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<p>美國槓桿貸款基金今年正經歷顯著的投資者撤資。</p>
<p>這反映了對信用風險的日益謹慎，以及與贖回壓力和私人信貸市場透明度有限相關的更廣泛擔憂。</p>
<p>這些基金通常投資於向高度槓桿化的上市公司發行的銀行貸款。</p>
<p>鑑於許多借款者也在私人信貸市場中運營，資金流動趨勢通常被視為投資者對公共和私人領域信用風險的需求的重要指標。</p>
<h2>三月的資金流出達到一年高點</h2>
<p>根據 LSEG Lipper 的數據，美國槓桿貸款基金在三月份記錄了 34 億美元的資金流出，標誌着近一年來最大的月度撤資。</p>
<p>這緊隨二月份另一筆 24 億美元的顯著流出，突顯了投資者撤回的持續趨勢。</p>
<p>持續的撤資突顯了投資者日益不安，尤其是在信用質量和流動性條件的不確定性加劇的情況下。</p>
<h2>私人信貸擔憂蔓延至公共市場</h2>
<p>市場參與者表示，私人信貸市場的壓力在推動槓桿貸款基金的資金流出方面發揮了作用。</p>
<p>Shelton Capital Management 的投資組合經理 Jeffrey Rosenkranz 指出了兩者之間的潛在聯繫。</p>
<p>“那些對私人信貸領域的這些因素感到擔憂但無法在那兒獲得完全贖回的投資者，可能會將貸款市場視為提款機，” Rosenkranz 説。</p>
<p>私人信貸公司最近一直在應對增加的贖回請求，因為投資者重新評估基礎貸款組合的健康狀況。</p>
<p>在軟件等行業，擔憂尤為明顯，因為這些公司面臨來自人工智能的潛在干擾。</p>
<h2>行業暴露加劇投資者謹慎</h2>
<p>一些分析師指出，槓桿貸款市場對脆弱行業（包括軟件和商業服務）的暴露相對較高，較公共債券市場更為明顯。</p>
<p>然而，這種暴露仍被認為低於某些私人信貸投資組合的水平。</p>
<p>不斷變化的風險格局使投資者變得更加挑剔，許多人在不確定借款者如何應對技術干擾和宏觀經濟壓力的情況下重新評估他們的頭寸。</p>
<p>Rosenkranz 警告説，資金流出的趨勢可能在短期內持續。</p>
<p>“在私人信貸壓力緩解或被槓桿貸款借款人信用狀況的更強信心所抵消之前，資金流動不太可能持續轉為正向，” 他説。</p>
<h2>違約風險前景引發進一步擔憂</h2>
<p>增加投資者憂慮的是，標準普爾全球上個月預測，在悲觀情景下，美國投機級違約率到 2026 年底可能上升至 4.75%。</p>
<p>這一前景假設人工智能投資可能出現挫折，以及中東衝突的持續。</p>
<p>這樣的預測進一步加重了市場情緒，強化了對在艱難經濟環境中高度槓桿化借款者韌性的擔憂。</p>
<h2>ETF 也出現顯著撤資</h2>
<p>在個別基金層面，幾隻主要的交易所交易基金記錄了顯著的資金流出。</p>
<p>State Street SPDR Blackstone Senior Loan ETF 在過去一個月內撤出了 9.11 億美元。</p>
<p>與此同時，Janus Henderson AAA CLO ETF 和 Invesco Senior Loan ETF 分別報告了 5.43 億美元和 3.03 億美元的流出。</p>
<p>這些數字反映了投資者在信貸市場持續不確定的情況下，廣泛撤回槓桿貸款的風險敞口。</p>
<p>總體而言，美國槓桿貸款基金的持續流出信號顯示出投資者情緒的轉變，主要受到對信用質量、流動性以及私人信貸市場壓力更廣泛影響的擔憂驅動。</p>
<p>這篇文章的標題為《隨着信用擔憂加劇，槓桿貸款基金面臨資金流出上升》，首次出現在 Invezz 上。</p>

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美國高收益債 ETF - iShares

<p>美國槓桿貸款基金正經歷顯著的資金流出，3 月份撤回了 34 億美元，為一年內最高。這一趨勢反映出投資者對信用風險和流動性問題的日益謹慎，尤其是在私人信貸市場。對借款人健康狀況的擔憂，特別是在軟件等脆弱行業，促使投資者重新評估他們的持倉。分析師警告稱，資金流出可能會持續，直到對信用狀況的信心改善。此外，主要的 ETF 也出現了大規模的撤資，表明在持續的市場不確定性中，投資者普遍在減少對槓桿貸款的敞口</p>

