作者：亚伦·温曼、肖梦涵近期，多家软件企业发行的杠杆贷款价格持续上涨。随着投资者对软件行业的担忧有所缓解，那些最初未能购入这些债务的放贷机构也纷纷抢购。
A series of leveraged loans recently sold by software companies are climbing as investor fears about the industry ease and lenders that couldn’t originally buy the debt snatch it up.
据持有相关债务的人士透露，周四，Proofpoint Inc.与Gainwell Technologies两家软件企业的贷款报价已接近面值的101%。这些贷款总额超过70亿美元，最初发行时的价格仅为面值的98%，如今已迅速升值。
Loans for software businesses Proofpoint Inc. and Gainwell Technologies were quoted close to 101 cents on the dollar on Thursday, according to people holding the debt. That’s a quick leap above par value for loans totaling more than $7 billion that were both originally sold at 98 cents on the dollar.
上个月，网络安全公司Sophos Holdings LLC以面值97%的价格发行了总计约20亿美元的美元及欧元计价贷款。如今在二级市场上，这些贷款的价格也已高于面值。
Another roughly $2 billion slug of loans in dollars and euros for cybersecurity firm Sophos Holdings LLC was quoted above par in secondary trading, after the company offered that debt at 97 cents on the dollar last month.
今年初，由于市场普遍担忧人工智能会对软件行业造成冲击，相关企业不得不提供更优厚的条款以吸引投资者并完成发行。几乎所有原有投资者都参与了修订后的贷款协议，而当时未能购得债券的投资者则通过二级市场买入。
As skepticism over AI disrupting software businesses mounted earlier this year, companies had to offer sweeter terms to lure investors and get the sales done. Almost all existing investors rolled into the newly-amended loan deals, while those who missed out at the time have bought into the loans through the secondary market.
“再加上更严格的合同条款为放贷机构提供了额外保障，与当前市场上的其他投资机会相比，这些贷款显得相当有吸引力，”Beach Point Capital Management的投资组合经理辛金·鲍伦说道。
“When you add in the additional protection that lenders get from tighter documentation, this looks pretty attractive compared to the overall opportunity set,” said Sinjin Bowron, a portfolio manager at Beach Point Capital Management.
人工智能技术的快速发展对采用“软件即服务”（SaaS）模式的企业冲击尤为显著，这一现象被业内称为“SaaS末日”。众多投资组合经理纷纷抛售软件类资产，导致相关企业的债券价值大幅缩水，部分甚至陷入困境。如今，这些担忧正逐步缓解。
Advancements in AI tools hit particularly hard companies built around the “software as a service,” or Saas model, in what became known as “SaaSpocalypse.”Portfolio managers dumped their software holdings, which cratered the value of these companies’ loans and left some in distressed territory. These concerns are now easing.
“目前来看，软件行业危机基本上已经平息，”Shorecliff资产管理公司的创始人兼首席投资官格兰特·纳赫曼说道，“随着利率上升，市场对浮动利率贷款的需求也激增。”美联储加息的决定对杠杆贷款而言也是利好因素，因为利率上涨时这类浮动利率贷款能带来可观收益。据LSEG Lipper的数据显示，周四美国杠杆贷款基金吸引了19.3亿美元的资金流入，这一规模创下了自去年2月5日以来的最高纪录。
“The SaaSpocalypse has essentially blown over for now,” said Grant Nachman, founder and chief investment officer at Shorecliff Asset Management. “And with rates higher, demand for floating-rate loans has surged.”The Federal Reserve’s decision to lift interest rates is another tailwind for leveraged loans, whose floating-rate structure is lucrative when rates rise. US leveraged loan funds attracted $1.93 billion in inflows on Thursday, the largest injection since Feb. 5 last year, according to data from LSEG Lipper.
彭博社整理的数据显示，软件与科技类贷款在2月份触底后有所回升，不过其表现仍逊于整个美国杠杆贷款指数。以IGV为代码标识的安硕扩展科技软件行业ETF自4月份触及年内低点以来，涨幅也已超过45%。
Software and technology loans have rebounded since their February nadir, however, the debt still lags the broader US leveraged loan index, according to data compiled by Bloomberg. The iShares Expanded Tech-Software Sector ETF, known by its ticker IGV, is also up more than 45% since its low for the year in April.
尽管该行业形势有所好转，但信贷投资者们对软件和科技企业的各类交易仍保持着高度审慎的态度。
Despite the uptick in the sector’s fortunes, credit investors are still applying a higher level of scrutiny to transactions for software and technology companies.
上个月，医疗软件企业Symplr Software的控股股东同意向其注资约1.75亿美元，用于优化公司的债务结构；而Syniverse Technologies也正在通过债务管理举措来调整自身的贷款状况。
Healthcare software business Symplr Software agreed to an approximate $175 million equity injection from its owners last month to revamp its debt pile, while Syniverse Technologies is overhauling its loans through a liability management exercise.
“我认为软件行业危机并未彻底结束，只是暂时暂缓罢了，”Beachpoint公司的鲍伦说道，“或许最初对这场危机的担忧有些过度了。”
“I don’t think SaaSpocalypse is gone, I think it is on pause,” Beachpoint’s Bowron said. “Maybe the SaaSpocalypse was overdone at the beginning.”