“买入、借贷、传承”是富人的座右铭。他们热衷于以持有的股票为抵押贷款，这样想买豪宅、游艇、电影制片厂等其他东西时，就不必卖出股票。
Buy, borrow and die is a mantra of the rich. They love to take out loans against stock they own, so they don’t have to sell it when they want to buy other things such as mansions, yachts and movie studios.
“放贷、繁荣”似乎是银行及其他贷款提供方的策略。这种安排让他们能将几乎所有费用记为纯利润，因为抵押品损失罕见，且大部分抵押品可迅速变现。
Lend-and-thrive appears to be the approach of banks and others supplying the loans. The arrangement lets them book almost all their fees as pure profit because losses on collateral are rare and most of it can be sold quickly.
德勤对全球57家最大私人银行及其他贷款机构进行的一项新调查，经《华尔街日报》审阅，为这一不透明的金融领域提供了迄今最完整的图景。银行不总在资产负债表上单独列示此类放贷，也没有中央统计的未偿还总额。报告发现，证券质押贷款——在欧洲和亚洲借款人中更常被称为伦巴第贷款——正越来越多地向财富阶层较低的人群开放。
A new survey of 57 of the world’s biggest private banks and other lenders, conducted by Deloitte and reviewed by The Wall Street Journal, offers the fullest picture yet of this opaque corner of finance. Banks don’t always break out such lending on their balance sheets, and there is no central tally of how much is outstanding. The report finds that stock-based lending, better known as Lombard loans to borrowers in Europe and Asia, is increasingly available to those lower down the wealth scale.
德勤估计，证券质押贷款规模约为5.4万亿美元，抵押品主要是股票和债券投资组合，也包括基金和加密货币。随着更多全球财富流入市场、资产价格上涨，这一数字大幅攀升。德勤顾问称，过去10年该市场的平均增长率为12%。
Deloitte estimates that around $5.4 trillion is extended in securities-based lending, mostly against stock and bond portfolios but also funds and crypto. The figure has risen sharply as more global wealth pours into markets and asset prices rise. Deloitte consultants said the market’s growth rate averaged 12% over the past 10 years.
“过去这更多是一种财富管理产品，不面向大众，”德勤瑞士信贷业务负责人Eric Gutzwiller表示，“现在，不仅超高净值人群，而且越来越多财富阶层较低的人群——一直到富裕阶层，甚至零售客户——都开始探索这一产品。”德勤估计，美国约占市场的30%，是其报告中单一国家占比最大的份额。瑞士和列支敦士登等其他据点合计约占12%。
“It was more of a wealth management product in the past and not for the masses,” said Eric Gutzwiller, who leads the credit business at Deloitte Switzerland. “Now, not only the ultrahigh net worth, but also more and more the lower wealth segments all the way down to the affluent—and even retail—starts to explore that product.”Around 30% of the market is estimated by Deloitte to be in the U.S., the largest share of any country in Deloitte’s report. Other strongholds, such Switzerland and Liechtenstein, together make up around 12%.
实际借款额可能更低，因为客户往往不会全额提取授信额度。德勤估计，实际针对授信额度的借款可能更接近1.6万亿美元。
Actual borrowing may be lower because customers don’t often fully draw on their credit lines. Deloitte estimates that actual borrowing against credit lines might be closer to $1.6 trillion.
德勤的数据包含保证金融资，其目的通常是以较少的自有资金积累投资，而非将资产典当变现以购买其他物品。这一细分借贷业务今年大幅增长。证券监管机构警告称，必须让客户知晓市场下跌时面临强制平仓的风险以及潜在的税务后果。
Deloitte’s figures include margin lending, where the aim typically is to accumulate investments with less money down, rather than pawning out assets for cash to buy other things. That subset of borrowing has soared this year. Securities regulators have warned that customers must be made aware of the risk of forced sales in a market downturn and the potential tax consequences.
对借款人和银行而言，这种借贷方式的一个优势在于速度。由于抵押品由贷款方持有，通常无需进行深度的个人信用审查。定价基本标准化，可根据资产的市场价值和流动性快速计算。
One perk for borrowers and for banks is the speed of this kind of lending. There is often no need for in-depth personal credit checks when the collateral is secured by the lender. Pricing is largely standard and can be calculated quickly based on the market value and liquidity of the asset.