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<p>US leveraged loan funds are witnessing significant investor withdrawals this year.</p>
<div class="lb-trans"><p>美國槓桿貸款基金今年正經歷顯著的投資者撤資。</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>這反映了對信用風險的日益謹慎，以及與贖回壓力和私人信貸市場透明度有限相關的更廣泛擔憂。</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>這些基金通常投資於向高度槓桿化的上市公司發行的銀行貸款。</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>鑑於許多借款者也在私人信貸市場中運營，資金流動趨勢通常被視為投資者對公共和私人領域信用風險的需求的重要指標。</p>
</div><h2>March outflows hit one-year high</h2>
<div class="lb-trans"><h2>三月的資金流出達到一年高點</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>根據 LSEG Lipper 的數據，美國槓桿貸款基金在三月份記錄了 34 億美元的資金流出，標誌着近一年來最大的月度撤資。</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>這緊隨二月份另一筆 24 億美元的顯著流出，突顯了投資者撤回的持續趨勢。</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>持續的撤資突顯了投資者日益不安，尤其是在信用質量和流動性條件的不確定性加劇的情況下。</p>
</div><h2>Private credit concerns spill into public markets</h2>
<div class="lb-trans"><h2>私人信貸擔憂蔓延至公共市場</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>市場參與者表示，私人信貸市場的壓力在推動槓桿貸款基金的資金流出方面發揮了作用。</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 的投資組合經理 Jeffrey Rosenkranz 指出了兩者之間的潛在聯繫。</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>“那些對私人信貸領域的這些因素感到擔憂但無法在那兒獲得完全贖回的投資者，可能會將貸款市場視為提款機，” Rosenkranz 説。</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>私人信貸公司最近一直在應對增加的贖回請求，因為投資者重新評估基礎貸款組合的健康狀況。</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>在軟件等行業，擔憂尤為明顯，因為這些公司面臨來自人工智能的潛在干擾。</p>
</div><h2>Sector exposure adds to investor caution</h2>
<div class="lb-trans"><h2>行業暴露加劇投資者謹慎</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>一些分析師指出，槓桿貸款市場對脆弱行業（包括軟件和商業服務）的暴露相對較高，較公共債券市場更為明顯。</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，這種暴露仍被認為低於某些私人信貸投資組合的水平。</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>不斷變化的風險格局使投資者變得更加挑剔，許多人在不確定借款者如何應對技術干擾和宏觀經濟壓力的情況下重新評估他們的頭寸。</p>
</div><p>Rosenkranz cautioned that the trend of outflows may persist in the near term.</p>
<div class="lb-trans"><p>Rosenkranz 警告説，資金流出的趨勢可能在短期內持續。</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>“在私人信貸壓力緩解或被槓桿貸款借款人信用狀況的更強信心所抵消之前，資金流動不太可能持續轉為正向，” 他説。</p>
</div><h2>Default risk outlook raises further concerns</h2>
<div class="lb-trans"><h2>違約風險前景引發進一步擔憂</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>增加投資者憂慮的是，標準普爾全球上個月預測，在悲觀情景下，美國投機級違約率到 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>這一前景假設人工智能投資可能出現挫折，以及中東衝突的持續。</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>這樣的預測進一步加重了市場情緒，強化了對在艱難經濟環境中高度槓桿化借款者韌性的擔憂。</p>
</div><h2>ETFs also see significant withdrawals</h2>
<div class="lb-trans"><h2>ETF 也出現顯著撤資</h2>
</div><p>At the individual fund level, several major exchange-traded funds have recorded notable outflows.</p>
<div class="lb-trans"><p>在個別基金層面，幾隻主要的交易所交易基金記錄了顯著的資金流出。</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 在過去一個月內撤出了 9.11 億美元。</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>與此同時，Janus Henderson AAA CLO ETF 和 Invesco Senior Loan ETF 分別報告了 5.43 億美元和 3.03 億美元的流出。</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>這些數字反映了投資者在信貸市場持續不確定的情況下，廣泛撤回槓桿貸款的風險敞口。</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>總體而言，美國槓桿貸款基金的持續流出信號顯示出投資者情緒的轉變，主要受到對信用質量、流動性以及私人信貸市場壓力更廣泛影響的擔憂驅動。</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>這篇文章的標題為《隨着信用擔憂加劇，槓桿貸款基金面臨資金流出上升》，首次出現在 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

隨着信貸擔憂的加劇，槓桿貸款基金面臨着資金流出的增加