一句话总结
继车贷、商业贷款之后，私募信贷可能也要暴雷。
名词解释
私募信贷 (Private Credit)是非银行贷款人（投资者）向企业提供贷款的一种资产类别。 这类贷款由私人发起和构建，可成为银行、银行牵头的银团贷款或公开债券市场等传统融资方式的替代选择。
新闻要点
The boss of JP Morgan has said there are “cockroaches” in the debt markets in comments that will fuel concerns about problems in the $3tn private credit industry.
JP Morgan lost $170m in the collapse of Tricolour. Speaking with analysts in a conference call, Mr Dimon said: “My antenna goes up when things like that happen. I probably shouldn’t say this but when you see one cockroach, there’s probably more.”
US-based Tricolour and First Brands both collapsed last month with little warning. Both were heavily reliant on private credit, having borrowed tens of billions of dollars between them.
The bankruptcies have led to concerns about the possibility of other hidden problems lurking in the market. Observers worry lending practices have gotten looser and fear the true performance of loans is being masked by financial engineering. Deutsche Bank has suggested First Brands could be a “canary in the mine”.
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