古兹维勒表示，平均贷款价值比约为 50%，而借款成本约为基准利率加 1 个百分点。
Gutzwiller said the average loan to value is around 50%, while the charge for the borrower is around 1 percentage point over benchmark rates.
对于纯粹的财富管理机构，例如由家族或合伙人世代经营的传统瑞士总部私人银行，德勤称此类贷款可贡献其年利润的 25% 或 30%。
For purebred wealth managers, such as the traditional Swiss-headquartered private banks run by families or partners for generations, Deloitte said the loans can generate 25% or 30% of annual profit.
德勤自 2022 年起开始研究该市场，缘于银行首席风险官希望获得一些基准对标数据。
Deloitte has been studying the market since 2022, after chief risk officers at banks wanted some benchmarking.
推广股票质押借贷的亿万富翁包括拉里·埃里森和埃隆·马斯克。两人均通过借贷避免出售股份——这可能触发税务并稀释他们在创办公司中的投票权。据《华尔街日报》报道，当埃里森寻求支持其儿子对华纳兄弟发起敌意收购以组建天空之舞传媒时，他增加了向银行的借贷，并质押了其持有的其他公司股票。
Billionaires who popularized stock-based lending include Larry Ellison and Elon Musk. Both borrow to avoid having to sell shares—which could trigger a taxes and dilute their voting rights—in companies they founded. As he was looking to support his son’s hostile takeover of Warner Bros. to form Skydance, Ellison upped his borrowing from banks and pledged stock he owns in other companies, the Journal reported.
德勤表示，市场顶层客户群体正在推动证券担保贷款的增长，资产价格上涨也是一大因素。约 45% 的客户授信额度超过 250 万美元。
Deloitte said a top slice of the market is driving growth of the securities-backed loans, along with higher asset prices. Around 45% of customer credit lines are worth more than $2.5 million.
10月中旬，查尔斯·施瓦布表示，其面向拥有至少10万美元非退休账户资产人群的质押资产信贷产品，推动银行贷款余额在第三季度激增35%，达到723亿美元。一位女发言人称，自施瓦布三年前推出全数字化流程、可在几分钟内完成贷款审批后，使用量大幅增长。
In mid-October, Charles Schwab said its pledged asset line product available to people with at least $100,000 in nonretirement assets drove a 35% surge in bank-loan balances, to $72.3 billion in the third quarter. A spokeswoman said usage grew after Schwab launched a fully digital process three years ago that can get the loans approved within minutes.
在线价目表显示，券商通常收取的借贷费用高于银行，因为它们通常没有与客户更深层的关系可供利用，且可能仍需银行合作伙伴提供实际资金。
Price lists online show that brokerages typically charge more for the lending than banks, because they usually don’t have a deeper relationship with the customer to draw on, and might still need a bank partner to provide the actual funding.
英国Monument Bank借贷业务总监Xavier De Pauw表示，该行将于明年初开始提供针对投资组合的贷款，让拥有几十万美元资产的投资者能够“采用亿万富翁的思维模式”。“我们希望让几乎所有人都能使用这项服务，”De Pauw说。
Xavier De Pauw, director of lending at Monument Bank in the U.K., said it would start lending against portfolios beginning early next year, so investors with a few hundred thousand dollars can “adopt a billionaire mindset.”“We would like to make it available to pretty much everybody,” De Pauw said.
自2022年首次研究以来，德勤发现，一些银行正在成为不太直观资产（如加密货币）方面的专家，有时放贷比例高达其价值的90%。
Since its first study in 2022, Deloitte found that some banks were becoming specialists in less-straightforward assets such as crypto, sometimes lending as much as 90% against it.
Gutzwiller表示，这并不意味着放贷人在盲目承担风险。“在清算方面，他们则极其冷酷。立即执行，”他说。
Gutzwiller said that doesn’t mean lenders are taking risks blindly. “They are then ruthless when it comes to liquidation. Immediately,” he said.