警告私人信貸行業快速增長、透明度低、流動性存疑、高集中度和未知風險等問題，這個行業的規模已達到 2 萬億美元（並在不斷上升）。</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>發出警告的包括證券交易委員會、國際貨幣基金組織、國際金融穩定委員會、國際清算銀行、英國議會、加拿大中央銀行行長以及摩根大通（J.P. Morgan &amp; Chase）首席執行官傑米·戴蒙。</p>
</div><p>Among others.</p>
<div class="lb-trans"><p>還有其他人。</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>國際貨幣基金組織總裁克里斯塔琳娜·喬治娃表示，該行業的風險&#34;時不時讓我夜不能寐。&#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>動盪將持續多久尚不清楚。美聯儲去年的一份報告表明，該行業所帶來的短期風險似乎&#34;有限&#34;，儘管懷疑論者可能會想起全球金融危機初期美聯儲時任主席本·伯南克的臭名昭著的保證，即次貸風險是&#34;可控的&#34;。一些投資者正在利用當前私人信貸的撤資潮，抓住機會以顯著低於報告淨資產的價格購買基金。</p>
</div><p>How will that work out? Stay tuned.</p>
<div class="lb-trans"><p>這將如何發展？敬請關注。</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>與此同時，任何投資的關鍵問題始終是，為什麼有人會向你提供它。當一個私人信貸基金在聲稱提供 9% 的收益，而無風險利率還不到一半時，值得問問一家大型金融機構是否真的是出於善意在給你免費錢——或者這個投資是否可能涉及一些風險。</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>-佈雷特·阿倫茲</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>03-12-26 1540ET</p>
<div class="lb-trans"><p>03-12-26 1540ET</p>
</div>

一位在私人信貸中失去所有資產的投資者希望有更多的人曾警告他這些風險