每日新闻更新 — 杠杆贷款 The Daily Update – Leverage lending

国际清算银行(BIS)(众所周知的央行的央行)在其最新报告中就高风险贷款一事提出了警告。他们正在敲响这个警钟不仅仅是因为债务的总额,而是因为投资者似乎对如何保护自己免受损失越来越满不在乎。

据国际清算银行称,自金融危机以来,美国和欧洲的杠杆贷款和高收益债券总额翻了一番,达到2.65万亿美元,而高收益(债券)占了这一数额的一半以上,目前的杠杆贷款约占45%。

国际清算银行对低条件合约贷款的趋势感到担心,因为投资者通过这种方法在追求更高收益率的目标时放弃了保护措施。穆迪投资者服务机构在最近的一次审查中指出,80%的新发行贷款现在是低条件合约型的,他们衡量契约力量的指数处于历史最高水平,表明对借款人的保护较弱。

根据穆迪的数据,违约率继续下降,预计到年底的时候将从上个月的2.8%水平达到2%的水平,这使得这一趋势变得更糟。从广义上讲,系统中的大量流动性促使贷方以非常高的杠杆价值放贷,一些观察人士警告称,“这将使该行业面临负面冲击”。

国际清算银行的报告表明,如果评级下调选择银行资产负债表面临风险的话,杠杆共同基金的“减价销售”的前景确实充满了真正的风险。正如芝加哥大学的金融学教授所指出的那样,“他们的借款通常来自银行;他们从银行购买贷款并从银行借钱购买贷款,因此风险最终会回到银行的资产负债表上”,“可能不是今天或明天,但风险在不断增加”。

我们更喜欢古老的格言,“只把钱借给那些有能力偿还你的人”;而且,根据我们的风险/回报衡量表,仅仅为了几个额外基点的蝇头小利拿你的资金去冒险是得不偿失的。

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.

This website provides information about Stratton Street Capital LLP ("Stratton Street"). Stratton Street is authorised and regulated by the UK's Financial Conduct Authority. The content of this website has been prepared by Stratton Street from its records and is believed to be accurate but we do not accept any liability or responsibility in respect of the information of any views expressed herein. The information, material and content provided in the pages of this website may be changed at any time by us. Information on this website may be out of date and may not be updated or removed.

The website is provided for the main purpose of providing generic information on Stratton Street and on our investment philosophy for the use of financial professionals in the United Kingdom that qualify as Professional Clients or Eligible Counterparties under the rules of the United Kingdom Financial Conduct Authority (the "FCA"). The information in this website is not intended for the use of and should not be relied on by any person who would qualify as a Retail Client. Products and services referred to on this website are offered only at times when, and in jurisdictions where, they may be lawfully offered. The information on this website is not directed to any person in the United States. The provision of the information on this website does not constitute an offer to purchase securities to any person in the United States (other than a professional fiduciary acting for the account of a non-U.S person) or to any U.S. person as such term is defined under the Securities Act of 1933, as amended.

The website is not intended to offer investors the opportunity to invest in any Alternative Investment Fund ("AIF") product. The AIFs managed by Stratton Street are not being marketed in the European Economic Area ("EEA") and any eligible potential investor from the EEA who wishes to obtain information on the AIFs will only be provided with materials upon receipt by Stratton Street of an appropriate reverse solicitation request in accordance with the requirements of the EU Alternative Investment Fund Managers Directive ("AIFMD") and national law in their home jurisdiction. By proceeding you confirm that you are not accessing this website in the context of a potential investment by an EEA investor in the AIFs managed by Stratton Street and that you have read, understood and agree to these terms.

No information contained in this website should be deemed to constitute the provision of financial, investment or other professional advice in any way. The website should not be relied upon as including sufficient information to support any investment decision. If you are in doubt as to the appropriate course of action we recommend that you consult your own independent financial adviser, stockbroker, solicitor, accountant or other professional adviser. Past performance is not necessarily a guide to the future. The value of investments and the income from them may go down as well as up. An application for any investment or service referred to on this site may only be made on the basis of the offer document, key features, prospectus or other applicable terms relating to the specific investment or service.

Where we provide hypertext links to other locations on the Internet, we do so for information purposes only. We are not responsible for the content of any other websites or pages linked to or linking to this website. We have not verified the content of any such websites. Such websites may contain products and services that are not authorised in your jurisdiction. Following links to any other websites or pages shall be at your own risk and we shall not be responsible or liable for any damages or in other way in connection with linking.

By using this site, you should be aware that we may disclose any information that we hold about you to any regulatory authority to which we are subject, or to any person legally empowered to require such information.

This website uses cookies to improve user experience, by clicking the "I Accept" button below means you consent to the use of cookies on our website.