Banks’ links to private credit could pose systemic risk, says Boston Fed - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
私募信贷

Banks’ links to private credit could pose systemic risk, says Boston Fed

Report highlights how direct lenders are forging increasingly close ties to more tightly regulated financial groups
00:00

{"text":[[{"start":9.09,"text":"Bank lending to the $1.6tn private credit industry may pose systemic risks to the US financial system during an economic downturn, the Federal Reserve’s Boston branch warned on Wednesday."}],[{"start":23.98,"text":"Boston Fed economists said in a paper that US lenders were exposing themselves to a new channel of risks by offering finance to non-bank groups that specialise in making loans directly to companies."}],[{"start":38.66,"text":"The report underscores how the booming private credit industry, led by groups such as Blackstone, Apollo and Ares, is forging increasingly close links with the much more tightly regulated traditional banking sector."}],[{"start":54.489999999999995,"text":"“Banks’ extensive links to the private credit market could be a concern because those links indirectly expose banks to the traditionally higher risks associated with private credit loans,” José Fillat, Mattia Landoni, John Levin and Christina Wang of the Boston Fed said in the report."}],[{"start":75.22999999999999,"text":"The report adds to a widening body of evidence that details how regulated banks have helped propel private credit lenders in the wake of the 2008 financial crisis, when safeguards were put in place to curtail the risks regulated lenders were taking."}],[{"start":95.05999999999999,"text":"Those rules discouraged banks from underwriting loans to businesses that were highly indebted or to companies that did not generate enough cash to service their debts. Banks instead began lending to private credit funds that underwrote those loans in their place, supercharging the industry’s growth."}],[{"start":null,"text":"

"}],[{"start":116.24999999999999,"text":"The Boston Fed economists noted that the banking sector could be hit if defaults among companies that have sought out private loans are higher than borrowers in traditional syndicated loan or high-yield bond markets."}],[{"start":130.58999999999997,"text":"In traditional loan and bond markets, investors who buy the assets are at risk when a company defaults, but private credit groups are the ones that stand to lose if their borrowers fail to make good on their obligations."}],[{"start":145.17,"text":"Rating agency Fitch earlier this week reported that loans to non-bank financial institutions — a group that includes buyout shops and private credit funds — had jumped to roughly $1.2tn at the end of March, up 20 per cent from the year prior."}],[{"start":164.32,"text":"The Boston Fed said one of the main risks stemmed from the revolving credit facilities that banks provide private credit investment funds. These credit lines allow funds to draw down hundreds of millions or billions of dollars at will, which they can use to underwrite private loans to companies."}],[{"start":185.76999999999998,"text":"The rapid growth of this type of leverage has raised concerns for banking regulators, who have mostly watched on the sidelines as the private credit industry ballooned over the past decade. These funds are often lending to already heavily indebted, private equity-owned companies. Some of these businesses are struggling with high interest rates."}],[{"start":209.30999999999997,"text":"“Private credit lenders’ reliance on banks for liquidity could pose systemic liquidity risk to the banking sector if a sufficient number of private credit lenders . . . draw down on their bank credit lines simultaneously in response to adverse aggregate shocks,” the Boston Fed economists said."}],[{"start":229.34999999999997,"text":"The financing that banks are providing private credit funds is still deemed to be safer than the buyout loans they provided before the financial crisis, when a bank might agree to provide billions of dollars to finance a single deal. Today, their loans to funds are backed by dozens or hundreds of smaller loans, minimising their risk to any one business."}],[{"start":254.78999999999996,"text":"The Boston Fed also noted that the credit facilities banks were providing tended to be among private credit funds’ “most senior liabilities”, meaning they would only be dealt losses in “severely adverse economic conditions, such as a deep and protracted recession”."}],[{"start":283.85999999999996,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1747875877_8484.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

社交媒体具有民粹性并造成两极分化;AI或许恰恰相反

与社交平台形成鲜明对比,大型语言模型提升专家共识与温和观点的可见度。

斩首困境

长期以来,针对敌方领导人的打击一直被视为不光彩或适得其反,如今却正逐渐被常态化。随着这道禁忌的消退,我们还会失去什么?

一周新闻小测:2026年3月28日

您对本周的全球重大新闻了解如何?来做个小测试吧!

这场连唐纳德•特朗普也无法掌控的石油冲击

尽管船上和储库里积压了大量原油,但成品油库存要小得多。

AI数据中心热潮会沦为一场9万亿美元的泡沫吗?

砸下重金的那些巨头未必收回成本,但几乎可以肯定的是,他们终将安然过关、还有机会讲述这段经历。

萨拉赫,告别利物浦的足球传奇

这位埃及球员人气极高,曾被认为一度降低了针对穆斯林的仇恨犯罪。
设置字号×
最小
较小
默认
较大
最大
分享×