纽约联邦储备银行一直在访问大银行，审查他们向私人信贷公司提供的贷款，并了解他们在让投资者和全球政策制定者感到不安的金融行业的风险敞口。
The Federal Reserve Bank of New York has been visiting big banks to review their loans to private credit firms and understand their exposure to a financial industry that has unnerved investors and global policymakers.
知情人士称，自春季以来，美联储官员已向摩根大通、富国银行、巴克莱银行和摩根士丹利提出了有关整体风险敞口、风险管理和抵押品质量的问题。
Fed officials have gone into JPMorgan, Wells Fargo, Barclays, and Morgan Stanley since the spring with questions about overall exposure, risk-management, and collateral quality, people familiar with the matter said.
美联储、摩根大通、巴克莱银行、富国银行和摩根士丹利拒绝发表评论。
The Fed, JPMorgan, Barclays, Wells Fargo and Morgan Stanley declined to comment.
知情人士表示，此次审查的部分原因是摩根大通在3月份采取行动，削减了私人信贷投资组合中的大量贷款，特别是向受人工智能威胁的软件公司发放的贷款。知情人士表示，美联储已经结束了对包括摩根大通在内的一些银行的审查。
The review was prompted in part by JPMorgan’s move in March to mark down large swaths of loans in private credit portfolios, particularly those to software companies threatened by AI, the people said. The Fed has concluded its review of some of the banks, including JPM, said the people.
美联储进入银行审查其持有情况并不罕见，尤其是在潜在风险的头条新闻频繁出现的情况下。美联储还定期进行现场评估并持续调查银行风险。
It’s not uncommon for the Fed to go into banks to review their holdings, particularly when there are frequent headlines about potential risks. The Fed also does regular on-site evaluations and continually surveys for banks’ risks.
私人信贷公司是银行增长最快的借款群体之一，这些公司在2008年危机后被排除在高风险贷款之外，但此后通过向取代它们的公司提供贷款重新进入该行业。根据FDIC的数据，非银行机构的贷款已从2016年的3000亿美元增加到超过1.5万亿美元，目前占所有银行未偿贷款的11%。
Private-credit firms are one of the fastest-growing borrower sets for banks, which were chased out of risky lending after the 2008 crisis but have since found their way back into the trade by lending to the firms that replaced them. Loans to nonbank institutions have risen from $300 billion in 2016 to more than $1.5 trillion according to FDIC data, and now account for 11% of all bank loans outstanding.
这些贷款是由私人信贷公司自己的贷款支持的，大量债务让监管机构感到不安。欧洲央行最近还扩大了对私人信贷的调查，调查有市场风险的银行。上周，美国证券交易委员会发布了一份罕见的关于私人资产公允价值的声明，提醒贷方，他们应该严格进行估值和披露。
Those loans are backed by private-credit firms’ own loans, a debt pile that has unnerved regulators. The European Central Bank also recently expanded a probe into private credit, looking at banks with exposures to the market. Last week, the Securities and Exchange Commission released a rare statement about fair value in private assets, serving as a reminder to lenders that they should be rigorous in their valuations and disclosures.
英国央行在9月份金融政策委员会会议上表示，在测试私人市场的弹性后，私人信贷可能容易受到金融状况恶化的影响。
The Bank of England, during its September Financial Policy Committee meeting, said that private credit could be vulnerable to worsening financial conditions after testing the resilience of private markets.
今年早些时候，投资者对基金对软件公司的风险敞口感到恐慌，私人信贷市场受到重创，而随着人工智能的发展，软件公司突然显得过时了。这种担忧导致某些类型基金的投资者以创纪录的速度撤资--有时要求在一个季度内将单只基金的近40%的资金投入，但大多数基金的上限为5%。
The private credit market got slammed earlier this year when investors panicked about funds’ exposures to software companies, which suddenly seemed obsolete amid developments in AI. The concerns caused investors in certain types of funds to pull out their money at record rates — sometimes requesting nearly 40% of a single fund in a quarter, but most funds have capped at 5%.
长期以来，私人信贷机构因其对贷款进行估值或标记的方式而受到批评，特别是当不同贷方对同一笔贷款进行估值的地方存在差异以及公司的表现不佳未能转化为他们的标记时。但贷方利用第三方评估人员来创建标记，并表示他们正在进行谨慎的投资。
Private credit lenders have long been criticized for the way they value their loans, or mark them, in particular when there is disparity between where different lenders value the same loan and when a company’s underperformance fails to translate to their marks. But lenders utilize third-party evaluators to create the marks and say they are making careful investments.
许多私人信贷公司的赎回率有所下降，一些投资者再次对软件交易产生了兴趣，因为他们中的更多人找到了在私人信贷市场内外为自己融资的途径。
Redemption rates have declined at many of the private-credit firms and some investors have warmed to software deals again, as more of them find avenues to finance themselves both in and out of the private credit market.