美国银行对私募信贷的敞口达到3000亿美元。

美国银行对私募信贷的敞口达到3000亿美元。
US banks' exposure to private credit hits $300B (2025)

原始链接: https://alternativecreditinvestor.com/2025/10/22/us-banks-exposure-to-private-credit-hits-300bn/

美国银行对私人信贷提供商的贷款正在显著增加，截至6月已近3000亿美元，对非存款金融机构（NDFI）的总贷款额贡献达到1.2万亿美元。这与十年前相比大幅增长，目前已占美国银行贷款的10%以上。为了实现收入多元化和降低风险，富国银行、美国银行和摩根大通等银行正在与另类资产管理公司建立合作关系，并积极为非银行贷款机构提供资金——即使他们也在与之竞争。然而，穆迪评级警告说，这种增长并非没有风险，引用了Tricolor Holdings等最近的破产案例，作为潜在的资产质量挑战的指标。尽管存在这些担忧，私人信贷资产在过去十年中增长了三倍，增速超过了大多数其他信贷领域。

## 美国银行与私募信贷 – 摘要最近的 Hacker News 讨论强调了人们对美国银行在私募信贷方面敞口的担忧，目前估计为 3000 亿美元。这与惠誉报告的创纪录的私募信贷违约率相吻合，预计 2025 年将达到 9.2%。对话强调，私募信贷的问题不是隐藏的风险，而是更广泛金融问题的症状。与 2008 年危机中的复杂工具不同，私募信贷代表着*真实*的债务。当违约发生时，股权持有者（如私募股权基金）会在担保债权人遭受损失*之前*被清算。因此，该行业的困境预示着潜在的系统性风险，表明这是一个“全球金融系统”问题，而不仅仅是孤立事件。由于评论内容高度重叠，讨论线程已被合并。

原文

US banks have lent nearly $300bn (£225.2bn) to private credit providers as of June, with overall lending to non-depository financial institutions (NDFIs) reaching $1.2tn.

Banks report their lending to private credit providers within the broader category of NDFIs, with loans to these institutions comprising 10.4 per cent of US banks’ total lending, almost three times the 3.6 per cent share recorded a decade ago, according to analysis by Moody’s Ratings.

Moody’s explained that the shift towards private credit by US banks reflects their adoption of new strategies in response to changing market conditions, with a growing focus on NDFIs and, consequently, private credit. Overall, many banks are entering new partnerships with alternative asset managers to diversify income sources and mitigate risk, the ratings agency explained.

Breaking down the data, Moody’s reported that the top five lenders in the private credit market include Wells Fargo, which leads the way with $59.7bn (£44.8bn) in lending as of June, followed by Bank of America at $33.2bn (£24.9bn), PNC at $29.5bn (£22.1bn), Citigroup at $25.8bn (£19.4bn), and JPMorgan Chase & Co. at $22.2bn (£16.6bn).

In their analysis, Moody’s highlighted the paradox that banks are simultaneously competing with and providing financing to non-bank lenders. Nevertheless, it cautioned that “asset quality challenges may surface.”

The recent bankruptcy of Tricolor Holdings illustrates how bank lending to NDFIs can lead to significant losses, Moody’s said. However, many in the sector have been quick to point out that in cases such as Tricolor and First Brands, there is a distinction between fraud and credit issues driven by poor performance.

Overall, Moody’s reported that private credit assets under management have tripled over the past decade, a growth rate far outpacing that of most other forms of credit.

美国银行对私募信贷的敞口达到3000亿美元。 US banks' exposure to private credit hits $300B (2025)

美国银行对私募信贷的敞口达到3000亿美元。
US banks' exposure to private credit hits $300B (2025)