私人信贷市场违约率升至9.2%,流动性担忧加剧

Gate News 消息,3 月 19 日,据惠誉评级(Fitch Ratings)数据,私人信贷市场违约率在 2025 年升至 9.2%,高于前一年的 8.1%,并超过 2008 年金融危机期间的水平。目前私人信贷市场规模达 1.8 万亿美元,正面临流动性挑战,高利率环境导致小型企业借贷成本上升。这些 EBITDA(息税折旧摊销前利润)低于 1 亿美元的企业在浮动利率债务(利率随市场波动的债务)压力下陷入困境,小型借款人违约率达 15.8%。尽管违约率上升,但由于贷款方选择重组而非破产,损失仍得到控制,多数情况下实现接近面值的回收率。然而,该市场的二级市场(已发行债务的转售市场)交易能力有限,估计仅为 1000 亿美元,存在流动性风险,部分基金面临赎回压力。随着私人信贷市场扩张,其流动性不匹配和对灵活融资的依赖正受到审视,若经济状况恶化,可能暴露潜在脆弱性。

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