<ul>
<li>隨着私人信貸的增長，今年基金融資市場突破 1 萬億美元</li>
</ul><ul>
<li>穆迪指出，由底層私人信貸貸款支持的資產淨值（NAV）貸款不斷增長</li>
</ul><ul>
<li>銀行將 NAV 貸款打包為資產支持證券</li>
</ul><p>By Matt Tracy</p><p>華盛頓，4 月 27 日（路透社）- 根據穆迪評級發佈的一份新報告，在日益增長的私人信貸市場需求的推動下，今年基金融資市場規模突破 1 萬億美元。</p><p>穆迪分析師寫道，基金融資市場曾是私募基金的早期流動性選擇，如今隨着近年來私人信貸貸款人設立更多基金，該市場已成為他們的 “關鍵後盾”。</p><p>穆迪指出，私人信貸基金在資產淨值（NAV）貸款中也成為了關鍵的借款人和貸款人角色，這類貸款由基金的底層投資作為支持。NAV 融資提供更長的期限和更靈活的承保條件，以換取與底層貸款投資相關的更高回報和更大風險。</p><p>基金融資市場也見證了由 NAV 和投資者承諾共同擔保的混合結構的增長。</p><p>穆迪分析師對近期人工智能對軟件公司的顛覆表示擔憂，並指出隨後投資於軟件業務的私人信貸基金出現了投資者撤資增加的情況。</p><p>分析師寫道：“美國直接借貸的資產質量正在走弱，人工智能帶來的日益嚴重的顛覆正在引入額外的壓力，尤其是對軟件公司而言。”</p><p>穆迪還強調了這些 NAV 融資對實物支付（PIK）貸款的風險敞口，這類貸款允許借款人推遲利息支付，轉而增加到期時應支付的本金。</p><p>報告作者寫道：“隨着私募市場基金投資者對基金層面槓桿的接受度提高，私人信貸和基金融資的發展相互促進。”</p><p>他們補充道：“然而，隨着市場擴張，私人信貸基金經理保持審慎的承保紀律並對槓桿疊加結構進行嚴格壓力測試變得至關重要。”</p><p>報告指出，同樣提供 NAV 融資貸款的銀行已開始將這些貸款打包成資產支持證券，以轉移風險並利用資本市場擴大這些貸款的投資者基礎。</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>隨着私人信貸的增長，今年基金融資市場突破 1 萬億美元</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，由底層私人信貸貸款支持的資產淨值（NAV）貸款不斷增長</li>
</ul></div><ul>
<li>Banks bundling NAV loans into asset-backed securities</li>
</ul>
<div class="lb-trans"><ul>
<li>銀行將 NAV 貸款打包為資產支持證券</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>華盛頓，4 月 27 日（路透社）- 根據穆迪評級發佈的一份新報告，在日益增長的私人信貸市場需求的推動下，今年基金融資市場規模突破 1 萬億美元。</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>穆迪分析師寫道，基金融資市場曾是私募基金的早期流動性選擇，如今隨着近年來私人信貸貸款人設立更多基金，該市場已成為他們的 “關鍵後盾”。</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，私人信貸基金在資產淨值（NAV）貸款中也成為了關鍵的借款人和貸款人角色，這類貸款由基金的底層投資作為支持。NAV 融資提供更長的期限和更靈活的承保條件，以換取與底層貸款投資相關的更高回報和更大風險。</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>基金融資市場也見證了由 NAV 和投資者承諾共同擔保的混合結構的增長。</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>穆迪分析師對近期人工智能對軟件公司的顛覆表示擔憂，並指出隨後投資於軟件業務的私人信貸基金出現了投資者撤資增加的情況。</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>分析師寫道：“美國直接借貸的資產質量正在走弱，人工智能帶來的日益嚴重的顛覆正在引入額外的壓力，尤其是對軟件公司而言。”</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>穆迪還強調了這些 NAV 融資對實物支付（PIK）貸款的風險敞口，這類貸款允許借款人推遲利息支付，轉而增加到期時應支付的本金。</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>報告作者寫道：“隨着私募市場基金投資者對基金層面槓桿的接受度提高，私人信貸和基金融資的發展相互促進。”</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>他們補充道：“然而，隨着市場擴張，私人信貸基金經理保持審慎的承保紀律並對槓桿疊加結構進行嚴格壓力測試變得至關重要。”</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>報告指出，同樣提供 NAV 融資貸款的銀行已開始將這些貸款打包成資產支持證券，以轉移風險並利用資本市場擴大這些貸款的投資者基礎。</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

穆迪稱，在私人信貸推動下，基金融資市場規模達到1萬億美元